Winchester Energy Ltd has signed a term sheet with Jaguar Exploration to jointly apply for offshore petroleum exploration rights in Peru. Winchester will hold an 80% interest in the TEAs and will conduct studies over two years to assess the blocks’ potential. This partnership aims to enhance Winchester’s position in the exploration market and attract investment for drilling.
Winchester Energy Limited has entered into a non-binding term sheet with Jaguar Exploration, Inc. to jointly seek offshore petroleum exploration rights in Peru’s Lima and Pisco Basins. Should their application be successful, Winchester will operate the project and hold an 80% interest in the Technical Evaluation Agreements (TEAs), while Jaguar will retain 20%. This partnership aims to conduct geological and geophysical studies to evaluate the potential of the exploration blocks over a two-year timeframe.
The strategic move by Winchester Energy could enhance its presence in the offshore exploration sector, facilitating increased opportunities for third-party investments for future drilling activities. Winchester’s active pursuit of offshore petroleum exploration underscores its commitment to expanding its exploration and development endeavors within the oil and gas industry. Notably, Winchester Energy Limited is listed on the Australian Securities Exchange under the ticker symbol ASX: WEL.
Winchester Energy Limited is an Australian company primarily focused on oil and gas exploration and development. As of now, the company has a market capitalization of approximately A$2.73 million. For additional detailed stock information, investors can visit TipRanks’ Stock Analysis page.
In summary, Winchester Energy’s partnership with Jaguar Exploration marks a significant step in pursuing offshore petroleum exploration in Peru. With an 80% stake in the exploration agreements, Winchester aims to assess the potential of the resource-rich Lima and Pisco Basins, potentially attracting third-party investments and enhancing its operational footprint in the industry. The company’s commitment to exploration activities is evident, positioning it for future growth in the offshore sector.
Original Source: www.tipranks.com
