Listed PXP Energy Corp. said Tuesday the consortium holding the Marina-1 exploration well in Block Z-38 Tumbes Basin, Peru has started drilling activities in the area.
PXP Energy disclosed to the Philippine Stock Exchange operator Karoon Gas Australia Ltd. began drilling Marina-1X well in offshore Peru.
“The drilling operation is estimated to take 30 days and shall drill to approximately 3,000 metres subsea,” PXP Energy said.
Peru Block Z-38’s Marina prospect has a best estimate prospective resource of 256 million barrels (64 million barrels net to Pitkin). The prospect will be the first well to be drilled in Block Z-38.
Pitkin is carried in the cost of Marina-1X and a second future well under a farm-in agreement signed with Karoon in 2008.
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 earlier said the Stena Forth Drillship arrived in the Port of Callao in Lima, Peru to refuel and change the crew before sailing to the Marina-1x well location.
“The well is expected to spud during the last week of January 2020,” PXP Energy said.
Aside from the offshore Peru exploration asset, PXP Energy, directly and indirectly, owns oil and gas exploration and production assets in the Philippines.
Forum Energy Ltd., in which PXP holds a direct and indirect interest of 78.98 percent, has a 70-percent participating interest in SC 72 in Northwest Palawan, through wholly-owned subsidiary Forum GSEC.
PXP has a total economic interest of 53.1 percent in SC 72 or the Recto Block, which is still under force majeure by the government pending a resolution of the territorial claims over the West Philippine Sea between China and the Philippines.