OREANDA-NEWS. October 06, 2014. CEPSA, the company operating this block since 2013, has a 70% stake while its partner, Pacific Rubiales, owns the remaining 30%.

CEPSA's Vice Chairman and Chief Executive Officer, Pedro Miro, said that “it's an important milestone for the company and for our expansion strategy in Peru. The initial tests carried out at the Los Angeles-IX well were sufficiently promising to start long-term testing”.

Production was initiated within a short period of time and the company has already taken the initial steps to begin marketing this very light, high quality oil (44?-45? API gravity). It is the first time oil of such high quality has been discovered in Peru. Substantial production is expected over a long period of time.