LONDON--Baron Oil PLC (BOIL.LN) said Wednesday that it now owns 100% working interest in Peruvian oil and gas license, Block XXI, pursuant to a farm-out agreement with Vale Oil and Gas.

Under the agreement, Vale Oil will transfer its entire 70% working interest in Block XXI to Baron Oil, and will also pay $3.5 million.

Write to Tapan Panchal at tapan.panchal@wsj.com

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