Last checked at 16 Jun 2016 15:45
16 June 2016
Baron Oil plc
("Baron" or the "Company")
Woodburn Forest-1 Well - Completion of Drilling
The Board of Baron (AIM:BOIL) notes the announcement released today by InfraStrata plc ("InfraStrata") regarding the completion of drilling at Woodburn Forest in County Antrim, Northern Ireland. The InfraStrata announcement is repeated in full below:
"InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, announces that drilling has been completed at Woodburn Forest in County Antrim, Northern Ireland.
The well was drilled to a depth of 2,000 metres and encountered two conventional sandstone reservoir intervals, the Triassic Sherwood and the Lower Permian Sandstones. Wireline log analysis has calculated porosities of over 20% in the upper parts of both the Sherwood and the Lower Permian Sandstones but both targets were water wet.
The well will now be plugged and abandoned.
Commenting, Andrew Hindle, CEO of InfraStrata said:
"Following the divestment of exploration assets late last year this remained our only exploration project with costs fully carried through the well. Completing activities associated with the well will complete the work programme obligations on Licence PL1/10. The licence recently entered its second five year term. It is naturally disappointing not to have encountered a hydrocarbon accumulation and the joint venture will now fully evaluate the data collected in the well and decide where to focus its future exploration activity in the basin.
InfraStrata and its project partners would like to thank all those involved in the operations for their hard work and dedication. We will now work with our local contractors to professionally restore the site to its former state." "
Commenting, Bill Colvin, Chairman & CEO of Baron, said:
"We are disappointed not to encounter hydrocarbons in this location but valuable information was gathered on the regional geology while drilling the well which will now be evaluated. We are grateful to the Infrastrata management and the drilling contractors for carrying out a safe operation under difficult circumstances."
For further information:
Baron Oil Plc
Bill Colvin (Chairman & CEO) Tel: +44 (0) 7780 684 108
Cantor Fitzgerald Europe
Nominated Adviser and Broker
Sarah Wharry (Corporate Finance) Tel: +44 (0) 20 7894 7000
Alex Pollen (Corporate Broking)