Baron Oil PLC Joint Venture in Southeast Asia (6063K)
September 23 2016 - 2:00AM
UK Regulatory
TIDMBOIL
RNS Number : 6063K
Baron Oil PLC
23 September 2016
23 September 2016
Baron Oil plc
("Baron" or the "Company")
Joint Venture in Southeast Asia
Baron Oil PLC (AIM: BOIL) ("Baron") is pleased to announce that
it has entered into a Joint Venture with SundaGas Pte Ltd
("SundaGas"), a Singapore-based company, to search for new business
opportunities in Southeast Asia.
SundaGas is a new exploration and production company, founded by
Dr Andy Butler, formerly VP Business Development at Mitra Energy
Inc. Its management has many years of experience as an operator in
SE Asia, where a number of material transactions were completed.
SundaGas has already identified a portfolio of potential
opportunities, ranging from new PSC applications to purchases of
existing production. The company also has the great advantage of
being able to bring an operating capability in SE Asia to the
table.
Baron will pay SundaGas a monthly fee for an initial period of
six months from 1 October 2016, after which the arrangement will be
reviewed. In the event that opportunities that have already been
identified by SundaGas or are identified during the initial period
come to fruition, Baron will have the right to take an interest in
them on the same terms as SundaGas.
NOTE: Andy Butler has a first class honours degree in Geology
from Oxford and a PhD in Geology from Cambridge. He then spent 10
years at Hess Corporation in a variety of geological, new business
and commercial roles covering the UK North Sea and Atlantic
Margins, Norway, Denmark, Brazil and Libya. Andy then moved to BG
Group, where he headed up Exploration New Ventures in Brazil. He
joined Mitra Energy in 2011, where he took on broad technical and
commercial responsibilities for Business Development for this Kuala
Lumpur-based exploration company, including a successful floatation
on the TSX-V exchange, multiple capital raises and a number of
major farm-outs to companies including Total and Talisman. Although
this is not a Related Party Transaction, Andy is the nephew of Dr
Malcolm Butler, Baron's CEO.
Bill Colvin, Chairman of Baron, said:
"This offers a great opportunity for Baron to open up a new
operation in one of the few areas of the World where there is both
strong demand for oil and gas and the clear support of governments
to make exploration and production easy to achieve. We are
particularly interested in gas opportunities because of the stable,
long-term pricing environment. Having access to the experience and
deal flow of the SundaGas team gives Baron a head start that would
take years to achieve if built from scratch."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
For further information:
Baron Oil Plc
Bill Colvin (Chairman) Tel: +44 (0) 7780 684 108
Malcolm Butler (CEO) Tel: +44 (0) 7968 705 173
Cantor Fitzgerald Europe
Nominated Adviser and Broker
Sarah Wharry (Corporate Finance) Tel: +44 (0) 20 7894 7000
Alex Pollen (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
JVELLFFEADIFFIR
(END) Dow Jones Newswires
September 23, 2016 02:00 ET (06:00 GMT)
Baron Oil (LSE:BOIL)
Historical Stock Chart
From Apr 2024 to May 2024
Baron Oil (LSE:BOIL)
Historical Stock Chart
From May 2023 to May 2024