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Friday, 09 January, 2009, 02:20 GMT | more >>

Gran Tierra lands Peru block



By Upstream staff 

Canadian oil outfit Gran Tierra Energy has signed a contract for Block 122 in northern Peru's Maranon basin.

The block lies on the eastern flank of the basin on the crest of the Iquitos Arch and covers 1.2 million acres.

Under the licence, Gran Tierra has to invest at least $5 million during the seven-year exploration term, which is divided into four periods. This includes technical studies, seismic acquisition and the drilling of one exploration well.

During the first period, which is mandatory, the company has to invest at least $500,000.

The licence also includes an exploitation term of 30 years for commercial discoveries of oil.


Thursday, 09 November, 2006, 07:27 GMT  | last updated: Thursday, 09 November, 2006, 12:57 GMT

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