Harken Energy agrees to sign exploration pact with PeruPetro

Dec 17, 2004 01:00 AM

Harken Energy unit Global Energy Development and PeruPetro, the national oil company of Peru, have agreed to sign a new contract for the exploration and exploitation of hydrocarbons.
Global Energy Development is Harken's 85 % owned unit. The hydrocarbon contract entails the block 95 area located in the Maranon Basin of north-eastern Peru.

Independent oil and gas company Harken said the approval represents a required step towards the signing of Global's first contract in Peru. The company anticipates the contract will become effective by the end of the first quarter.
The approval follows a 2001 technical evaluation agreement for Global to conduct a study of the block 95 area.

It is anticipated the contract will assign Global exclusive exploration and production rights to about 1,255,000 acres with Global owning a full working interest in the contract subject only to an initial 5 % royalty.
The contract duration is currently set at about seven years for the initial exploration phases and 23 years for the exploitation phase.

Source: Dow Jones
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