Cepsa reported late Thursday that an exploration well it has drilled in Peru, on block 131 of the Ucayali basin to the east of Lima, has yielded encouraging results.

The Los Ángeles 1XST well is the first exploratory well that Cepsa has drilled in Peru since it started operations in the country in 2007. Cepsa holds 100 percent of block 130 in the Marañón basin, 60 percent of block 114 and 70 percent of block 131 in the Ucayali basin.

Cepsa said additional work will be done to evaluate the preliminary results from the Los Ángeles 1XST well in order to determine the viability of the project.