Baron Oil PLC (AIM: BOIL) has shifted its strategic focus entirely to its high-impact gas project in Timor-Leste, following its complete exit from UK operations.
The company has officially relinquished its UK licence P2478 and also noted the unsuccessful outcome of its application in the latest North Sea licensing round, an initiative of the previous management.
“Our withdrawal from the UK, including not being offered any blocks in the recent offshore UK licensing round, has allowed us to fully exit our operations there,” stated CEO Andy Butler.
“We are now dedicating our full attention to our principal operations in Southeast Asia, where we hold a promising and significant asset in Timor-Leste, supported by a highly skilled operating team and a series of substantial new venture opportunities throughout the region,” Butler added.
