Winchester Energy and Jaguar Exploration Collaborate on Offshore Exploration in Peru
Winchester Energy Limited has signed a term sheet with Jaguar Exploration to jointly apply for offshore petroleum exploration rights in Peru’s Lima and Pisco Basins, aiming for an 80% stake in the Technical Evaluation Agreements. This partnership positions Winchester for potential third-party investments in drilling activities.
Winchester Energy Limited has entered into a non-binding term sheet with Jaguar Exploration, Inc. to jointly apply for offshore petroleum exploration rights in Peru’s Lima and Pisco Basins. Should their application prove successful, Winchester plans to operate and retain an 80% stake in the Technical Evaluation Agreements (TEAs), while Jaguar would hold the remaining 20%. This partnership will enable both firms to perform geological and geophysical studies for a duration of two years to evaluate the blocks’ potential.
By pursuing this exploration initiative, Winchester Energy aims to bolster its position in the offshore exploration sector, potentially drawing interest from third-party investors for subsequent drilling endeavors. With a market capitalization of A$2.73 million, Winchester Energy focuses on exploration and development within the oil and gas industry and is listed on the Australian Securities Exchange under the ticker ASX: WEL.
In summary, Winchester Energy Limited’s collaboration with Jaguar Exploration, Inc. marks a strategic move towards exploring offshore petroleum rights in Peru. This enterprise not only enhances Winchester’s operational scope but also sets the stage for possible future investments in drilling operations. The initiative illustrates Winchester’s commitment to expanding its foothold within the energy market.
Original Source: www.tipranks.com
