BOIL.L Regulatory News (BOIL)

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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."

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