As of 22 October 2019, Petrolera Monterrico SA (Petromont) is looking for a partner to continue development operations in Block II located in the Talara Basin in northern Peru.  Block II was granted to Vegsa Contratistas Generales on 17 January 1992 as a service contract. On 5 January 1996, the company converted the original contract into a licensing contract for production for a 20-year period. With service and workover operations and completion of new wells, Vegsaâs planned to boost production from around 600 to 1,200 bo/d. At that time, some 110 wells were producing from three fields, Coyonitas, Golondrina and Hualtacal.   Vegsa fulfilled its first one-year obligations for the new contract with one well drilled and completed as an oil producer in the Hualtacal field in December 1996. The second one-year period began on 5 January 1997 with commitments to drill two wells to TD 2,300m or to the Lower Eocene Mogollon Formation. These were drilled in the Golondrina field, #12006 in January 1997 and #12004 in February 1997. The Block II third one-year period called for the drilling of a total of 4,760 m, i.e. two or three wells, depending on the depths of the Mogollon reservoir. This ranges in depths from around 1,200 m in the eastern portion of Block II to some 2,200 m in the western part. By decree published on 3 September 1997, Vegsaâs subsidiary Petrolera Monterrico S.A. was authorized to assume the entire interests in Block II, previously held by Vegsa C.G.   The block has undergone several periods of development drilling prior to entering into Force Majeure in September 2018 which has since been lifted.
As of 22 October 2019, Petrolera Monterrico SA (Petromont) is looking for a partner to continue development operations in Block II located in the Talara Basin in northern Peru. 