Baron Oil PLC Wick Drilling Update (4879L)
December 27 2018 - 2:01AM
UK Regulatory
TIDMBOIL
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:
+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
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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