Peru based Oil & Gas Firm seeks up to $50 million

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Peru based Oil & Gas Firm seeks up to $50 million

* The client is a Peru based Oil & Gas firm at the point of going from exploration into production. The block licensed by Client covers almost 1,000 km² onshore in Northern Peru and has been explored with a total budget of around $55 million USD so far.
* Gas fields in the Northern part of the block with 76 BCF of 2C-proven resources are ready for commercial production, with further prospective resources of 50 BCF. Oil resources of 87 million barrels Pmean are estimated to be contained in 10 prospective areas over the block. Fields in adjacent concessions are in production.
* Firm has a 100% working interest in the block, remaining time of license 36 years for gas exploration and 26 years for oil exploration. Firm is currently operating in exploration phase.
* Total investment for the project, phases 1 to 4, over a time horizon of approximately 30 months, is expected to be a little over $70 million USD. Operating cash flow during this period is expected to deliver $24 million USD (around one third of total requirement). The total investment sought is $50 million USD.
* Partner is offered 50% of interest in the oil block for $50 million USD

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