Baron Oil completes seismic work in Peru

Baron Oil was mulling over its options on Monday, having completed its seismic acquisition programme at its Block XXI project in Peru.

The AIM-traded company said the total cost of the programme was $1.9m (£1.33m).

Baron Oil said it now had a total of 170 kilometres of 2D seismic data, in a tight grid adjacent to the location of the Minchales 1 site in the southern area of Block XXI.

The company said the completion of the seismic programme has successfully fulfilled its 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 board said in a statement.

"The company will also seek to relinquish an area of the block not considered to be prospective", it added.
Baron said it would continue to update shareholders on the progress of the block as appropriate.