Jaguar Exploration, Inc. is pleased to announce the execution of Technical Evaluation Agreement LXXXVI (TEA) with Perupetro, Peru’s National Hydrocarbons Agency, for offshore oil and gas exploration rights in a 4,858 km² block. The company holds a 20% stake in the TEA, partnering with Condor Energy, an Australian-based oil and gas exploration firm, which holds the remaining 80%.
Jaguar is a leading independent geoscience company, founded in 2000. Jaguar has compiled all historic 2D and 3D data across the Tumbes and Talara Basins, as well as historic well data, including petrophysical logs and well/production data. This comprehensive dataset has enabled Jaguar to identify several oil and gas prospects and delineate an area of interest, now defined as the Technical Evaluation Agreement (TEA) area.
The oil and gas block is located in the Tumbes-Progreso basin, with water depths ranging from 100 meters to 1,500 meters. Immediately to the south lies the Talara Basin, one of Peru’s most productive basins, having produced over 1.6 billion barrels.
The block is surrounded by, and incorporates, multiple historic and currently producing oil and gas fields. To the southeast, the block borders the Alto-Pena Negra oil field, one of Peru’s most productive fields. Currently, Alto-Pena Negra produces approximately 3,000 barrels of oil per day (bopd), with total historical production exceeding 143 million barrels of oil.
In the northeast, the block incorporates the former Corvina oil field, which historically produced 27.8 million barrels of oil. At its peak, Corvina achieved production rates of up to 4,000 barrels per day (bpd) of light oil, with an API gravity of 28.4°.
The southern border of the Technical Evaluation Agreement (TEA) area lies approximately 70 kilometers from the Talara crude oil refinery, which historically received production from the Corvina oil field.
Exploration Opportunity
In the early 1970s, three exploration wells, drilled using poor-quality 2D seismic data, encountered oil shows. Since then, additional 2D seismic and four 3D seismic surveys (covering 3,800 km²) have been acquired. However, only one well has been drilled based on these new data. Although it did not reach the primary basin’s reservoir, it encountered gas shows and now serves as a valuable calibration point. Rarely does an opportunity arise to explore a basin system with a proven, prolific petroleum system, where 3D seismic data has already been acquired and paid for, yet remains largely undrilled.
Historical discoveries in shallow waters offer an opportunity to tap into relatively inexpensive targets. Additionally, the western part of the block hosts prospects in deeper waters, ranging from 400 to 800 meters, providing further exploration potential.
Forward Workplan
Jaguar has commenced data collection and curation, with interpretation work already underway. The joint team, boasting extensive experience in applying cutting-edge exploration technologies in frontier basin settings, has a proven track record of considerable success
Technical Evaluation Agreement (TEA)
A Technical Evaluation Agreement (TEA) is an oil and gas contract granting the holder exclusive rights to negotiate a License Contract with Perupetro, Peru’s national oil regulator, for the TEA area. In exchange, the holder must conduct greenfield exploration activities.
The TEA’s two-year work commitment agreed with Perupetro is summarized in the table below:
Condor Energy is 80% holder of TEA LXXXVI, with Jaguar holding the remaining 20%.
President & CEO Julio Jimeno commented:
“The acquisition of this highly significant 4,858km2 (over 1.1 million acres) offshore oil and gas opportunity in Peru is transformational for the Company.
The nearby oil discoveries and petroleum refinery close to the offshore block make this an enviable address for global oil and gas players. Seven 2D seismic surveys and more than 3,800km2 of 3D seismic has been received and is now being processed to identify leads and prospects.
The Company is in the process of creating a comprehensive data room to facilitate the process of marketing this opportunity to prospective project investors and/or joint venture partners.
