Update of Unrisked Prospective Resources

30 November 2016

Baron Oil plc

Update of Unrisked Prospective Resources

Baron Oil PLC (AIM:"BOIL") is pleased to announce the results of the latest estimates of Unrisked Prospective Resources for Blocks Z-34 and XXI in Peru, carried out by in-house and consulting geologists of Baron Oil and its Z-34 partner Union Oil & Gas Group.

Block Z-34

For offshore, deep-water Block Z-34, estimates of Gross Unrisked Best Estimate (P50) Prospective Resources for the three Prospects that have been remapped are:

CUY: 413 Million Barrels of Oil Recoverable

CUY SUR: 200 Million Barrels of Oil Recoverable

DAPHNE: 272 Million Barrels of Oil Recoverable

The CUY Prospect has been proposed as the first to be drilled and a detailed prognosis will be delivered to PeruPetro at a meeting on 7 December. All three Prospects lie in the northern half of the Block. The 3D seismic in the southern half of the Block has not yet been re-evaluated in detail. Union Oil & Gas Group continues to seek a partner to farm into the block to drill one or more wells. The licence currently remains in suspension through the force majeure clause.

Block XX1

For onshore Block XXI, estimates of Gross Unrisked Best Estimate (P50) Prospective Resources for the Prospect mapped on the recently recorded 2D seismic grid are:

EL BARCO SHALLOW: 6.4 Billion Cubic Feet of Gas Recoverable

EL BARCO DEEP: 7.1 Million Barrels of Oil Recoverable

Both targets could be accessed by a single well. As previously announced, we are discussing well costs and timing with potential drilling contractors and hope to be able to drill a well in the middle of 2017. It is our intention to bring in a partner to share the cost of drilling.

For further information on the Company, visit www.baronoilplc.com or contact:

Baron Oil Plc:

Malcolm Butler (CEO) Tel: +44 (0)1892 838948

Cantor Fitzgerald (Nominated Advisor and Broker):

Sarah Wharry (Corporate Finance) Tel: +44 (0)20 7894 7000

Alex Pollen (Corporate Broking)

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 PhD, BSc, CGeol, FGS, Chief Executive Director of the Company. Dr Butler has more than 40 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.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Glossary

Prospective Resources Those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations.

Best Estimate With respect to resource categorization, this is considered to be the best estimate of the quantity that will actually be recovered from the accumulation by the project. It is the most realistic assessment of recoverable quantities if only a single result were reported. If probabilistic methods are used, there should be at least a 50% probability (P50) that the quantities actually recovered will equal or exceed the best estimate