28 March 2024
Baron Oil Plc
("Baron" or the
"Company")
UK Licence P2478
Update
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil
and gas exploration and appraisal company, today provides an update
in relation to the offshore United Kingdom Licence P2478 (the
"Licence"), in which Baron holds a 32% interest. Reabold Resources
plc is the Licence administrator.
Full Licence
Surrender
Offshore UK Licence P2478 will be
surrendered to the UK North Sea Transition Authority ("NSTA") on 31
March 2024, following unavoidable and significant delays to the
acquisition of 3D seismic data, as had been stipulated in the Deed
of Variation concerning the extension to Phase A of the Licence.
The delays largely result from the continuous wind farm
construction activities in the area. All Phase A commitments have
been fulfilled and there remain no further obligations beyond the
statutory submission of a relinquishment report.
Jon
Ford, Technical Director of Baron, commented:
"Despite
strenuous efforts by the Licence administrator on behalf of the
Joint Venture, ourselves and the NSTA to establish a way forward
for the Licence, we have reluctantly agreed that there is no clear
pathway to acquiring the necessary 3D seismic and subsequently
drilling an exploration well on P2478 in a timely fashion given the
competing activities in the Licence area.
"In terms of
further potential activity offshore UK, we continue to await the
result of our 33rd Round of Licensing
application."
For further
information, please
contact:
Baron Oil
Plc
+44 (0) 20 7117 2849
Dr Andy Butler, Chief Executive
Officer
Allenby
Capital
Limited
+44 (0) 20 3328 5656
Nominated Adviser and Joint
Broker
Nick Athanas, Nick Harriss, George Payne
(Corporate Finance)
Kelly Gardiner, Stefano Aquilino (Sales and
Corporate Broking)
Cavendish
Capital Markets
Limited
+44 (0) 131 220 6939 / +44 (0) 207 397 8900
Joint
Broker
Neil McDonald, Pearl Kellie (Corporate
Finance)
Leif Powis (Sales)
IFC Advisory
Limited
+44 (0) 20 3934 6630
Financial PR and
IR
baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler