Upland plans to drill 11 wells in the short term in the fields of the block containing resources and prospects. With the start of drilling, natural gas produced during the testing period is planned to be marketed to industrial customers.
Block XXIII
It is in the final stages of exploration with minimal pending commitments to the State to formalize the commercial declaration of the block and initiate hydrocarbon exploitation alongside the respective area’s ROYALTY. There are 05 wells drilled, detailed as follows:
- Caracol 1X, completed in 02/2014.
- El Cardo 2X, completed in 04/2014.
- Piedra Candela 3X, completed in 05/2014.
- Caracol 4X, completed in 09/2017.
- Cope Sur 5X, completed in 10/2018.
It is important to note that, with the drilling performed in the Block, to date, 03 fields with natural gas potential have been identified, namely: Caracol (wells 1X and 4X), Piedra Candela (wells 2X and 3X), and Copé Sur – Former Lomo de Zorro (well 5X). Additionally, there are prospective fields. Certified reserves by McDaniels are included.
Structure
P90 (BCF)
Caracol
133
Piedra candela
80
Gigantal
68
Total
281
Block XXIII
Certification of Hydrocarbon Reserves and Resources
Contingent and Prospective Resources Assessment
Properties in Block 23, Peru
As of August 31, 2020
Prepared By:
McDaniel & Associates Consultants Ltd.
2200, 255 – 5th Avenue SW Calgary,
Alberta T2P 3G6
October 2020
Work plan:
1
2
In this regard, a gas collection ring from various wells and a separation system will be installed to supply natural gas to a compression system that loads it at a dispatch point to mobile units.
3
In parallel, engineering and preparation of an Environmental Impact Study for Field Development will be carried out, i.e., for the installation of surface production facilities for the commercialization of natural gas.
4
It is important to mention that drilling of wells Piedra Candela 6X and Piedra Candela 7X will begin in early January 2024, as all necessary permits and enabling titles are in place.
5
Future plans: To build an LNG plant to supply long-range customers requiring a more stable gas stock/supply.
Block LXXXVIII and LXXXVII – TEA (Technical Evaluation Agreement)
What is CET?
Block LXXXVIII and LXXXVII – TEA (Technical Evaluation Agreement)
It is a technical evaluation agreement signed between Perupetro and Upland O&G LLC. This TEA has a duration of up to 2 years in which Upland undertakes a work program consisting of a geological, structural, geochemical, petrophysical, and productivity reevaluation with existing technical information in Perupetro’s database.
The TEA basically consists of a reevaluation and reinterpretation of seismology, geology, and existing wells in the Ucayali basin area
Block LXXXVIII
The area designated LXXXVIII is located between the provinces of Requena and Ucayali in the department of Loreto, with an extension of 215,331.581 hectares.
Block LXXXVII
The area designated LXXXVII is located between the provinces of Coronel Portillo in the department of Ucayali and the province of Puerto Inca in the Huanuco department, with an extension of 80,198.863 hectares. This area was part of the former Block 31 belonging to the American company Maple Oil & Gas.
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