THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
15 March 2024
Baron Oil
Plc
("Baron", or the
"Company")
Changes to Board of
Directors
Baron Oil Plc (AIM: BOIL) announces
certain changes to its Board of Directors (the "Board") to reflect the Company's
current strategic focus on its South East Asian business where
Baron has an experienced and capable team, with a genuinely
material asset in the Chuditch gas project in
Timor-Leste.
Mr John Wakefield, Non-Executive
Chairman, and Mr Andy Yeo, Chief Executive Officer, have both
informed the board of their intentions to resign from their
positions on the Board. Dr Andy Butler (currently Director
Asia-Pacific) is taking on the role of Chief Executive Officer with
immediate effect. Andy Yeo will remain on the Board until the end
of March 2024 to ensure an orderly transition of responsibilities
to the new Chief Executive Officer. John Wakefield will step down
from the Board once a new Non-Executive Chair has been
appointed.
The process for the appointment of a
new Non-Executive Chair is underway, with suitable candidates
already under consideration by the Board. Any such appointment to
the board will be subject to, inter alia, the customary due
diligence and appropriateness checks by the Company's nominated
adviser regarding the suitability of new directors and Board
composition as required under the AIM Rules for Companies and the
AIM Rules for Nominated Advisers.
Dr
Andy Butler, incoming Chief Executive
Officer, commented:
"On
behalf of the Board, I would like to thank Andy Yeo and John
Wakefield for their significant contributions to the Company during
their respective tenures. As we focus on progressing the Chuditch
project, the time is right to make these changes to the Board. The
Board's priority is to progress and realise the value in the
Chuditch project in Timor-Leste. In the first instance, this will
mean successfully completing funding for drilling of the critical
milestone appraisal well on the Chuditch gas field. I would like to
thank shareholders and all stakeholders for their ongoing support
for the Company's efforts and I look forward to providing further
updates in due course."
For
further information, please
contact:
Baron Oil
Plc
+44 (0) 20 7117 2849
Dr Andy Butler, Chief Executive
Officer
Allenby Capital
Limited
+44 (0) 20 3328 5656
Nominated Adviser and Joint
Broker
Nick Athanas, Nick Harriss, George
Payne (Corporate
Finance)
Kelly Gardiner, Stefano Aquilino
(Sales and Corporate Broking)
Cavendish Capital Markets
Limited
+44 (0) 131 220 6939 / +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