In June 2019 the Government of Peru has approved Tullow’s farm-in to licence Z-38 and the acquisition of licence Z-64 and work continues to secure other licences. Preparations continue for the non-operated Marina-1 well to be drilled in Block Z-38 in Peru in the first quarter of 2020. The Marina prospect is located in 350 metres of water and will be the first well to target the deep water plays in the Tumbes Basin.
In January 2018, Tullow agreed the terms to acquire a 100% stake in offshore Blocks Z-65, Z-66, Z-67 and Z-68. However, in May 2018, the Supreme Decrees, authorising PeruPetro, the state regulator, to execute licence contracts for these blocks, were revoked by the Peruvian Government. Tullow was disappointed by this outcome, as the Group has operated throughout under the strict guidance of PeruPetro and the Ministry of Energy and Mines, and had complied with the process and procedures required under Peruvian law to agree new exploration licences. Since the revocation, Tullow has formally expressed its continued interest in the licences and will continue to work closely with PeruPetro towards execution of these licences.