Baron Oil PLC UK Licence P2478 Update (4438N)
February 01 2021 - 1:00AM
UK Regulatory
TIDMBOIL
RNS Number : 4438N
Baron Oil PLC
01 February 2021
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 (which forms part of domestic UK law
pursuant to the European Union (withdrawal) act 2018) until the
release of this announcement
1 February 2021
Baron Oil Plc
("Baron" or "the Company")
UK Licence P2478 Update
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
company, provides an update on licence P2478 in the United Kingdom,
further to the Company's announcements of 29 April 2020 and 1
October 2020.
The exclusivity period for the work sharing agreement for
licence P2478, Inner Moray Firth with a large European E&P
Company ("Interested Party"), signed in April 2020 and extended in
October 2020 at the request of the Interested Party, was completed
on 31 January 2021. As agreed, the Interested Party's regional
technical studies including the area of the P2478 licence have been
presented to the Joint Venture partners Corallian Energy, Upland
Resources and Baron (the "JV"). The exclusivity period has
therefore ended, although the confidentiality period between the JV
and Interested Party continues.
This licence, which contains the large Dunrobin and smaller
Golspie prospects, was awarded to the JV in September 2019 as part
of the UK 31(st) Offshore Licensing Round. The licence's current
modest Phase A work commitment is for the JV to undertake
reprocessing of legacy 2D and 3D seismic data and perform other
studies in order to reduce risk and refine volumetric estimates
ahead of making a "drill or drop" decision before the end of Phase
A in July 2023.
Baron holds a 15% working interest in licence P2478.
Jon Ford, Technical Director of Baron, commented:
"The delivery of the technical studies by the Interested Party
in relation to this highly prospective area has confirmed and
enhanced our geological understanding and corroborated Dunrobin as
a potentially attractive and substantial target. The JV will
incorporate the results into the ongoing work including the seismic
reprocessing in order to reduce further the pre-drill risk on the
prospect."
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
Jon Ford, Technical Director
Andy Yeo, Chief Executive Officer
Allenby Capital Limited +44 (0)203 328 5656
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
Turner Pope Investments (TPI) Limited +44 (0)20 3657 0050
Joint Broker
Andy Thacker, Zoe Alexander
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END
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