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.”
