Baron Oil PLC Wick Drilling Rig Mobilised (9644K)
December 19 2018 - 5:00AM
UK Regulatory
TIDMBOIL
RNS Number : 9644K
Baron Oil PLC
19 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.
19 December 2018
Baron Oil Plc
("Baron Oil" or "the Company")
Mobilisation of ENSCO-72 to Wick Well Location
Baron Oil (AIM: BOIL) is pleased to announce that the ENSCO-72
jack-up rig has now been mobilised from Hartlepool to drill the
Wick exploration well in UKCS Block 11/24b (Licence P2235).
Malcolm Butler, Chairman and CEO of Baron, commented:
"We welcome the news that the jack-up rig has now been mobilised
and that drilling is on schedule to commence by year end.
"The Wick well will test a significant offshore conventional oil
prospect that forms part of the Wick structural complex, which has
been estimated by Upland Resources Limited to contain combined,
unrisked, in-place P50 Prospective Resources of some 250 million
barrels of oil. Gross, unrisked, recoverable mean Prospective
Resources for the prospect being drilled are estimated by the
operator, Corallian Energy Limited, to be 26 million barrels of oil
equivalent. Baron Oil holds a 15% working interest in Licence
P2235, including the Wick structural complex.
"Wick is a high-impact exploration well and success here 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, in which
Baron Oil holds an 8% working interest."
Wick Financial Details
Baron Oil entered into a farmout agreement with Corallian Energy
Limited on 24 March 2018, under which the Company committed to pay
20% of the first GBP4.2 million of the costs of the Wick well and
15% of the remaining well cost and other licence costs to earn a
15% interest in Licence P2235, including the Wick prospect. The
current estimate of gross well costs is GBP5.7million and the well
is expected to take less than 30 days to complete.
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:
+44 (0)1892 838
Baron Oil Plc 948
Malcolm Butler, Chairman & Chief Executive Officer
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Lindsay Mair, Richard Hail, Richard Redmayne
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDUKSKRWSAUARA
(END) Dow Jones Newswires
December 19, 2018 05:00 ET (10:00 GMT)
Baron Oil (AQSE:BOIL.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Baron Oil (AQSE:BOIL.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024