UPDATE 1-Pacific Rubiales, Maurel & Prom sign JV for Peru block

Block 116 (or Lote 116) is spread over 6,600 square kilometres in the Santiago sub-basin located in the Peruvian Andean Foothills.The Canadian oil and gas producer, which has properties in South America, said it will drill two wells at the block and will assume costs of up to $75 million.Maurel & Prom has operations mainly in Africa and Latin America.Shares of Pacific Rubiales closed at C$22.60 on Tuesday on the Toronto Stock Exchange.