Focused on Peru

Bretaña: Large Undeveloped Oil Field

Large oil field with recent first production

  • 3D seismic acquired in 2014
  • Five wells define structure and continuity of reservoir
  • 100% oil production with nominal gas
  • First production initiated in June 2018 on time and under budget
  • Capex of $18.5 million to first oil  – 25% under original budget

Development Plan in place

  • Enhanced production from first well to 2,000 bopd in November following installation of oil well pump and water treatment and reinjection facilities
  • Full development targeting plateau >10,000 bopd from 11 oil producing wells in 2020
  • Infrastructure and export routes in place – established barging and pipeline route to tide-water market

Exploration upside on trend

  • Additional development drilling should define Bretaña recovery factor from 12% to management’s expected 24%
  • 5 exploration prospects / leads on trend with Bretaña

39.8 MMBO 2P Reserves with Production estimated to exceed 10,000 bopd by 2020