Baron Oil PLC Peru Block Z-34 - Signature of Supreme Decree (2323F)
July 26 2016 - 2:46AM
UK Regulatory
TIDMBOIL
RNS Number : 2323F
Baron Oil PLC
26 July 2016
26 July 2016
Baron Oil plc
("Baron" or the "Company")
Peru Block Z-34 - Signature of Supreme Decree
The Board of Baron (AIM:BOIL) is pleased to announce that the
outgoing President of the Republic of Peru has signed the Supreme
Decree with respect to the assignment of a 30% interest in Block
Z-34 from Baron's subsidiary Gold Oil Peru SAC to Union Oil and Gas
Group ("UOGG") under the terms of the Farm-in Agreement of April
29, 2013. The final step in the process is now the execution of the
Public Deed, which will have to be carried out by appointees of the
incoming administration.
Under the terms of the Farm-in Agreement, UOGG will pay Gold Oil
Peru US$2 million when the assignment is completed. This amount
will be subject to Peruvian tax at 30%.
Commenting, Bill Colvin, Chairman of Baron, said:
"We are pleased that the Supreme Decree has finally been signed,
after such a long wait. The eventual assignment will unblock the
path to new activity on Z-34, as well as providing a cash injection
to Baron. We hope that the change of government will not delay the
execution of the Public Deed excessively."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
For further information:
Baron Oil Plc
Bill Colvin (Chairman) Tel: +44 (0) 7780 684 108
Malcolm Butler (CEO) Tel: +44 (0) 7968 705 173
Cantor Fitzgerald Europe
Nominated Adviser and Broker
Sarah Wharry (Corporate Finance) Tel: +44 (0) 20 7894 7000
Alex Pollen (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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