15th May 2015 08:15
LONDON (Alliance News) - Baron Oil PLC on Friday said its Gold Oil Peru SAC subsidiary has signed a seismic services contract with Houston-based GSS for the Block XXI prospect in northwest Peru.
The total cost of the work will be USD1.5 million and will be subject to environmental approval by Peruvian authorities. Baron owns a 100% stake in the block.
"In anticipation of obtaining formal EIA approval from the government, we have moved to secure the equipment and services from GSS necessary to acquire the seismic data around the Minchales well area. We have been working closely with GSS to design the best seismic programme around this area using the extensive data already acquired from the original well and the subsequent Fugro work," said Baron Oil Chief Executive Bill Colvin.
Shares in Baron were untraded Friday, having last traded at 1.05 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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