Pitkin to join Peru exploration drilling

Listed oil and gas firm PXP Energy Corp. said Thursday the consortium holding the Marina-1 exploration well in Block Z-38 Tumbes Basin, Peru will conduct drilling activities this month.

Pitkin Petroleum Ltd., a 53.43-percent subsidiary of PXP Energy, holds a 25-percent participating interest in Peru Block Z-38 offshore Peru.

PXP Energy said in a disclosure to the Philippine Stock Exchange the Stena Forth Drillship arrived in the Port of Callao in Lima, Peru on Thursday ahead of the drilling, based on the report of Karoon Energy Ltd., the operator of Z-38 with a 40-percent stake.

“The Stena Forth will remain at the Port of Callao for one to two weeks to refuel and change the crew before continuing on to the Marina-1x well location,” PXP Energy said.

“The well is expected to spud during the last week of January 2020,” PXP Energy said.

Peru Block Z38’s Marina prospect has an unrisked best estimate prospective resource of 256 million barrels, with 64 million barrels net to Pitkin. 

Topics: PXP Energy Corp. , Marina-1 exploration well , Pitkin Petroleum Ltd.
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