PERU NEWS

On March 6th Perupetro announced in London the 2008 bidding round for hydrocarbon exploration and exploitation in Peru at an event that took place at Canning House. The main speaker was Chairman of Perupetro Daniel Saba, who presented the opportunities in Peru for 16 new hydrocarbon exploration contracts in the Marañon, Huallaga, Lima-Pisco and Titicaca basins. Companies already in Peru "Perenco", "Repsol" and "PeruSpan" also shared their experience in the country, highlighting its investor friendly climate and economic and political stability, as well as the incentives of its legal framework.

Last year's bidding round process was highly successful with 14 of 19 blocks granted in licence to energy companies from Europe, Asia, North America and South America that scored the highest on the technical rankings for each block. The total number of contacts signed that year was a record breaking 24. The international companies that signed these contracts have committed for an estimated investment of close to US$ 1 billion in exploration and exploitation in different sectors of Peru.

The 2008 bidding round was announced in London after previous presentations in Japan and Texas earlier this year.

Further information on the bidding round is available on Perupetro's website: www.perupetro.com.pe