PetroTal Corp announced spending of $61.3m on a 2019 drilling campaign that would include three new oil producing wells.
A drilling rig had been mobilised to the Bretana field in Perua, with the first well expected to start drilling in February.
Each of the three wells was expected to cost $12.1m each.
Second-phase facilities to further increase oil production capacity were set be installed in September and October, for around $16.0m.
The campaign would also include one water disposal well costing around $7.0m and abandonment costs of around $2.0m associated with a legacy drilling site.
'This capital budget is expected to allow the company to ramp up production to around 5,000 barrels of oil per day in mid-2019, in line with expectations,' chief executive Manuel Zuniga said.
'We have negotiated excellent terms with our rig contractor and other service providers, giving the company additional operational flexibility as we go into this three well drilling program.'
At 9:29am: (LON:PTAL) share price was 0p at 14.5p