Antilles Oil and Gas NL is delighted to announce the farm-out of 50% of our acreage position in onshore Peru. The position is in the Titcaca Basin on trend to historic producing field Pirin in the block. Antilles has a fifty per cent equity holding in the block, which carries a work program of exploration drilling in the current exploration term. Partner Union will fund up to 75% of the well cost up to a cap of US$3m.
The Titicaca Basin has a proven source for the hydrocarbons both gas and oil in Block 105 Peru having sourced the Pirin oil field which produced in the 1900's. Oil seeps at the surface have been sampled over the block further proving the extent and presence of a working hydrocarbon/oil system. Large-scale reservoirs are interpreted from existing drilling creating along with the large-scale structures attractive resource potential.