The AIM-listed junior bought out S&J Full Services’ 50% holding in the Nancy-Burdine-Maxime (NBM) field in the Putumayo basin, leaving it with 100%.
It then, however, sold a 50% stake in its subsidiary Inversiones Petrolera de Colombia (Invepetrol) to CI International Fuels for $2 million. Invepetrol is the vehicle that owns Baron’s stake in the NBM field.
The cash will be used to expand and upgrade the surface infrastructure at the field.
Baron will retain operatorship of the block.