ConocoPhillips has an ownership interest in six exploration blocks in Peru, including a 100 percent interest in two of those blocks acquired in 2006 and one block acquired in 2007. Block 39 Operator: Repsol (55.0%) Co-venturer: ConocoPhillips (45.0%) The company participated in a discovery with the drilling of the Buena Vista No. 1 well in July 2005. The well tested 2.5 MBD of oil (gross) from two zones. Two additional discoveries were made in 2006. The first was a subcommercial well, the Delphin 2x, drilled in early 2006. The next discovery was made with the completion of the Raya 3x well in August 2006 that tested in excess of 2 MBD of oil (gross) from two zones. Additional drilling on Raya is planned to help determine whether there are sufficient reserves in the area to allow commercial development to proceed.
