REG - Baron Oil PLC - Changes to Board of Directors

Baron OilAnnouncement

15/03/2024 12:00

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RNS Number : 0782H  Baron Oil PLC  15 March 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

15 March 2024

Baron Oil Plc

("Baron", or the "Company")

Changes to Board of Directors

Baron Oil Plc (AIM: BOIL) announces certain changes to its Board of Directors
(the "Board") to reflect the Company's current strategic focus on its South
East Asian business where Baron has an experienced and capable team, with a
genuinely material asset in the Chuditch gas project in Timor-Leste.

Mr John Wakefield, Non-Executive Chairman, and Mr Andy Yeo, Chief Executive
Officer, have both informed the board of their intentions to resign from their
positions on the Board. Dr Andy Butler (currently Director Asia-Pacific) is
taking on the role of Chief Executive Officer with immediate effect. Andy Yeo
will remain on the Board until the end of March 2024 to ensure an orderly
transition of responsibilities to the new Chief Executive Officer. John
Wakefield will step down from the Board once a new Non-Executive Chair has
been appointed.

The process for the appointment of a new Non-Executive Chair is underway, with
suitable candidates already under consideration by the Board. Any such
appointment to the board will be subject to, inter alia, the customary due
diligence and appropriateness checks by the Company's nominated adviser
regarding the suitability of new directors and Board composition as required
under the AIM Rules for Companies and the AIM Rules for Nominated Advisers.

Dr Andy Butler, incoming Chief Executive Officer, commented:

"On behalf of the Board, I would like to thank Andy Yeo and John Wakefield for
their significant contributions to the Company during their respective
tenures. As we focus on progressing the Chuditch project, the time is right to
make these changes to the Board. The Board's priority is to progress and
realise the value in the Chuditch project in Timor-Leste. In the first
instance, this will mean successfully completing funding for drilling of the
critical milestone appraisal well on the Chuditch gas field. I would like to
thank shareholders and all stakeholders for their ongoing support for the
Company's efforts and I look forward to providing further updates in due
course."

 

For further information, please
contact:

Baron Oil
Plc
+44 (0) 20 7117 2849

Dr Andy Butler, Chief Executive Officer

 

Allenby Capital
Limited                                +44 (0)
20 3328 5656

Nominated Adviser and Joint Broker

Nick Athanas, Nick Harriss, George Payne (Corporate Finance)

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)

 

Cavendish Capital Markets Limited             +44 (0) 131 220 6939
/ +44 (0) 207 397 8900

Joint Broker

Neil McDonald, Pearl Kellie (Corporate Finance)

Leif Powis (Sales)

 

IFC Advisory
Limited
+44 (0) 20 3934 6630

Financial PR and
IR
baronoil@investor-focus.co.uk

Tim Metcalfe, Florence Chandler

 

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