Block Z-34 in Peru to be released, announces Baron Oil

A unanimous decision was made to release Block Z-34, offshore Peru, which had been under Force Majeure since 2014, independent oil and gas company Baron Oil said.

FTSE AIM All-Share

717.40

13:14 24/12/24

n/a

Oil & Gas Producers

7,727.62

12:54 24/12/24

0.65%

50.19

Sunda Energy

0.08p

12:35 24/12/24

0.00%

0.00p

The decision was made by the parties who are entitled to vote on the block, also referred to as the Block Z-34 partners, at an Operating Committee Meeting in Lima on 9 November 2017.

As a result of the decision, if they agreed to do so the partners could now also request that the $3.6m work programme guarantee bond be released.

Baron believed it could recover a substantial portion of the bond, free of tax.