Gulf Oil and Gas accountACCOUNT

Decision to Relinquish Block Z-34 Peru

Source: www.gulfoilandgas.com 11/10/2017, Location: South America

Share |
Baron Oil PLC announces that at an Operating Committee Meeting in Lima on 9 November 2017 those parties entitled to vote made a unanimous decision to relinquish Block Z-34, offshore Peru, and so notify Perupetro.

The Block has been in Force Majeure since 2014 and under these circumstances the Z-34 partners are entitled to exercise their right to relinquish Block Z-34 and, consequently, to request that the $3.6 million work programme guarantee bond be released. If this is agreed, Baron expects to recover a substantial portion of the bond, free of tax.

Bill Colvin, Chairman of Baron commented:

"The Z-34 group has been frustrated by the impediments to activity in Peru created by the lack of regulations relating to deep water drilling and the need to change existing regulations to accommodate such activities. Although new legislation is promised shortly, we are of the view that activities will continue to face unexpected delays and additional expense, creating uncertainties that impact the economic evaluation of the prospects. We have therefore taken the difficult decision to relinquish the Block."

Acquisitions and Divestitures News in Peru >>

United Kingdom >>  1/22/2018 - Angus Energy, a conventional oil and gas production and development company, has entered into a definitive agreement to form a new partnership with Cu...
Namibia >>  1/19/2018 - Global Petroleum has announced that, following its recent notification of the publication of the Competent Person's Report ('CPR') by AGR TRACS on its...

Norway >>  1/19/2018 - Transocean has concluded its extraordinary meeting of shareholders ('EGM') approving all of the proposals related to the acquisition of Songa Offshore...
Ghana >>  1/18/2018 - ExxonMobil has signed a petroleum agreement with the government of Ghana to acquire exploration and production rights for the Deepwater Cape Three Poi...

United Kingdom >>  1/18/2018 - Ithaca Energy Inc. (Ithaca) announces that it has entered into an agreement for the sale of its entire interest in Licences PL089, P534 and PEDL 328, ...
United Kingdom >>  1/18/2018 - Ithaca Energy has entered into an agreement for the sale of its entire interest in Licences PL089, P534 and PEDL 328, which contain the onshore Wytch ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Peru Oil & Gas 1 >>  2 |

Oil & Gas Projects in Peru >>

More News

 

Oil & Gas Companies in Peru >>


Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.