Veraz Petroleum Ltd.
Veraz Petroleum is a junior international oil and gas exploration company with operations in Peru. The Company currently has a 20% working interest in three blocks in Peru encompassing a gross 5.4 million acres of land. Petrominerales Ltd. is the Company’s joint venture partner on the three blocks.
Block 126: This project, located in the Ucayali basin of east central Peru, is the most advanced with initial drilling planned for Q4/2011. Following completion of a new 150 sq. km 3D seismic program in December 2009, three initial locations were chosen. The first location to be drilled will be the La Colpa2X. This location, roughly 2.5 km north of the existing La Colpa 1X well, will be drilled in two stages: initially the shallow portion to the top of the Copacabana carbonates will be drilled and then, following completion and testing of the shallow Agua Caliente and Cushabatay-Ene primary targets, the deeper portion of the well will be drilled and the deeper horizons tested. The Sheshea 1X well will be drilled subsequent to the completion of La Colpa 2X well and finally, assuming success at La Colpa 2X well, an additional location, La Colpa Norte will be drilled.
Block 161: One of two blocks acquired in the October 2010 transaction with Petrominerales, Block 161 is also in the Ucayali basin. The Block is situated between the Aguaytia gas field and the Maquia oil field; both demonstrate significant hydrocarbon accumulations. Existing 2D seismic has been reprocessed and obligations on this block include the completion and approval of an environmental impact assessment (EIA) and the acquisition of 350km of new 2D data. This work in addition to an updated geological and geophysical report must be submitted to Perupetro by June 2012.
Block 141: The second of two new blocks, Block 141 is situated in the Titicaca basin. This block is on trend with the Pirin oil field which produced 300,000bbls of 36 degree API oil between 1875-1915. Little additional work has been done in the area. An aeromag survey has been completed over the block and future plans include the completion of an EIA and the acquisition of 300km of new 2D seismic data.
For further information and internal management resource estimates please refer to the accompanying corporate presentation.
Veraz is listed on the Toronto Stock Exchange- Venture ("TSX") under the symbol VRZ.