CEPSA has submitted the request in September 2008. It is planning to perform the work in the Ucayali river basin, between the provinces of Coronel Portillo and Atalaya, in Ucayali region. The block’s preliminary gross unrisked reserves total 432Mboe, block partner, Pan Andean Resources PLC (Pan Andean Resources) said earlier.
The exploration drilling on block 114 covers 72,000 square kilometers. It could currently start next year. Block 114 is a 1.8 million acre block situated in the Central Ucayali basin. In September 2008, Pan Andean Resources concluded the farm out of this block to CEPSA and the ownership of the block divides up into 30% Pan Andean Resources, 10% CCP (Compania Consultora de Petroleo – a local private Peruvian company) and 60% CEPSA. CEPSA will manage the block. As per the terms of the agreement, Pan Andean Resources is carried through the first exploration well and 50% of the second well in each block.
