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PXP Energy issues drilling update on exploration well in Peru

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PXP Energy Corp. told the stock exchange on Wednesday that the exploration well in offshore Peru, in which it has a stake, has drilled down to a depth of 1,654-meter measured depth (MD).

It was quoting a press release made in Australia by Karoon Energy Ltd. about the drilling of Marina-1 exploration well in Block Z-38 Tumbes Basin.

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

Karoon said the shallower sections of La Cruz and Mal Pelo formations were encountered down to 1,654 meters MD “and preliminary logging results indicate that the well encountered water bearing sands and some gas shows in thin beds which are not considered to be commercial.”

“The information obtained from the shallow sections provides insights into similar in the deeper waters. La Cruz and Mel Pelo results are independent of the deeper primary targets,” it said. “Operationally the well is progressing to plan. It is on time and on budget, with no safety or environmental incidents.”

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









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