19th Apr 2022 12:21
Baron Oil PLC - oil and gas exploration company with assets in the UK, Peru and Timor-Leste - Says it has requested the relinquishment of its legacy Block XXI license in Peru through its subsidiary Gold Oil Peru SAC. Explains that it has become "frustrated" in its attempts to access the area to carry out operations. To ask Perupetro SA, the Peruvian national oil & gas agency and licensing authority, to release the licensee's bank guarantee, which stands at USD160,000. Plans to establish and file an abandonment plan for approval by the relevant authorities thereafter.
"Over the last year or more we have worked hard to pivot the company towards assets where we have significant interests in meaningful and active opportunities," Chief Executive Andy Yeo comments.
"Peru Block XXI has a materially smaller prospective resource with no certainty around pathways or timelines to drilling, hence the company's decision to relinquish the licence and ultimately withdraw from the country."
Current stock price: 0.075 pence, down 6.7% on Tuesday
12-month change: up 7.1%
By Abby Amoakuh; [email protected]
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