In exchange for the share, Union Group will finance 75 percent of the cost of an exploration well to be drilled by 2016 to a maximum outlay of $3 million.

Antilles signs Peru farm out with Union

Peru

PUNO, September 16, 2015 – Australian oil exploration company Antilles Oil & Gas has farmed out 50 percent of its acreage share of block 105 in Peru’s onshore Titicaca Basin to Uruguayan company Union Group. Antilles is confident about the block’s productivity due to the presence of oil seeps in the abandoned 125-year-old Pirin oilfield, which is on the eastern edge of the block.

In exchange for the share, Union Group will finance 75 percent of the cost of an exploration well to be drilled by 2016 to a maximum outlay of $3 million.

Peru has estimated reserves of 741 million barrels, and the Titicaca Basin represents a sizeable proportion of the national total.

The well will be drilled about 10 kilometres west of the Pirin field, located on the northwestern region of the Titicaca Basin in Puno, Peru, and will target a shallow reserve of 29.6 million barrels of oil and a deeper reserve of 100 million barrels of oil.

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