New Stratus submits formal application for block 192

Executive Summary

• New Stratus Energy Inc. has submitted a formal application to operate and invest in the further development of Block 192 in Peru.
• The company is awaiting a final decision from the Peruvian government, specifically Petroperu and Perupetro, regarding the application.
• Block 192 was previously operated by New Stratus's technical team from 2015 to 2021, during which time production peaked at over 15,000 barrels of oil equivalent per day (boepd) of 18-degree API oil.

Key Details

• Application Status: Formal application submitted to operate and invest in Block 192.
• Regulatory Process: Decision pending from Petroperu and Perupetro.
• Historical Operations: The technical team operated Block 192 from 2015 to 2021 under a previous company structure.
• Production History: Peak production exceeded 15,000 boepd of 18-degree API oil.
• Reserve Estimates: In 2019, Perupetro estimated proved plus probable reserves of approximately 87.14 million barrels for the block.
• Current Status: The block has been shut in since 2021 following a declaration of "force majeure" and the return of the block to the government.
• Future Outlook: The government is determining the appropriate partnership to restore production and develop reserves sustainably. New Stratus will release further details as the process advances.

Notable Quotes

• "The technical team at NSE operated block 192 at a previous company from 2015 to 2021... Production peaked at over 15,000 barrels of oil equivalent per day of 18-degree API oil under the guidance of the technical team during that period."