Baron Oil PLC Wick Drilling Result (1977N)
16 January 2019 - 6:00PM
UK Regulatory
TIDMBOIL
RNS Number : 1977N
Baron Oil PLC
16 January 2019
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.
16 January 2019
Baron Oil Plc
("Baron Oil" or "the Company")
Results of Wick Well (11/24b-4)
Baron Oil (AIM: BOIL) regrets to announce that well 11/24b-4, on
the Wick prospect, has not been successful. Drilling operations
have been completed and the well will now be plugged and abandoned,
without testing, before the ENSCO-72 drilling rig moves to the
English Channel to drill the Colter well.
The 11/24b-4 exploration well was drilled to a total depth of
1,000m. The primary target of the well, the Beatrice Sandstone, was
encountered at a depth of 933.5m but was interpreted to be water
bearing. Provisional petrophysical analyses indicate that the
Beatrice Sandstone has a gross thickness of 22.8m with 19.8m of net
sandstone of 17.2% average porosity.
Malcolm Butler, Chairman and CEO of Baron, commented:
"This is a very disappointing result for the Wick well. We will
now review the results to determine the reasons for the failure of
the well and its implications for the Wick structural complex as a
whole.
"The ENSCO-72 rig will now be moved to the English Channel to
drill the Colter well on Block 98/11a. With gross, unrisked,
recoverable mean Prospective Resources of 23 million barrels of oil
equivalent, estimated to be present in this structure by Corallian
Energy Limited, the Operator, success with this well will have a
material impact on the value of the Company. Baron Oil has an 8%
interest in Colter.
"We look forward to updating the market on progress at Colter in
due course."
Competent Person's Statement
Pursuant to the requirements of the AIM Rules for Companies, the
technical information and resource reporting contained in this
announcement has been reviewed by Dr Malcolm Butler BSc, PhD, FGS,
Chairman & Chief Executive Officer of the Company. Dr Butler
has more than 45 years' experience as a petroleum geologist. He has
compiled, read and approved the technical disclosure in this
regulatory announcement. The technical disclosure in this
announcement complies with the Society of Petroleum Engineers
standard.
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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