Update on Block Z-34 Peru

RNS Number : 4481W

Baron Oil PLC

09 February 2017

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Baron Oil Plc

Block Z-34 Public Deed executed by Gold Oil Peru, Union Oil & Gas Group and PeruPetro

Baron Oil PLC (AIM: BOIL) is pleased to announce that the Public Deed effecting the assignment of a 30% interest in the Block Z-34 Production Sharing Contract from Baron's subsidiary, Gold Oil Peru ("GOP"), to Union Oil & Gas Group ("UOGG") has been executed by GOP, UOGG and PeruPetro.  This document finalises the farmin transaction between GOP and UOGG.  It will now be taken by the Notary to the Central Bank for signature and the Deed formally issued.  It is estimated that Completion will take place within 10 days and the sum of $2 million will be payable to GOP by UOGG.  As previously noted, this amount will be subject to Peruvian tax at a 30% rate.

For further information on the Company, visit www.baronoilplc.com or contact:

Baron Oil Plc:                                                                                Tel: [phone]

Malcolm Butler (CEO)                                                                                                                       

Cantor Fitzgerald (Nominated Advisor and Joint Broker):             Tel: [phone]

Sarah Wharry (Corporate Finance)                                       

Alex Pollen (Corporate Broking)

SP Angel (Joint Broker)                                                               Tel: [phone]

Richard Hail / Richard Redmayne

 

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