Guarantee Bond for Block Z-34 Released

RNS Number : 1290B

Baron Oil PLC

05 January 2018

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

05 January 2018

BARON OIL PLC

("Baron Oil" or "the Company")

Funds cleared from Guarantee Bond for Block Z-34

Baron Oil Plc (AIM: BOIL) is pleased to announce that it has now received confirmation from Barclays Bank that the US$3.6 million held as guarantee for the work programme on the recently relinquished Peru offshore Block Z-34 is now available to the Company. Following the release of these funds, the net cash position of the Company currently stands at US$5.2 million.

Bill Colvin, Chairman of Baron commented:

"We are very pleased that these funds have finally been cleared, despite the inevitable delays in the banking system over the Christmas period.

We will now consult with our advisors and major shareholders to agree a way forward for the company which may or may not include remaining in the oil & gas exploration business. We will advise the market in due course of any decisions taken."

For further information:

Baron Oil Plc	[phone]
Malcolm Butler (CEO)
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker)	[phone]
Sarah Wharry (Corporate Finance)
Alex Pollen (Corporate Broking)
SP Angel Corporate Finance LLP (Joint Broker)	[phone]
Richard Hail / Richard Redmayne

 

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