NATURAL GAS EXPLORATION OPPORTUNITIES IN MADRE DE DIOS BASIN

The location of the fields and the specificity regarding the information of the blocks in Peru are some of the innumerable advantages offered by the Geoportal of PERUPETRO S.A., which, at first interaction, allows showing the base map of blocks that have contracts in force, as well as those areas that are in permanent promotion, negotiation, technical evaluation or that maintain a simplified process. Additional layers of information can be added to view from technical information such as geophysical data, location of wells, production facilities, infrastructure (refineries, port terminals, road or departmental networks), to social information such as the location of Amazonian native communities and areas protected natural areas.

Peru’s offshore provides prominent opportunities for exploration projects thanks to its diverse regional geology. This geology has different structural and stratigraphic settings, with mature producing basins in the north to less explored basins in the south. Just a fresh and modern look at the available data may reveal great potential. During 2019, PERUPETRO has approved 3 new large-scale multi-client projects, that together will generate greater knowledge and value to the hydrocarbon potential of the offshore sedimentary basins. It will also provide oil companies interested in Peru with an excellent opportunity to evaluate prospectivity on a regional basis. PERUPETRO has signed multiclient agreements with PGS Geophysical AS, Searcher and CGG. Also previously, in 2008 signed an important multiclient agreement with GXT ION which has been recently extended until 2027. These projects will allow PERUPETRO to have new and improved data, seismic information will be easy to visualize in a workstation including QC review and also there will be available offshore key well analysis. Furthermore, PERUPETRO is ready for more multiclient agreements in the future, in order to improve data or to acquire new data. Our future plans PGS, GXT, CGG and Searcher are confident that their commitment with these projects, together with their marketing and licensing efforts, will be well rewarded by the oil industry. Large and medium companies are turning their attention on both existing and available blocks in the Peruvian offshore, so it is the perfect time for jumping into the coming wave of new exploration projects!. PERUPETRO bets that extensive and comprehensive coverage of the multi-client projects will not only help to identify new plays and prospects thanks to the expansive collection of highly enhanced data, but also it will boost exploration in areas with proven potential, through the review of the geological concepts hold by prior explorers. The regional nature of the works will allow fuller exploration of tectonic and basin developments, leading to a greater understanding of both, existing and potential petroleum systems. PERUPETRO is planning to continue increasing its multi-client portfolio to upgrade the existing Peruvian database, with particular emphasis in frontier and semi-explored basins. Note: Multi-Client Contracts are agreements signed by the Oil Agencies with geophysical companies to standardize, compile, (re)process, digitalize, analyse or interpret available geological, geophysical, geochemical or engineering information or to perform a new survey, generally over large acreage. Then, the geophysical company markets and licenses the new data or analysis to as many clients as possible, making the projects less expensive on a per-hectare area basis than proprietary data, and driving interest in the basins under promotion.

The agreement with PGS was signed in December 16th, 2019 and its target is to elaborate a MegaSurvey in time and in depth that comprises more than 21,000 sq km of 3D seismic, and merged together with approximately 23,000 km of 2D seismic. This large-scale merged and matched dataset provides E&P companies interested in South America with an excellent opportunity to evaluate prospectivity on a regional basis. In May 2020, PGS announced that depth processing is ongoing using a seismic-horizon-constrained velocity model through five different basins, from the prolific Talara basin in the north to the frontier basins in the extreme south.

Peru SPAN TM covers the offshore margin from the Salaverry - Trujillo basins in the north, to the Pisco Basin in the South – more than 6,600 km. The survey data was acquired with 10,000 meter cables with 18 second record lengths and include gravity and magnetic data. Recently, it was subscribed an Addenda in order to promote this data in the offshore basins. The key components are that is the only contiguous survey of the Peruvian margin from the Trujillo to the Pisco Basin. The program design and physical survey layout were driven by regional geology with acquisition targeting the identification of new and existing play types within a continuous seismic framework. Integrated geologic and geophysical interpretation providing a consistent regional framework for tying in wells and existing seismic lines with key geologic features in a basin-wide framework. Unprecedented deep focus acquisition parameters.

This agreement was signed in November 20, 2019 and it provides an excellent regional framework across the offshore basins, including those with proven prolific oil prospectivity and those that remain dramatically underexplored. The offshore Peru data library comprises three multiclient products: • Huayno Broadband 2D Reprocessing • Peru OpenSeis 2D&3D post stack processing work • Peru Well Atlas including post drill analysis Searcher is applying modern broadband reprocessing to 25,700 km of vintage 2D field data as part of the Huayno Broadband 2D reprocessing project. The regional 2D reprocessing project has revealed a huge uplift, in particular, the improvement in imaging internal geometry and fault blocks in the shallow section. The dataset provides a much-improved, consistent, regional grid covering the offshore basins of Peru, tying as many wells, leads and prospects as possible. The offshore Peru OpenSeis 2D&3D post-stack processing work consists of both 2D and 3D vintage seismic data which has been rectified with Searcher’s proprietary OpenSeis post-stack processing method. The post-stack processing rectifies navigation, metadata, amplitude, phase and time to create a contiguous database that can be easily loaded into any interpretation software. The data package comprises of approximately 44300 km of 2D and 15,500 km2 of 3D seismic data along the coast of Peru and consists of 19 rectified and merged 2D seismic surveys and 21 rectified and merged 3D seismic surveys. Searcher has also undertaken a post-drill well analysis of approximately 40 exploration/appraisal wells across five basins to complement the seismic database. The horizons have been remapped, wells reanalyzed and detailed risk assessment undertaken to create a modern well atlas.

Since 2019, and in collaboration with Perupetro, CGG GeoSpec have been undertaking new regional 2D seismic reprocessing from field tapes (2D TerraCubePSTM and 2D TerraCubePSDM) to complement a comprehensive, enhanced, workstation ready dataset of 3D seismic, 2D seismic and well data products. With this new and improved dataset, companies will be able to unlock the hydrocarbon potential of the Peruvian offshore by leveraging the best image quality from the reprocessing and the enhanced legacy datasets. • 2D TerraCubePSTM and 2D TerraCubePSDM comprise over 15,000 km of 2D PSTM and PSDM reprocessing from field tapes covering the whole Peruvian margin. The latest source and receiver deghosting and demultiple techniques developed by CGG’s Seismic Imaging Group dramatically improve imaging of the Mesozoic. • 3D TerraCubeREGRID with an input of 21,000km2 (39 individual 3D surveys some of them overlapping) covers a total of 18,500 km2 of seismic data that have been enhanced, amplitude and phase matched, zero phased and merged. In addition, structurally orientated noise attenuation filters have been applied to the 3D seismic data compilation to create the 3D TerraCubeXTRA volume which has a significantly improved signal to noise ratio. • 2D enhanced seismic data from 27 2D seismic surveys totalling 64,920 km of data complements the 3D enhanced dataset. The enhanced 2D data is navigation corrected, with projection and coordinates sourced, corrected and checked, trace headers and SP/CDP corrected and repopulated, and is polarity and phase matched with improved signal to noise ratio. • TerraCubeWSM comprises 30 newly-analysed wells alongside key re-mastered well data from both the mature northern half of Peru and the less explored southern part. In addition, the biostratigraphic review of some of the wells in the southern Trujillo and Salaverry Basins has identified Oligocene sediments for the first time. These combined, enhanced datasets provide the best image the subsurface and allow companies to have a better understanding of the evolution of the margin by having a more robust determination of sedimentary package age and tectonic evolution.