Update on Final Assignment for Block Z-34 Peru

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Baron Oil plc

Update on Final Assignment for Block Z-34 Peru

Baron Oil PLC (AIM:BOIL) ("Baron") is very pleased to announce that the Public Deed, the final document effecting the farm out to Union Oil & Gas Group ("UOGG") of the interest in Block Z-34 in Peru, has now been signed by the Central Bank of Peru. UOGG is now liable to pay Baron the sum of US$2 million, on which Baron will have to pay Peruvian tax at 32%.

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

Baron Oil Plc: Tel: +44 (0)1892 838948

Malcolm Butler (CEO)

Cantor Fitzgerald (Nominated Advisor and Joint Broker): Tel: +44 (0)20 7894 7000

Sarah Wharry (Corporate Finance)

Alex Pollen (Corporate Broking)

SP Angel (Joint Broker) Tel: +44 (0)20 7470 0470

Richard Hail / Richard Redmayne

The person making this notification on behalf of Baron Oil plc is Geoff Barnes, the Chief Financial Officer and Director of the Company.