Perenco Acquires Substantial Oil Development Project in Peru



    LONDON, Jan. 14 /CNW/ -- 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




For further information:

For further information: Paddy Spinks, +44 20 7901 8200, for Perenco Web
Site: http://www.perenco.com

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PERENCO

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PERENCO PERU LIMITED

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