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Perenco Acquires Substantial Oil Development Project in Peru

Posted on: Monday, 14 January 2008, 12:00 CST

LONDON, Jan. 14 /PRNewswire/ -- Perenco has completed the acquisition of Barrett Resources (Peru) LLC, a company holding oil and gas licences in Peru. The principal asset of Barrett, which will in future be known as Perenco Peru Limited, is its 100% interest in the licence contract for Block 67 in the Maranon Basin. Block 67 contains the Paiche, Dorado and Pirana Fields which together hold estimated 2P resources of over 300 million barrels. When the development is completed it is estimated that these fields will have potential to produce up to 100,000 barrels of oil per day.

The Plan of Development, approved in July 2007 and which estimates first oil in January 2011, includes drilling, construction of surface processing and handling facilities, and local pipelines for delivery of crude oil into the export pipeline system. This plan contemplates investments currently estimated to be in the order of $1.5 billion. In addition, the export pipeline system will itself require upgrading in a separate project.

Perenco will also participate in a continuing exploration program in the region including the imminent start of seismic acquisition operations on nearby Block 121.

Perenco currently operates approximately 260,000 barrels of oil equivalent per day from its operations in 12 countries and has exploration projects in a further two countries. Once the development plan is finalized, this acquisition will substantially increase Perenco's reserves and production

Perenco brings to Peru extensive experience of working safely and with minimum impact in sensitive environments in Latin America and elsewhere. It is committed to minimize the environmental impact of its activities and has successfully adopted this policy in a similar oilfield development in the Oriente Basin in Ecuador which is very similar to the project planned in Peru.

Perenco is excited by this opportunity to participate in the development of the oil and gas sector in Peru with such a major project which will bring important benefits to the country in terms of inward investment and production. Further information about Perenco at http://www.perenco.com/

Perenco

CONTACT: Paddy Spinks, +44 20 7901 8200, for Perenco

Web site: http://www.perenco.com/

Source: PRNewswire

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