(Alliance News) - Baron Oil PLC on Wednesday said the Corallian Energy Ltd operated group is currently reviewing seismic data with a view to commercialising the Colter area.
Baron earned an 8% interest in offshore P1918 and onshore PEDL330 and 345. The Colter South discovery, has been determined by Corallian to contain 15 million barrels of oil - of which 1.2 million is net to Baron. Corallian also upgraded the onshore licences.
Baron is still driving forward plans for block XXI in Peru, with possible drilling in the second half of the year. The company is seeking third parties to join with Baron and the well operator in order to secure necessary funding. Once the well is drilled, Baron will be entitled to the return of USD160,000 from Peru's government performance bond.
Of block XXI, Baron said: "The most likely unrisked recoverable prospective resources lie in low risk Mancora Sands and higher risk Fractured Basement sands. The board believes the basement structure, over which Baron acquired 2D seismic in 2015, may extend beyond the limits of the existing seismic data and be larger than currently mapped."
Shares in Baron were down 4.2% at 0.091 on Wednesday afternoon.
Baron Oil (BOIL)