Ann: PEP11 Option Update, page-128

I think you are onto something F54. In the last qtly they said the following;

"In addition to maintaining these leases, Sacgasco is looking at further “bolt on” opportunities that are exploration with large upside in other leases and potentially further drilling in the Alvares area."

Note that they didn't say further drilling/re-entry of Alvares specifically but further drilling in the "Alvares area", which is elephant country. So i presume that they are looking at targets that are bigger and closer to hookup to a pipeline than Alvares. If this is the case it will be significant news as Alvares is a monster and has a total unrisked recoverable prospective resources on a best estimate basis of approx 2.4 Tcf (400 million boe) and had over 3 kms of gas shows during drilling as per the mudlogs below.