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") notified shareholders on 9th February that the Public Deed had been signed by Gold Oil Peru SAC (Baron's Peruvian subsidiary), Union Oil & Gas Group ("UOGG") and PeruPetro and that Baron expected the assignment to UOGG become final within 10 days. This document also has to be signed by the Central Bank of Peru, which Baron anticipated would take place rapidly. Unfortunately, the public deed has been deposited for signature by the Notary but Baron is still waiting for signature to occur. The Board of Baron hope this will take place very soon but are not currently able to predict when it might happen. Once this has been signed, UOGG will be 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.