Baron Oil PLC Award of UK 31st Offshore Round Licences (0390N)
20 Settembre 2019 - 8:00AM
UK Regulatory
TIDMBOIL
RNS Number : 0390N
Baron Oil PLC
20 September 2019
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.
20 September 2019
Baron Oil Plc
("Baron Oil" or "the Company")
Award of UK 31st Offshore Round Licences
Baron Oil Plc, the AIM-listed oil and gas exploration and
production company focused on opportunities in the UK, Latin
America and SE Asia is pleased to announce that, with partners, it
has been awarded exclusive licences over seven blocks and part
blocks in the Inner Moray Firth ("IMF"), part of the UK Continental
Shelf.
Highlights
-- Highly prospective acreage with multiple prospects
-- Baron Oil holds a 15% working interest in each of seven blocks
-- The IMF area attracted many bids, including successful ones from major companies
Baron Oil and its partners have been formally awarded these
blocks by the UK Oil & Gas Authority ("OGA") following the UK
31st Offshore Licensing Round. These Innovate Licences are held by
Corallian Energy Limited ("Corallian") (Operator, with 45%), Upland
UK Limited (40%) and Baron Oil (15%).
Inner Moray Firth ("IMF")
The two new licences in the IMF, offshore Scotland, include an
exciting and potentially significant new exploration area.
-- Licence P2478, over blocks 12/27c, 17/5, 18/1 and 18/2,
contains a new exploration play up-dip from the small 12/27-1 gas
discovery (which also had oil shows), with Pmean recoverable
Prospective Resources estimated by Corallian at 187 mmboe in the
Dunrobin Prospect and 23.5 mmboe in the Golspie Prospect.
-- Licence P2470 includes blocks 11/23, 11/24c and 11/25b,
surrounding the Wick Prospect, on which Baron Oil participated in a
dry well (11/24b-4) at the beginning of 2019. These blocks contain
the small Knockinnon oil discovery, together with the Forse
Channel, Whaligoe, Camster, Camster South and Dunbeath
Prospects.
Baron Oil has a 15% Interest in each of these IMF licence
areas.
Malcolm Butler, Executive Chairman of Baron Oil, commented:
"Following our announcement in June of the offer of these
awards, I am pleased that our bidding group has satisfied the OGA's
requirements and has now been issued with the licences. Our initial
work commitments consist mainly of 3D seismic reprocessing. We have
already identified substantial prospects in the acreage and expect
that the reprocessing work will enable us to define at least one
near-term drilling location.
"We look forward to updating the market on activities on these
licences, the status of our Dorset area 31(st) Rounds offers and
progress on other projects in due course."
Competent Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies, the technical information and resource
reporting contained in this announcement has been reviewed by Dr
Malcolm Butler BSc, PhD, FGS, Executive Chairman of the Company. Dr
Butler has more than 45 years' experience as a petroleum geologist.
He has compiled, read and approved the technical disclosure in this
regulatory announcement, which complies with the Society of
Petroleum Engineers standard.
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
Malcolm Butler, Executive Chairman
Andy Yeo, Managing Director
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Lindsay Mair, Richard Hail, Richard Redmayne
Turner Pope Investments (TPI) Limited +44 (0)20 3621 4120
Placing Agent
Andy Thacker
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contact rns@lseg.com or visit www.rns.com.
END
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