LONDON (ShareCast) - Latin America-focused Baron Oil hailed a "major breakthrough" as it gained approval for a drilling operation and said one of its blocks was likely to hold more oil than expected.
Baron, formerly known as Gold Oil, said Perupetro had given the go-ahead to drill on its Z-34 block, which is estimated to hold about two billion barrels of oil worth $2.6bn.

The company said it had also completed a study of its Block XXI which highlighted the southern portion of this block as a significantly higher potential hydrocarbon area than previously understood.

Chairman and chief executive Rudolph Berends said: "Obtaining approval from Perupetro for a well to be drilled on Block Z-34 is a major breakthrough for the Company and we are looking forward to making more progress in 2015 to exploit the vast potential of our assets both onshore and offshore Peru".

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE