OGA approval received for assignment of 15% interest in P2235 to Baron
Baron Oil (AIM: BOIL) is pleased to announce that it has been informed by Corallian Energy Limited, as operator of UK Seaward Production Licence P2235 (UKCS Block 11/24b), that the Oil & Gas Authority (“OGA”) has approved the assignment to the Company of a 15% interest in this licence, which contains the Wick Prospect.
Malcolm Butler, Chairman & CEO of Baron Energy PLC, said:
“This approval enables Baron to formalise its 15% interest in the licence holding the Wick Prospect and become a full voting party under the Joint Operating Agreement, which is now being prepared and will govern operations on the licence.”
BARON OIL PLC is an independent oil and gas exploration and production company incorporated in the UK in April 2004 and has recently changed direction by withdrawing from high-risk, capital-intensive deep-water exploration to concentrate on low to medium risk exploration prospects in areas that can be quickly and relatively cheaply developed and monetized
Highlights / Peru
- Block XXI – onshore exploration (100% interest). Following the acquisition of a grid of new 2D seismic data in 2015/16, Baron has identified a new prospect close to the 1954 Minchales-1X well that encountered a small gas accumulation. Plans are currently to drill well El Barco-3X to a total depth of 1850 metres in mid-2018 to test for gas in Miocene Mancora sands and both oil and gas in fractured Basement.
Highlights / United Kingdom
- P2235 – Wick Prospect – offshore exploration (15% interest). Baron has farmed into this licence, which lies close to the coast of NE Scotland. The Company will pay 20% of the estimated £4.2 million costs of a well to be drilled to a total depth of 1200 metres in late 2018 to test for the presence of oil in a structural complex up-dip from an existing oilfield
- P1918 – Colter Prospect – offshore exploration (5% Interest). Baron has agreed to farm in to this licence, which lies immediately south of the giant Wytch Farm oilfield off the Dorset coast in southern England. The Company will pay 6.67% of the estimated £6.4 million costs of a well to be drilled to a total depth of 1800 metres in the second or third quarter of 2018 to evaluate whether a discovery made in 1986 was drilled on the flank of a commercially-viable accumulation
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