Baron Oil PLC Notification of Release of Guarantee Bond (9216Z)
December 20 2017 - 4:21AM
UK Regulatory
TIDMBOIL
RNS Number : 9216Z
Baron Oil PLC
20 December 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
20 December 2017
BARON OIL PLC
("Baron Oil" or "the Company")
Notification of Release of Guarantee Bond for Block Z-34
Baron Oil Plc (AIM: BOIL) is pleased to announce that it has
received a letter from Perupetro releasing to the Company the
US$3.6 million bond held as guarantee for the work programme on the
recently relinquished Peru offshore Block Z-34. This letter has
been passed on to the local bank, which will send the necessary
instructions to Barclays Bank in London. The board expects to have
access to these funds after Christmas.
Other activities
SE Asia: The board has been informed by SundaGas Pte. Ltd. that
there have been further delays in the process leading to the
expected award of the block in SE Asia in which Baron has the right
to participate. Finalisation of this is now expected in Q2
2018.
Corporate issues
Geoff Barnes, Finance Director, has announced that he will
retire at the end of March 2018. In line with the Company's
cost-cutting plans, it is not intended to replace him and the
accounting function will be out-sourced.
Bill Colvin, Chairman of Baron commented:
"Obtaining the release of the US$3.6 million bond is a major
achievement and is due in no small measure to the efforts of our
team in Peru and the UK. This will put the Company on a sound
financial footing for 2018, with the net cash position expected to
be some US$5.2 million at the beginning of the year.
In addition, I would like to thank Geoff Barnes for the work he
has put in over the past few years, as both a contractor and an
employee of the Company, and to wish him every happiness in his
retirement."
For further information:
+44 (0)1892
Baron Oil Plc 838 948
Malcolm Butler (CEO)
Cantor Fitzgerald Europe (Nominated +44 (0)20
Adviser and Joint Broker) 7894 7000
Sarah Wharry (Corporate Finance)
Alex Pollen (Corporate Broking)
SP Angel Corporate Finance LLP (Joint +44 (0)20
Broker) 3470 0470
Richard Hail / Richard Redmayne
This information is provided by RNS
The company news service from the London Stock Exchange
END
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