Member Info for Jarv55

UKCS P2478, offshore Inner Moray Firth (32% Interest, non-operated)

As announced on 15 November 2022, the technical work programme over the Dunrobin and Golspie complex of prospects is now largely complete, and Baron is working with the licence operator, Reabold North Sea, to complete the re-evaluation of Prospective Resources and potential commerciality of any future discovery.



The Baron board reaffirms its belief that the western part of the Dunrobin complex (the "Dunrobin West" prospect) is potentially a drillable prospect where an initial exploration well on the P2478 licence could target approximately 100 MMbbl of gross Mean Prospective Resources (non SPE PRMS compliant). Due to the shallow nature of an exploration well on Dunrobin West (approximately 800 metres total depth), gross drilling costs to test such a substantial volume are likely to be modest at approximately £8 million. In addition, success on Dunrobin West would de-risk potential follow ups on Dunrobin Central, East and Golspie analogous prospects.



A joint farmout campaign is underway and we look forward to announcing the results of the subsurface re-evaluation during February 2023.

TL-SO-19-16 PSC, offshore Timor-Leste (the "Chuditch PSC"; 75% Interest, operated)

On 24 October 2022, Baron provided a technical update resulting from its preliminary interpretation of the Chuditch PSC reprocessed 3D seismic data and announced that reservoir consultancy group ERCE had been engaged to prepare a Competent Person's Report (the "ERCE CPR").



The ERCE CPR will provide Baron with independent, SPE PRMS compliant standard, resource estimates for the Chuditch-1 discovery and offset prospects and leads. Baron continues to work intensively with ERCE on the subsurface technical understanding which lies behind the resource calculations and the Company expects the ERCE CPR to be completed during February 2023.



As indicated previously, the Company anticipates that Contingent Resources will be assigned to the Chuditch-1 gas discovery, which should have a significantly positive impact on the value of the Chuditch Project.



As such the ERCE CPR will form an important component in the Company's continuing efforts to attract additional industry partners to participate in the next phase of the Chuditch PSC.

https://www.lse.co.uk/rns/BOIL/uk-33rd-offshore-licensing-round-and-asset-update-zgfh6fkyodvdozr.html

25 November 2022

Baron Oil Plc



("Baron", or the "Company")



Completion of changes to Chuditch Bank Guarantee





Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration and appraisal company, announces that the changes to the provision of the funds for the Deposit for the Guarantee and related matters, as described in the Company's announcement of 15 November 2022 have been successfully completed. Accordingly, Baron is now the provider of 100% of the collateral for the Guarantee.



Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company at 07.00 on 15 November 2022.

Chuditch Favourable PSC Fiscal Terms
• 5% Royalty; 100% cost recovery, no annual limit; 60% Contractor Profit Split
• 30% Corporate Taxes; SPT (windfall) tax over 16.5% IRR
• Under the terms of a Carry Agreement, SundaGas is paying 100% of PSC costs
attributable to Baron’s interest in SundaGas TL, including its share of the US$1 million
Guarantee Bond, until 26 April 2020, by which date the Carry becomes payable
unless a later date is mutually agreed.

UK P2478 licence



Baron has a 32% interest in United Kingdom Offshore Licence P2478, in the Inner Moray Firth. Baron has the role of technical overseer of the remaining Phase A work commitments for this licence. The preliminary interpretation of the reprocessed 3D and 2D seismic data is largely complete with an increased confidence in the imaging of the reservoir targets within the previously recognised prospects on the licence. In addition, geochemical studies conclude that there is potential for developable oil quality within the licence area.



Baron previously announced that its internal estimates for the Dunrobin prospective complex contained approximately 100 MMbbl of gross Mean Prospective Resources*. The preliminary interpretation indicates that the western part of the complex (the "Dunrobin West" prospect) at the primary Jurassic target alone could contain 100 MMbbl of gross Mean Prospective Resources*. The Board believes that Dunrobin West is maturing to the stage where it is potentially a drillable prospect and so a potential target for an initial exploration well on the P2478 licence.



