Baron Oil PLC Colter and Wick Update (1142H)
13 November 2018 - 6:00PM
UK Regulatory
TIDMBOIL
RNS Number : 1142H
Baron Oil PLC
13 November 2018
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
13 November 2018
Baron Oil Plc
("Baron Oil" or "the Company")
Colter and Wick Update
Baron Oil (AIM: BOIL) notes the announcement made by Corallian
Energy Limited ("Corallian") in respect of the Colter and Wick
wells, on UK Continental Shelf Licence P1918 (UKCS Block 98/11a)
and P2235 (UKCS Block 11/24b) respectively. Corallian included the
following statements:
"Corallian as Exploration Operator for Licences P2235 and P1918
is pleased to report that the Department for Business, Energy and
Industrial Strategy, Offshore Petroleum Regulator for Environment
and Decommissioning (OPRED) has completed its review of the
Environmental Statements, the representations received from
consultees and the additional information provided by Corallian for
the proposed Wick and Colter wells. OPRED has advised the Oil and
Gas Authority of its in-principle agreement to the issue of the
relevant consent for both projects.
"There are several regulatory approvals and notifications still
required before the consenting process is completed for the wells.
When all the necessary approvals have been obtained, the wells will
be drilled as a back-to-back programme using the ENSCO-72 Jack-Up
rig, and subject to the approvals being in place Corallian will
commence the programme with the drilling of the Wick well during
December 2018. Following completion of the Wick well, the rig will
be mobilised from the Moray Firth to the English Channel to drill
the Colter well.
"Fraser Well Management Limited will be the Well Operator for
the drilling of the wells. Orbis Energy Limited are the
environmental consultant to the projects. No further announcements
are planned by Corallian until all the approvals are in place and
the drilling has commenced."
Malcolm Butler, Chairman and CEO of Baron, commented:
"We are pleased with the decision by OPRED to advise the Oil and
Gas Authority of its in-principle agreement to the issue of the
relevant consents for the drilling of both the Colter and Wick
wells. While there are still further approvals to be obtained
before drilling can commence, the decision by OPRED represents an
encouraging milestone towards meeting our revised timetable to
drill Wick in December 2018, followed immediately by Colter. We
look forward to keeping the market apprised of developments in due
course."
For further information, please contact:
+44 (0)1892 838
Baron Oil Plc 948
Malcolm Butler, Chairman & Chief Executive Officer
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Lindsay Mair, Richard Hail, Richard Redmayne
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END
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