This scenario is a typical Quinton scenario; it is complex, has few available assets, and very difficult to win. I had to try no less than three times from the Chilean side before I finally managed to achieve my objectives :) During my first attempt the Peruvian Mirage 2000 fighters destroyed all of my F-5s and I could not prevent the HVU being sunk by a pair of Peruvian Exocet-armed Sea Kings (!). Three of the four missiles struck the research ship in spite of all my attempts to shoot them down. Go figure!
This result felt somewhat embarrassing and I started all over again. I now deployed my fighters much further back as to not provoke the Peruvian air defenses, and only engaging the Peruvian fighters when they got too close to my ships. Attempts to destroy the enemy surface group failed however, eventually resulting in several of my warships being sunk by deadly Otomat SSMs.
During my last attempt I successfully attacked the Peruvian surface group with A-37s, damaging all of the ships and slowing down the group enough to allow my sub to catch up. All but one of the Peruvian ships were then sunk by the submarine (don't you just love submarines?!); the surviving Peruvian ships hit one of my destroyers with a pair of Otomat SSMs but she did not sink and victory was finally mine :)