Member Info for chrishutch

Tested the bottom and now it will move up and test resistance.

don't we think?

Good to hear you think a move up is on the way too. Are the stars aligning? haha, as it is day time we will have to wait and see.

Feels better when the price turns and starts to move up!

clearly there was a seller holding this back but he appears to be running on fumes now. Once cleared I imagine the price will climb!

UJO moving higher and still we languish here, it has to follow suit and climb at some point surely.

I see some photos on twitter by our friend Roofers. https://twitter.com/MightyBelle68/status/1428350621090947080?s=20

Afternoon all.

Well worded letter highlighting how the project is helping and continues to help the local area.
https://twitter.com/Heid_oil/status/1428265676062478340?s=20

Slowly creeping back up towards your buy in price I see.

Good morning all.

Although not currently holding UJO - I will be surprised if tomorrow is not an up day.

yeah me too. The rise will hopefully come, as at this level it is attractive.

Clearly, lots of people are interested in this!

Farm In Agreement

In order to build on work already undertaken on the Licence and to accelerate progress, existing partners Corallian and Upland have signed an agreement whereby Baron will increase its interest in the Licence from 15% to 32% in exchange for paying 100% of the costs of the remaining Phase A work commitments up to a cap of £160,000 (the "Agreement"). Under the terms of the Agreement all other costs, including, inter alia, licence and OGA fees and the Operator's administrative expenses, will be borne by all of the partners proportionate to their revised interests. Corallian will remain the Licence's Operator with Baron assuming the role of technical overseer of the remaining Phase A work commitments. No consideration is payable to Corallian or Upland under the Agreement.

Commencement of the outstanding Phase A technical work commitments is due shortly with the key component, that of 3D seismic reprocessing, expected to be delivered early in 2022. The Board believes that this will provide the partners sufficient time to mature the Dunrobin Prospect and to engage with potential drilling partners in due course.

On completion of the Agreement, the revised interests held in the Licence will be as follows:

· Corallian 36%;

· Upland 32%; and

· Baron 32%.

The Agreement is subject to the consent of the OGA.

Jon Ford, Technical Director of Baron commented…

"This Agreement, in keeping with our corporate strategy, more than doubles Baron's interest in the prospective Dunrobin area at a modest cost, whilst at the same time accelerating the subsurface evaluation towards a decision regarding the potential drilling of an exploration well evaluated to have a sizeable resource target. The 3D seismic reprocessing is aimed at reducing the range of volumetric uncertainty and subsurface risk, as well as providing drilling location candidates, during 2022."

Qualified Person's Statement

Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and Gas Companies, the technical information and resource reporting contained in this announcement has been reviewed by Jon Ford BSc, Fellow of the Geological Society, Technical Director of the Company. Mr Ford has more than 39 years' experience as a petroleum geoscientist. He has compiled, read, and approved the technical disclosure in this regulatory announcement and indicated where it does not comply with the Society of Petroleum Engineers' standard.

RNS Number : 0218J
Baron Oil PLC
18 August 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

18 August 2021

Baron Oil Plc

("Baron" or the "Company")

Increase in interest in Licence P2478

Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company, is pleased to announce an increase in its interest in United Kingdom Offshore Licence P2478 from 15% to 32%, conditional on approval from the UK Oil and Gas Authority ("OGA").

Key Points

· More than doubling of Baron's interest, to 32%, in the prospective Dunrobin area

· Dunrobin evaluated as one of the few remaining sizeable undrilled UK North Sea targets

· Accelerated seismic reprocessing is now due for delivery in early 2022 ahead of engagement with potential drilling partners

· Builds on earlier work sharing agreement which enhanced petroleum geology understanding

Background

Innovate Licence P2478 (the "Licence") was awarded in September 2019 to Corallian Energy Limited ("Corallian"; Operator, 45%); Upland Resources (UK Onshore) Limited ("Upland"; 40%); and Baron (15%). The Licence's current phase modest work commitment is to undertake reprocessing of legacy 2D and 3D seismic data and perform other studies in order to reduce risk and refine volumetric estimates ahead of making a "drill or drop" decision before the end of Phase A of the licence in July 2023.

