Baron Oil announced that the Environmental Impact Assessment (“EIA”) has been approved by the Ministry of Energy and Mines.
The license is now in the third phase out of five exploration phases. The third phase consists of 720 working units or 1 exploration well. The period is eighteen months. No further “EIA’s” will be required in the upcoming phases.
Baron Oil has a 20% carried interest in the three remaining phases and is the operator of the block.
Baron Oil is planning to have meetings shortly with their Partner, Union Oil and Gas Group, how to proceed forward in the 3rd phase.
Z34 is located within the Talara Basin offshore North West Peru and Baron’s block covers a very large area of 3,713 sq km.
This highly prospective basin has historically produced more than 1.6 billion barrels of oil and most of the remaining potential is believed to be in the offshore area of the basin. The block is bordered to the east by Block Z2B which has been in production since the early 1950’s.
Karoon Oil and Gas, operator of the adjoining block Z-38, has announced that it will start a drilling campaign soon in their block.
Press Release, June 09, 2014