Baron Oil PLC Guarantee Bond for Block Z-34 Released (1290B)
06 January 2018 - 12:56AM
UK Regulatory
TIDMBOIL
RNS Number : 1290B
Baron Oil PLC
05 January 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
05 January 2018
BARON OIL PLC
("Baron Oil" or "the Company")
Funds cleared from Guarantee Bond for Block Z-34
Baron Oil Plc (AIM: BOIL) is pleased to announce that it has now
received confirmation from Barclays Bank that the US$3.6 million
held as guarantee for the work programme on the recently
relinquished Peru offshore Block Z-34 is now available to the
Company. Following the release of these funds, the net cash
position of the Company currently stands at US$5.2 million.
Bill Colvin, Chairman of Baron commented:
"We are very pleased that these funds have finally been cleared,
despite the inevitable delays in the banking system over the
Christmas period.
We will now consult with our advisors and major shareholders to
agree a way forward for the company which may or may not include
remaining in the oil & gas exploration business. We will advise
the market in due course of any decisions taken."
For further information:
+44 (0)1892
Baron Oil Plc 838 948
Malcolm Butler (CEO)
Cantor Fitzgerald Europe (Nominated +44 (0)20
Adviser and Joint Broker) 7894 7000
Sarah Wharry (Corporate Finance)
Alex Pollen (Corporate Broking)
SP Angel Corporate Finance LLP (Joint +44 (0)20
Broker) 3470 0470
Richard Hail / Richard Redmayne
This information is provided by RNS
The company news service from the London Stock Exchange
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