Scandoil  

Baron Oil obtains approval from Perupetro


Published Oct 24, 2014
Baron Oil

Baron Oil Plc (formerly Gold Oil), along with partner Union Oil and Gas Group Corporation (Union), has obtained approval from Perupetro to convert the Third Work Phase from a seismic obligation into a drilling obligation.

Perupetro also approved a Force Majeure (FM) clause to be invoked on Block Z-34, this has the effect of extending the time limit for the well to be drilled to enable a suitable deepwater drillship to be identified and contracted.

It is the intention of the Z-34 partners to form a joint drilling team with Karoon Gas, operator of adjoining Block Z-38, to minimize total drilling costs. Baron Oil and Union are also planning to form a joint Z-34 technical team into which each company can place the most suitably qualified people.

Tags: Baron Oil




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