Overview
- An official letter dated October 30 informed Upland it failed to prove the economic and financial capacity required to assume a 79% stake in the Lote 192 license.
- Perupetro’s Qualification Committee requested the contract and agreements with Grupo Coril to evidence real availability of funds, but Upland did not provide them.
- Although a JCR LATAM report cited up to US$147.51 million available, Perupetro said Upland’s submissions were inconsistent with that opinion and concluded solvency was insufficient under its rules.
- Upland says it will seek a board review and is weighing legal action against officials after JCR LATAM declined to share requested backing documents, citing confidentiality.
- Lote 192 remains under Petro‑Perú with its reactivation timeline unclear, and Perupetro may approach other interested operators; Upland also carries OEFA environmental sanctions exceeding S/4 million.