Baron Oil PLC Colter & Wick - Drill Rigs Letter of Intent Signed (0361O)
May 15 2018 - 1:00AM
UK Regulatory
TIDMBOIL
RNS Number : 0361O
Baron Oil PLC
15 May 2018
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
15 May 2018
Baron Oil Plc
("Baron Oil" or "the Company")
Letter of Intent signed for provision of rig to drill Colter and
Wick Prospects
Baron Oil (AIM: BOIL) is pleased to note the announcement made
yesterday evening by Corallian Energy Limited ("Corallian Energy"),
as operator of UK Seaward Production Licences P1918 (UKCS Block
98/11a) and P2235 (UKCS Block 11/24b), that it has entered into a
letter of intent for the provision of a jack-up rig to drill the
Colter and Wick wells.
Corallian Energy's announcement stated:
"Corallian Energy has entered into a letter of intent (LOI) with
UK based drilling contractor Ensco U.K. Ltd for the provision of a
jack-up drilling unit to drill its Colter and Wick wells. Within
the LOI the parties have agreed, subject to approvals and consents,
headline terms for a suitable unit to conduct drilling operations
in Q3/4 2018."
Ensco U.K. Limited
Ensco U.K. Ltd, a subsidiary of Ensco plc, is a global provider
of offshore drilling services to the petroleum industry. The Ensco
Group's extensive fleet of 64 offshore units is the world's largest
and includes drillships, dynamically-positioned semisubmersibles,
moored semisubmersibles and jack-up rigs. Ensco plc is quoted on
the New York Stock Exchange and is headquartered in London, with
offices around the world.
Malcolm Butler, Chairman & CEO of Baron Energy PLC,
said:
"The signature of this letter of intent with Ensco represents an
important step in preparing to drill the exciting Colter and Wick
Prospects later this year. We will keep shareholders informed of
progress as we move towards the commencement of operations."
For further information, please contact:
+44 (0)1892 838
Baron Oil Plc 948
Malcolm Butler, Chairman & Chief Executive Officer
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Lindsay Mair, Richard Hail, Richard Redmayne
This information is provided by RNS
The company news service from the London Stock Exchange
END
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