The Directors believe that success on an exploration well on Dunrobin West would de-risk follow up prospects Dunrobin Central, East and Golspie with the possibility of establishing the upside potential of a single Dunrobin accumulation. A secondary Triassic target is also being matured, involving an unproven (and therefore likely riskier) deeper reservoir, which the Directors consider provides significant additional resource potential and which may demonstrate higher oil quality preservation.



A joint farmout campaign is underway and has been announced to the industry. The Directors consider that there is currently an improving UK farmout market, with increased industry interest, the potential availability of windfall tax breaks, the need to address energy security issues, and an improved macro-economic environment.

The re-assuring thing is directors have skin in the game would be good if Keith bought some shares.

In northern Australia and Timor-Leste Eni and Santos (Operator) are already partners in the Bayu-Undan gas and condensate field and in the associated Darwin LNG plant and connecting gas pipeline. In northern Australia, Eni is the operator of the Evans Shoal and Blacktip gas fields; Santos is the operator of the Caldita Barossa and Tern gas fields and has a participating interest in the Petrel gas field.

For Eni this collaboration with Santos is an important step in the pathway to decarbonising upstream activity in Australia, leveraging both companies’ expertise with the aim of reducing CO2 emissions. This agreement demonstrates the importance of adopting a synergistic approach that promotes cooperation between different players in the sector. Eni has recently launched a new strategy, which will lead the company to be carbon neutral by 2050 in all its operations, processes and products. In the long term, gas – which will be increasingly decarbonised – will represent more than 90% of Eni’s production.

This memorandum sets the stage and is testimony to a mutual ambition to consolidate alliances for sustainable development, in order to tackle the energy transition challenge together, while protecting the environment and regenerating natural resources; a path undertaken by Eni since 2014.

Eni has been present in Australia since 2000 and Timor-Leste since 2006.

https://www.eni.com/en-IT/media/press-release/2021/04/eni-santos-sign-memorandum.html

Timor Leste relies on gas and oil income, their main producing asset Bayu is being decommissioned. Santos were hoping to bring Barossa on line but hit problems with the locals so that is on hold. Sunrise talks still on hold due to Woodside and TL disagreements on where the gas will go. Hoping they re-start soon. Eni applied for block P next door to us. TL needs a solution they are running out of time. Chuditch is the perfect answer and revenues from that could backfill the economy while waiting on Sunrise. Chuditch is not a stranded gas asset as they can put a FLNG in place or pipe to Darwin. Not only do we have Chuditch but we have Chuditch 2 which could be as big as Chuditch but needs 3d processing completed on it. This is where I think Eni will come in with Santos. They could all partner with the Japanese. I can't see Bayu being used for CCS for a long time as they need all kinds of permits there, so would expect Chuditch C02 to be piped back into Chuditch. We now have protection from the US. Loads of companies in the data room main stream players and Utilitiy companies who are waiting for those CPR results, that is the catalyst for Chuditch and a decision whether to proceed with the drill. Then on top we have Dunrobin waiting on 3d results there, which we have been told already is bigger than they first thought. Then we have the 33rd licences that we applied for don't know which ones they are yet though or who we partnered with that is all hush, hush.

I am sure Pattison and Filthy have plenty more to add but NO-ONE can say they haven't had the facts and haven't been able to research.

https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2023/01/20230119-Baron-Oil-BOIL.L-Allenby-Capital-Update.pdf?c3417=on

http://www.laohamutuk.org/econ/ScheinerTLEconSurveyJune2021en.pdf

https://www.lse.co.uk/rns/BOIL/placing-and-subscription-and-other-matters-4uhoc7fyvc6t2tf.html

https://www.youtube.com/watch?v=NDgIbTm7n94

https://wp-baronoilplc-2020.s3.eu-west-2.amazonaws.com/media/2022/05/Baron-Oil-AR2021_final.pdf

Major Shareholders
At 23 December 2022, the Company’s issued share capital consists of 18,920,260,428 Ordinary Shares, each share having equal voting rights. The Company does not hold any Ordinary Shares in treasury and therefore the total number of Ordinary Shares with voting rights is 18,920,260,428.

