Last checked at 6 Feb 2019 11:00
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.
6 February 2019
Baron Oil Plc
("Baron Oil" or "the Company")
Spud of Colter Well
Baron Oil (AIM: BOIL) is pleased to announce that Corallian Exploration Limited, as Exploration Operator for Licence P1918 ("Corallian"), has reported that drilling of the Colter exploration well (98/11a-5), using the Ensco-72 Jack-Up rig, commenced at 10:10 hrs on 6 February 2019. The drilling is expected to take approximately 3 weeks to reach a planned total depth of 1,830 metres. Following the completion of drilling operations the well will be evaluated. Baron Oil holds an 8% working interest in Licence P1918.
Malcolm Butler, Chairman and CEO of Baron, commented:
"With gross, unrisked, recoverable mean Prospective Resources of 23 million barrels of oil equivalent, estimated to be present in the Colter structure by Corallian, success with this well will have a material impact on the value of the Company. The structure was originally tested by well 98/11-3, drilled in 1986 before any 3D seismic data was available. This discovered a 10.5 metre oil column in the Triassic Sherwood Sandstone, the main reservoir in nearby Wytch Farm oilfield, and 98/11a-5 is being drilled in a position which is interpreted to be significantly higher at Sherwood Sandstone level than the 1986 discovery."
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 |