Baron Oil (LON:BOIL) is preparing for its 2015 exploration programme in Peru, after completing a phase of community engagement.
The company told investors it recently, December 16, completed the last in a long series of events and communications with the local community within the exploration area.
It was successful with many questions answered and concerns were addressed, Baron Oil said.
The company highlighted it had “overwhelming” support for the exploration work to progress.
Baron Oil is now working to complete and environmental impact study, with a view to conducting 2D seismic exploration. This programme will target the southern area of the block in the vicinity of a well which encountered oil shows 60 years ago.
It anticipates the EIA will be complete by late February or early March , and that seismic can follow in March as well.
"We have made steady progress this year on Block XXI and our comprehensive EIA process is almost complete,” said chief executive Rudolph Berends.
“We are currently designing the seismic programme and have two exploration wells planned for later in 2015 after we acquire and interpret the seismic data.
“We currently have sufficient cash resources within the company to acquire and interpret all the seismic data and drill two exploration wells on this block while retaining a 100% ownership".