Under the deal, Vale will pay an upfront cash consideration of $2m and will carry Gold Oil through the remaining exploration program capped at $10m (gross total exploration program).
In return, the company will receive a 70% interest in the block and will become its operator after assignment, while Gold Oil will retain the remaining interest in the block.
Gold Oil said it has also requested Perupetro, Peru’s petroleum agency, to unify the current exploration phase (Phase III) and Phase IV which, if accepted by Perupetro, will increase the minimum exploration commitment to the equivalent of 400km of 2D seismic or a combination of seismic and other exploration activities.
