Baron Oil (LON:BOIL) told investors it has signed a contractor for a seismic programme at the Block XXI exploration project, in northwest Peru.
Texan firm GSS will shoot 180 kilometres of seismic. The fixed US$1.5mln contract will also see GSS process and interpret the data.
“We have been working closely with GSS to design the best seismic programme around this area using the extensive data already acquired from the original well and the subsequent Fugro work,” said chief executive Bill Colvin.
“I am hopeful of an early approval so we can mobilise the equipment and have it delivered into Peru as quickly as possible."
Baron’s wholly owned Block XXI is very large, spanning 3,000 square kilometres, and this will be the first seismic within the exploration area. Previously two unsuccessful wells were drilling, in 2006 and 2008, and more recently in 2012 gravity and magnetic data was captured via an airborne survey.
This seismic programme is focussed on an area in the southern part of the block, where a historic well (from 1954) is record as having several hundred feet of hydrocarbons.
As a result, the company hopes to better define a 6,000 acres structure that was imaged by the airborne survey.
The seismic programme is subject to environmental approval, which has yet to be received.