Colter & Wick - Drill Rigs Letter of Intent Signed

RNS Number : 0361O

Baron Oil PLC

15 May 2018

 

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.

15 May 2018

Baron Oil Plc

("Baron Oil" or "the Company")

Letter of Intent signed for provision of rig to drill Colter and Wick Prospects

Baron Oil (AIM: BOIL) is pleased to note the announcement made yesterday evening by Corallian Energy Limited ("Corallian Energy"), as operator of UK Seaward Production Licences P1918 (UKCS Block 98/11a) and P2235 (UKCS Block 11/24b), that it has entered into a letter of intent for the provision of a jack-up rig to drill the Colter and Wick wells.

Corallian Energy's announcement stated:

"Corallian Energy has entered into a letter of intent (LOI) with UK based drilling contractor Ensco U.K. Ltd for the provision of a jack-up drilling unit to drill its Colter and Wick wells. Within the LOI the parties have agreed, subject to approvals and consents, headline terms for a suitable unit to conduct drilling operations in Q3/4 2018."

Ensco U.K. Limited

Ensco U.K. Ltd, a subsidiary of Ensco plc, is a global provider of offshore drilling services to the petroleum industry. The Ensco Group's extensive fleet of 64 offshore units is the world's largest and includes drillships, dynamically-positioned semisubmersibles, moored semisubmersibles and jack-up rigs. Ensco plc is quoted on the New York Stock Exchange and is headquartered in London, with offices around the world.

Malcolm Butler, Chairman & CEO of Baron Energy PLC, said:

"The signature of this letter of intent with Ensco represents an important step in preparing to drill the exciting Colter and Wick Prospects later this year. We will keep shareholders informed of progress as we move towards the commencement of operations."

For further information, please contact:

Baron Oil Plc	[phone]
Malcolm Butler, Chairman & Chief Executive Officer
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and Broker
Lindsay Mair, Richard Hail, Richard Redmayne

 

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