Wick Drilling Update

RNS Number : 4879L

Baron Oil PLC

27 December 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.

27 December 2018

Baron Oil Plc

("Baron Oil" or "the Company")

Spud of Wick Well

Baron Oil (AIM: BOIL) is pleased to announce that Corallian Exploration Limited, as Exploration Operator for Licence P2235 ("Corallian"), has reported that drilling of the Wick exploration well (11/24b-4) commenced at 00:45 hrs on 25 December 2018. The ENSCO-72 drilling rig will be on location for approximately 3 weeks.  Baron Oil holds a 15% working interest in Licence P2235.

Malcolm Butler, Chairman and CEO of Baron, commented:

"These are exciting times for Baron Oil shareholders, as our two well drilling programme gets underway. The results of the high-impact Wick well should be known next month.

"With gross, unrisked, recoverable mean Prospective Resources of 26 million barrels of oil equivalent, estimated to be present in this part of the Wick structural complex by Corallian, success with this well will have a material impact on the value of the Company.

"Following the drilling of the Wick well, the ENSCO-72 jack-up rig is planned to be moved to the English Channel to drill the Colter well.  We look forward to updating the market on progress at Wick in early 2019."

Competent Person's Statement

Pursuant to the requirements of the AIM Rules for Companies, the technical information and resource reporting contained in this announcement has been reviewed by Dr Malcolm Butler BSc, PhD, FGS, Chairman & Chief Executive Officer 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.  The technical disclosure in this announcement complies with the Society of Petroleum Engineers standard.

For further information, please contact:

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

 

END

 

 

MSCFESFMMFASEFE