Last checked at 1 Feb 2016 07:58
1 February 2016
Baron Oil plc
("Baron " or "the Company")
Completion of Seismic Acquisition Programme, Block XXI Peru
The Board of Baron is pleased to announce that the onshore seismic acquisition programme in Block XXI, Peru has been successfully completed by GSS and all the equipment is off hire. The total cost of the seismic programme was US$1.9 million.
Baron has now acquired a total of 170 kilometres of 2D seismic data in a tight grid adjacent to the location of the Minchales #1 well site in the southern area of Block XXI. The completion of the seismic programme has successfully fulfilled the Company's work obligation for the current licence period for the block.
Further technical evaluation work is now underway to decide on whether to move to the next licence period and potentially drill an exploration well adjacent to the original Minchales #1 well site. The Company will also seek to relinquish an area of the block not considered to be prospective.
The Company will continue to update shareholders regarding the progress on Block XXI as appropriate.
For further information:
Baron Oil Plc
Bill Colvin (Chairman & CEO) Tel: +44 (0) 7780 684 108
Cantor Fitzgerald Europe
Nominated Adviser and Broker
Sarah Wharry (Corporate Finance) Tel: +44 (0) 20 7894 7000