REG - Baron Oil PLC - UK Licence P2478 Update

Baron OilAnnouncement

28/03/2024 07:00

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RNS Number : 5895I  Baron Oil PLC  28 March 2024

28 March 2024

Baron Oil Plc

("Baron" or the "Company")

UK Licence P2478 Update

Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration and appraisal
company, today provides an update in relation to the offshore United Kingdom
Licence P2478 (the "Licence"), in which Baron holds a 32% interest. Reabold
Resources plc is the Licence administrator.

Full Licence Surrender

Offshore UK Licence P2478 will be surrendered to the UK North Sea Transition
Authority ("NSTA") on 31 March 2024, following unavoidable and significant
delays to the acquisition of 3D seismic data, as had been stipulated in the
Deed of Variation concerning the extension to Phase A of the Licence. The
delays largely result from the continuous wind farm construction activities in
the area. All Phase A commitments have been fulfilled and there remain no
further obligations beyond the statutory submission of a relinquishment
report.

Jon Ford, Technical Director of Baron, commented:

"Despite strenuous efforts by the Licence administrator on behalf of the Joint
Venture, ourselves and the NSTA to establish a way forward for the Licence, we
have reluctantly agreed that there is no clear pathway to acquiring the
necessary 3D seismic and subsequently drilling an exploration well on P2478 in
a timely fashion given the competing activities in the Licence area.

"In terms of further potential activity offshore UK, we continue to await the
result of our 33(rd) Round of Licensing application."

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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