A consortium of investors led by Union Oil and Gas Group (UOGG), a subsidiary of Union Group, has acquired 77 percent of Peruvian onshore oil and gas Block 100 in the Ucayali Basin, according to a news release.
Block 100 covers 77 sq km (30 sq miles) in the Peruvian jungle and was declared commercially viable by the Peruvian authority Perupetro in 2009. Three existing wells drilled on the northeast flank of the reservoir found 4 m (13 ft) of oil in 2009. A fourth 300-m (984-ft) deep well is due to be drilled during the next exploration phase, the release said.
In May 2015, UOGG acquired control of Hydrocarbon Exploration Peru Ltd., which operates onshore oil and gas Block 183 in the Marañon Basin in Northeast Peru.
The group recently acquired a stake in Block 105 in the Titicaca Basin in southern Peru, and it controls 80 percent of the Z34 offshore Talara Block in northwestern Peru, according to the release.
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