Baron Oil increases interest in Licence P2478 from 15% to 32%

Baron Oil Plc (LON:BOIL), the AIM-quoted oil and gas exploration company, has announced the completion of the increase in its interest in United Kingdom Offshore Licence P2478 from 15% to 32% following formal consent given by the United Kingdom Oil & Gas Authority.

Work on the outstanding Phase A technical work commitments is ongoing with the key component, that of 3D seismic reprocessing, expected to be delivered during the first half of 2022. The Board believes that this will provide the partners sufficient time to mature the Dunrobin Prospect and to engage with potential drilling partners in due course. Baron has the role of technical overseer in relation to the Licence’s remaining Phase A work commitments.

Dunrobin is evaluated by Baron Oil to be one of the few remaining targets yet to be drilled in the UK North Sea with estimated gross mean prospective resources of the order of 100 MMbbl (a non-SPE PRMS compliant estimate). The Beatrice field c.20km north of Dunrobin produced over 140 MMbbl from the same petroleum system.

Well costs are expected to be modest at c. £7 million gross as the prospect lies in shallow water of less than 100 metres and the total drilling depth of the well is prognosed to be approximately 660 metres.

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