U.S. Hunt Oil To Explore Peruvian Block 102

U.S. energy group Hunt Oil bought the 43.75 pct stake in the contract for exploration and exploitation of the Peruvian Block 102 in the Maranon Basin in Loreto region, northern Peru, of U.S. oil and gas exploration and development company Shona Energy, Hunt Oil CEO, Carlos del Solar, said on September 4, 2007.

Hunt Oil will explore Block 102 in partnership with U.S. contractors Ramshorn International and Andean Oil and Gas. The entrance of Hunt Oil in the partnership entails a modification of the exploration contract signed with the Government of Peru and requires the approval of Peru's state oil sector promotion agency Perupetro.

Ramshorn International, Shona Energy International and Andean Oil and Gas were awarded a 30-year oil concession and a 40-year gas concession for Block 102 in December 2005. Under the modified contract, Hunt Oil and Ramshorn will have a 43.75 pct stake each in the concession, and Andean Oil and Gas will have the remaining 12.5 pct.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: September 6, 2007

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