Irish operator, Tullow Oil while announcing the successful end to negotiations for five new offshore exploration and production license contracts in Peru for blocks Z-64, Z-65, Z-66, Z-67 and Z-68 also disclosed that it had acquired a 35% interest in the Z-38 license through a farm-down from Karoon Gas Australia. The final transaction is subject to government approval. The new farm-in contains several attractive leads and prospects, according to Tullow. The Z-38 license is already covered by high quality 3D seismic and includes the Marina prospect which could be drilled in 2019. Before the farmin, Karoon held 75% of Z-38 along with 25% partner Pitkin and the partners had plans to drill the Marina 1 wildcat on Z-38 in the Tumbes Basin. It will have a planned total depth of 2,450m in 350m of water. The well will target the Upper Miocene Tumbes Formation in a faulted block prospect. It actually targets two prospects, one with a shallower Tumbes objective while a secondary objective exists in the deeper Zorritos Formation. The Upper Miocene Mal Pelo Formation is also a possible objective. The Tumbes Formation has eight discovered prospective sands as per the 1973 Barracuda one well field discovery on adjacent shelf block Z-1. The Marina 1 prospect is located on trend with onshore and shelf oil discoveries and has a resource estimate of 516 MMbo. Karoon plans to drill another wildcat on the block as well called Bonito 1x and targeting the Upper Zorritos turbidites with a planned total depth of 3,400m. It is a faulted anticline prospect with a prospective resource estimate over 400 MMbo. Karoon previously had an environmental impact assessment (EIA) approved for the block which has the company spending up to US$ 3 billion to drill there. Degolyer and MacNaughton certified a gross mean prospective resource of 2.4 Bbo on Block Z-38 distributed over 15 prospects, with three main prospects Merluza, Marina and Bonito each having over 300 MMbo. Karoon completed a 3D seismic acquisition of 1,511 sq km on 23 February 2010.
Karoon Gas (->40%, Pitkin 25%) has farmed out a 35% stake in an exploration offsh. block Z-38 to Tullow Oil.