In accordance with the AIM Rule 26, in so far as the Company is aware, the percentage of the shares not in public hands is 4.57% as of 23 December 2022.

As of 23 December 2022 the Company had been notified, in accordance with the Disclosure and Transparency Rules, of the following shareholdings amounting to 3% or more of the ordinary share capital of the Company.

SIGNIFICANT SHAREHOLDER NUMBER OF ORDINARY SHARES % OF ISSUED SHARE CAPITAL
HARGREAVES LANSDOWN (NOMINEES) LIMITED 4,561,401,736 24.11%
INTERACTIVE INVESTOR SERVICES NOMINEES LIMITED 2,728,867,121 14.42%
HSDL NOMINEES LIMITED 2,103,054,788 11.12%
VIDACOS NOMINEES LIMITED 1,076,447,599 5.69%
BARCLAYS DIRECT INVESTING NOMINEES LIMITED 1,018,145,826 5.38%
HSBC CLIENT HOLDINGS NOMINEE (UK) LIMITED 902,180,736 4.77%
LAWSHARE NOMINEES LIMITED 838,692,902 4.43%
JIM NOMINEES LIMITED 675,795,549 3.57%
RENE NOMINEES (IOM) LIMITED 581,151,443 3.07%
OTHERS 4,434,522,728 23.44%
TOTAL SHARES ISSUED 18,920,260,428 100.00%

John Wakefield
Independent non-executive Chairman
John is an experienced quoted company director, corporate financier and nominated adviser. He qualified as a solicitor with McKenna & Co and lectured in law at the University of Newcastle before moving into corporate finance. He is currently a NED at Drumz plc (LSE:DRUM.L) and has been a member of the AIM Advisory Group, chairman of the London Stock Exchange Regional Advisory Group for the South West, and chairman of South West Angel and Investor Network Limited (SWAIN). He holds a Bachelor of Civil Law degree from Oxford.

John is Chair of the Audit Committee and a member of the Remuneration Committee

Andrew Yeo
Chief Executive Officer
Andy has significant expertise in the oil and gas sector, having had a variety of roles including private equity and operational and financial experience in exploration and production activities as CFO of Wessex Exploration PLC. In addition, he brings 20 years’ experience in multi-discipline corporate advisory services, having worked for UBS and ABN AMRO Hoare Govett before becoming a founder member of Evolution Securities, where he was a board member and executive director. He holds a BA (Hons) in Economics from the University of Essex.

Andrew is a member of the Audit Committee

Jon Ford
Technical Director
Jon has some 40 years’ experience in the upstream oil and gas industry in a variety of roles in petroleum geoscience and senior management. Following an initial 10 years with BP in the UK, the Netherlands, Italy & Indonesia, Jon worked worldwide in the junior sector as a senior technical manager for listed companies including Clyde Petroleum, Paladin Resources and Stratic Energy, and advised multiple clients as a consultant. Jon has a BSc in Geology & Geophysics from Durham University and is a Fellow of the Geological Society.

Keith Bush
Director
Keith is an experienced quoted company director having worked for over 30 years in the energy industry. He has a petroleum engineering background, with significant experience in the oil and gas sector. Previously he has worked for Amerada Hess, Burlington Resources and E.ON Ruhrgas, before joining AIM quoted Northern Petroleum plc, initially as COO and later as CEO. Keith is currently COO at TelosNRG Limited, an advisory consultancy which he co-owns. He holds a degree in Physics from the University of Manchester.

Keith is Chair of the Remuneration Committee and a Member of the Audit Committee

Chilliboots you may well be right about one thing some may not have researched fully so for all the newbies on this BB
here is where you start.
https://www.baronoilplc.com/

Oh dear someone sold.