Winchester Energy Partners with Jaguar for Offshore Peru Exploration

Winchester Energy Limited (ASX: WEL) has signed a non-binding term sheet with US-based Jaguar Exploration, Inc. to jointly apply for Technical Evaluation Agreements (TEAs) for offshore petroleum exploration in Peru’s Lima and Pisco Basins. Covering approximately 8,060 km², the two blocks could significantly expand Winchester's resource portfolio. Under the proposed terms, Winchester will operate the project with an 80% interest, while Jaguar holds a 20% free-carried stake through the first exploration well. If granted, the TEAs will allow non-intrusive geophysical studies for up to two years, with an estimated investment of US$250,000 per block. Upon successful evaluation, both companies may proceed to apply for exploration and production licenses. The agreement includes staged payments to Jaguar in cash and Winchester shares. Jaguar brings substantial technical expertise and has already identified promising hydrocarbon prospects, enhancing Winchester’s exploration potential in the region. Binding agreements are pending and subject to regulatory approvals.

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