TIDMBOIL
RNS Number : 7076F
Baron Oil PLC
12 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
12 July 2023
Baron Oil Plc
("Baron" or the "Company")
UK Licence P2478 Update - 2 Year Phase A Extension Granted
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
and appraisal company, notes today's announcement by Reabold
Resources plc ("Reabold Resources") in relation to offshore United
Kingdom Licence P2478 (the "Licence"), in which Baron holds a 32%
interest. Reabold Resources is the Licence administrator.
Extension Granted
The joint venture for offshore UK Licence P2478 has been granted
a two year extension to Phase A of the licence by the UK North Sea
Transition Authority ("NSTA", formerly the Oil and Gas Authority).
A 'Drill or Drop' decision is now required on or before 14 July
2025 .
The extension has been made via a Deed of Variation to the
Licence, which stipulates an additional commitment to acquire a
minimum of 30 square kilometres of 3D seismic data.
Jon Ford, Technical Director of Baron, commented:
"We are very pleased to have received this extension, having
worked persuasively with our joint venture partners and the NSTA to
justify this further technical work programme aimed at completing
the 3D coverage over the Dunrobin West prospect and gaining further
insights into the prospective reservoir. The aim is to further
reduce pre-drill risks and volumetric uncertainty before
re-engaging with potentially interested third parties in respect of
drilling an exploration well.
"We are grateful to the Licence administrator Reabold Resources
and the NSTA for their efforts in establishing this way forward for
the Licence, which recognises the quality of the technical work
achieved to date and the progress being made towards the potential
drilling of a relatively low cost and low risk exploration well on
a material prospect."
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, George Payne (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
+44 (0) 131 220 6939
Cenkos Securities Plc / +44 (0) 207 397 8900
Joint Broker
Neil McDonald, Pearl Kellie (Corporate Finance)
Leif Powis (Sales)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
Notes to Editors
Innovate Licence P2478, awarded in September 2019, is currently
held by a joint venture comprising Reabold North Sea Limited
("Reabold", Licence Administrator, interest 36%), Baron (32%), and
Upland Resources (UK Onshore) Limited (32%). The Licence covers
blocks 12/27c, 17/5, 18/1 and 18/2 in the Inner Moray Firth area of
the North Sea and contains the Dunrobin and Golspie prospects, in a
province where regional and local petroleum systems are considered
by the partners to be proven. Target depths are as shallow as 660
metres subsea and water depths are less than 100 metres.
The original key technical work components of the Phase A
commitments - those of seismic reprocessing plus geochemical
studies - were delivered during the second half of 2022 on time and
budget with significant input from Baron. Detailed seismic
attribute analysis, designed to investigate candidate direct
hydrocarbon indicators, followed in early 2023. A thorough revised
evaluation of the prospectivity of P2478 was finalised, with the
NSTA recording that the original work programme was fully complete
during March 2023.
Consultancy group RPS was engaged by the joint venture to
prepare a Competent Person's Report ("CPR") to provide an
independent validation of resource estimates to a SPE PRMS
compliant standard. The CPR was announced and published on Baron's
website on 16 February 2023.
The key points from the CPR include:
-- 201mmboe gross unrisked Pmean Prospective Resources on Licence when aggregated by Baron;
-- the Dunrobin West prospect ("Dunrobin West") estimated to
contain 119mmboe gross unrisked Pmean Prospective Resources when
aggregated across the Jurassic and Triassic stacked targets by
Baron; and
-- 34% Geological Probability of Success (GPoS) at the Dunrobin
West Jurassic primary target, with an estimated 71mmbbl (gross) of
Pmean Prospective Resources.
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies ("AIM MOG"), the technical information
and resource reporting contained in this announcement has been
reviewed by Jon Ford BSc, Fellow of the Geological Society,
Technical Director of the Company. Mr Ford has more than 40 years'
experience as a petroleum geoscientist. He has compiled, read and
approved the technical disclosure in this regulatory announcement
and indicated where it does not comply with the Society of
Petroleum Engineers' SPE PRMS standard.
Glossary
Geological Probability of Success or GPoS The estimated geological probability of success that exploration activities
will confirm the
existence of a significant accumulation of potentially recoverable
petroleum.
Mean or Pmean Reflects a mid-case volume estimate of resource derived using probabilistic
methodology. This
is the mean of the probability distribution for the resource estimates and
may be skewed by
resource numbers with relatively low probabilities.
mmbbl Million barrels of oil.
mmboe Million barrels of oil equivalent. Volume derived by dividing the estimate
of the volume of
natural gas in billion cubic feet by six in order to convert it to an
equivalent in million
barrels of oil and, where relevant, adding this to an estimate of the
volume of oil in millions
of barrels.
Prospective Resources Quantities of petroleum that are estimated to exist originally in naturally
occurring reservoirs,
as of a given date. Crude oil in-place, natural gas in-place, and natural
bitumen in-place
are defined in the same manner.
SPE PRMS The Society of Petroleum Engineers' ("SPE") Petroleum Resources Management
System ("PRMS"):
a system developed for consistent and reliable definition, classification,
and estimation
of hydrocarbon resources prepared by the Oil and Gas Reserves Committee of
SPE and approved
by the SPE Board in June 2018 following input from six sponsoring
societies: the World Petroleum
Council, the American Association of Petroleum Geologists, the Society of
Petroleum Evaluation
Engineers, the Society of Exploration Geophysicists, the European
Association of Geoscientists
and Engineers, and the Society of Petrophysicists and Well Log Analysts.
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