Covering blocks 12/27c, 17/5, 18/1 and 18/2 in the Inner Moray Firth area of the North Sea, the Licence contains the prospective Dunrobin area which consists of large shallow rotated fault blocks which are mapped mostly on 3D seismic data including candidate direct hydrocarbon indicators. Well costs are expected to be modest at c. £7 million gross as the prospect lies in shallow water of less than 100 metres and the total drilling depth of the well is prognosed to be approximately 660 metres.

Dunrobin is evaluated by Baron to be one of the few remaining targets yet to be drilled in the UK North Sea with estimated gross mean prospective resources of the order of 100 MMbbl (a non-SPE PRMS compliant estimate).

In Q1 2021, the joint venture partners received the results of technical studies from a large European E&P company under a work sharing agreement, which enhanced the partners' understanding of the petroleum geology and corroborated their view of Dunrobin as a potentially attractive and substantial target.

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

UK Licence P2478 Farm Out Agreement

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to provide an update on its licence P2478 in the Inner Moray Firth, United Kingdom (Licence).

The holders of the Licence (Licence Holders) being Upland, Corallian Energy Limited and Baron Oil plc ("Baron") have agreed, conditional inter alia on approval from the UK Oil and Gas Authority ("OGA"), on a reassignment of Upland's 8% interests in the Licence to Baron (Assignment) such that Upland's interest will reduce from 40% to 32%. Corallian have also agreed to reduce their interests in the Licence by 9%. Upon completion of the Assignment the interests in the Licence will be as follows:

P2478 Working Interests

Current Working Interests

Proposed Working Interests

Upland Resources

40%

32%

Corallian Energy Limited*

45%

36%

Baron Oil PLC

15%

32%

* Operator



In return for the Assignment of an additional 17% interest in the Licence, Baron has agreed to pay 100% of the costs of the remaining Phase A work commitments under the Licence up to a cap of £160,000. This work commitment is to undertake reprocessing of legacy 2D and 3D seismic data and perform other studies in order to reduce risk and refine volumetric estimates ahead of making a "drill or drop" decision before the end of Phase A in July 2023. Commencement of the outstanding Phase A technical work commitments is due shortly with the key component, that of 3D seismic reprocessing, expected to be delivered early in 2022.



The Licence, which contains the prospective Dunrobin area, was awarded to the JV in September 2019 as part of the UK 31st Offshore Licensing Round. In Q1 2021, the Licence Holders received the results of technical studies from a large European E&P company under a work sharing agreement, which enhanced the Licence Holders' understanding of the petroleum geology and corroborated their view of Dunrobin as a potentially attractive and substantial target. The Directors believe Dunrobin is one of the few remaining sizeable undrilled UK North Sea targets with estimated gross mean prospective resources of the order of 100 MMbbl (a non-SPE PRMS compliant estimate).

Bolhassan Di, Chief Executive of Upland, commented:

"The agreement enables us to reduce our costs while retaining a very meaningful interest in this highly prospective area. It will also see the work programme accelerated with seismic reprocessing now occurring earlier then before and allowing us and our partners more time to evaluate our drilling and farm out options prior to the Jul 2023 deadline."

You bore me now, you have had enough of my time. I'm not being condescending, I'm too busy thinking about far more important things you wouldn't understand.

I am happy for the share price to float around while we wait. I am happy to lose/win trades but the attempts from some to emotionally scare other holders out of their positions and put people off buying just so he/she can get a better price is shady at best.

Either trade the market or do something else but manipulating mums, dads, etc. to make a quick buck is how people with no patience or trading ability play the game.

Yes the attempts to manipulate the price are poor.