PXP Energy Corp. said on Tuesday that drilling had started for an exploration well in Peru in which it has participating interest.

“The drilling operation is estimated to take 30 days and shall drill to approximately 3,000 metres subsea,” it told the stock exchange.

The company was quoting an announcement made in Australia by Karoon Gas Australia Ltd. about the drilling of Marina-1X well in Peru Z-38, offshore Peru.

“Peru Block Z38’s Marina prospect has an unrisked best estimate prospective resource of 256 million barrels (64 million barrels net to Pitkin). This prospect will be the first well to be drilled in Block Z-38. Pitkin is carried in the cost of Marina-1X and a second future well under a Farm-in Agreement signed with Karoon in 2008,” PXP Energy said.

Pitkin Petroleum Ltd., a 53.43%-owned subsidiary of PXP Energy, holds a 25% participating interest in Peru Block Z-38.

Earlier this month, PXP Energy said the Marina prospect comprises a large fault bounded structure with targets at multiple levels. The structures are well defined by 3D seismic, it added.

Karoon’s wholly owned subsidiary, KEI (Peru Z-38) Sucursal del Peru, owns a 40% operating equity interest in the blocks with Tullow Oil Ltd. holding 35% and Pitkin Petroleum holding the rest.

On Tuesday, shares in PXP Energy climbed by P0.64 or 7.02% to close at P9.76 each. — VVS