Baron Oil PLC Update of Unrisked Prospective Resources (5209Q)
November 30 2016 - 1:59AM
UK Regulatory
TIDMBOIL
RNS Number : 5209Q
Baron Oil PLC
30 November 2016
30 November 2016
Baron Oil plc
Update of Unrisked Prospective Resources
Baron Oil PLC (AIM:"BOIL") is pleased to announce the results of
the latest estimates of Unrisked Prospective Resources for Blocks
Z-34 and XXI in Peru, carried out by in-house and consulting
geologists of Baron Oil and its Z-34 partner Union Oil & Gas
Group.
Block Z-34
For offshore, deep-water Block Z-34, estimates of Gross Unrisked
Best Estimate (P50) Prospective Resources for the three Prospects
that have been remapped are:
CUY: 413 Million Barrels of Oil Recoverable
CUY SUR: 200 Million Barrels of Oil Recoverable
DAPHNE: 272 Million Barrels of Oil Recoverable
The CUY Prospect has been proposed as the first to be drilled
and a detailed prognosis will be delivered to PeruPetro at a
meeting on 7 December. All three Prospects lie in the northern half
of the Block. The 3D seismic in the southern half of the Block has
not yet been re-evaluated in detail. Union Oil & Gas Group
continues to seek a partner to farm into the block to drill one or
more wells. The licence currently remains in suspension through the
force majeure clause.
Block XX1
For onshore Block XXI, estimates of Gross Unrisked Best Estimate
(P50) Prospective Resources for the Prospect mapped on the recently
recorded 2D seismic grid are:
EL BARCO SHALLOW: 6.4 Billion Cubic Feet of Gas Recoverable
EL BARCO DEEP: 7.1 Million Barrels of Oil Recoverable
Both targets could be accessed by a single well. As previously
announced, we are discussing well costs and timing with potential
drilling contractors and hope to be able to drill a well in the
middle of 2017. It is our intention to bring in a partner to share
the cost of drilling.
For further information on the Company, visit
www.baronoilplc.com or contact:
Baron Oil Plc:
Malcolm Butler (CEO) Tel: +44 (0)1892 838948
Cantor Fitzgerald (Nominated Advisor and Broker):
Sarah Wharry (Corporate Finance) Tel: +44 (0)20 7894 7000
Alex Pollen (Corporate Broking)
Pursuant to the requirements of the AIM Rules for Companies, the
technical information and resource reporting contained in this
announcement has been reviewed by Dr Malcolm Butler PhD, BSc,
CGeol, FGS, Chief Executive Director of the Company. Dr Butler has
more than 40 years' experience as a petroleum geologist. He has
compiled, read and approved the technical disclosure in this
regulatory announcement. The technical disclosure in this
announcement complies with the Society of Petroleum Engineers
standard.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Glossary
Prospective Resources Those quantities of petroleum which are
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations.
Best Estimate With respect to resource categorization, this is
considered to be the best estimate of the quantity that will
actually be recovered from the accumulation by the project. It is
the most realistic assessment of recoverable quantities if only a
single result were reported. If probabilistic methods are used,
there should be at least a 50% probability (P50) that the
quantities actually recovered will equal or exceed the best
estimate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 30, 2016 02:59 ET (07:59 GMT)