1st Feb 2016 09:46
LONDON (Alliance News) - Baron Oil PLC said on Monday it had completed the seismic data acquisition programme at its Block XXI project in Peru, fulfilling the oil company's work obligation for the current licence period for the block.
The company said it had acquired 170 kilometres of 2D seismic data from the southern area of Block XXI, in the tight grid adjacent to the Minchales well site. The total cost of the seismic programme was USD1.9 million.
Baron said further technical evaluation work is now underway to decide on whether to move on to the next licence period and potentially drill an exploration well adjacent to the original Minchales well site. It added it will seek to relinquish an area of the block not considered to be prospective.
The oil company said it will continue to update shareholders regarding progress on Block XXI as appropriate.
Baron's shares were untraded on Monday morning, having last traded at 0.455 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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