TIDMBOIL
RNS Number : 2956E
Baron Oil PLC
29 June 2023
29 June 2023
Baron Oil Plc
("Baron" or the "Company")
AGM Statement
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
and appraisal company with projects in SE Asia and the UK,
announces that at the Annual General Meeting of the Company to be
held later today, the Company's Non-Executive Chairman, John
Wakefield, will make the following statement:
SE Asia: Timor-Leste, offshore TL-SO-19-16 PSC ("Chuditch") -
Baron 75%; TIMOR GAP 25%
Technical and commercial progress on the Chuditch asset has
continued apace since the start of the year. The publication of the
Competent Person's Report (CPR) prepared by ERC Equipoise Pte Ltd
in February was a significant milestone in the technical evaluation
of the asset. The CPR attributed approximately 1.1 Tcf of gross
Pmean Contingent Gas Resources to the Chuditch-1 discovery
(approximately 813 Bcf net to Baron, equivalent to 135MM barrels of
oil). These discovered resources, when aggregated with the
significant Prospective Resources in adjacent prospects, means that
more than 2.6 Tcf of gas resources have been identified within the
PSC on a gross Pmean basis.
Current technical activities are focused on further detailed
interrogation of our data to identify optimal candidate locations
for appraisal drilling, including additional geophysical work and
environmental impact studies. The results will be input into
detailed well planning. Discussions are being held with drilling
contractors, to be well placed to expedite appraisal activities
through 2024.
The recent granting of a six-month extension to the current
contract year of the Chuditch PSC provides Baron's SundaGas
subsidiary with additional time to continue these pre-drill
preparatory activities. The extension was approved within three
weeks of its formal request, illustrating the strong support from
the Ministry of Petroleum, ANPM and TIMOR GAP for our efforts to
progress the Chuditch project.
Baron continues efforts to attract funding partners and
investors to jointly participate in a Chuditch appraisal well and
other future activities. The project attracts interest,
particularly with players with a close understanding of the Asia
Pacific gas markets, as a candidate shallow-water gas development
of scale. We look forward to providing more information around
funding plans and potential partners when we are able to do so.
United Kingdom: Offshore Licence P2478 - Reabold Resources
(Licence Administrator) 36%; Baron 32%; Upland Resources 32%
All Phase A technical studies, with Baron's involvement, were
completed earlier this year on the P2478 licence situated in the
Inner Moray Firth. The CPR delivered by the RPS Group in February
was, similarly, a significant milestone, confirming the Dunrobin
West prospect as a large, shallow, simple structure where an
exploration well could target an aggregate of 119 MMboe gross
unrisked Pmean Prospective Resources: this includes the estimated
71 MMbbl gross Pmean Prospective Resource at a geological
Probability of Success of 34% for the primary Jurassic target.
As the current phase of the licence draws to a close the Joint
Venture is actively engaged with the North Sea Transition Authority
("NSTA") with a view to extending Phase A of the Licence. Feedback
received from potential funding partners encountered during the
Joint Venture farmout campaign has been helpful, as we weigh up the
various options going forward. One option might include completion
of the 3D seismic coverage of Dunrobin West employing data
acquisition techniques that maximise the chances of directly
characterising the fluid content of the reservoir and hence even
further reduce pre-drill risk and volumetric uncertainty.
New Ventures
Baron, as a non-operating partner, submitted an application in
the 33rd Round of UK offshore licensing for a significant stake in
a material prospect with modest initial work commitments located in
a proven prospective fairway. Recently the technical interview with
the NSTA was attended, during which the NSTA indicated that any
offer would be made before the end of 2023.
We are continuously evaluating and pursuing other new ventures
which meet Baron's stated corporate strategy.
Conclusion
Our priorities for the second half of 2023 are to make drilling
decisions on Chuditch-1 and Dunrobin West. Chuditch has been
confirmed as a significant, LNG-scale discovery and bringing a
funding partner(s) alongside us will open the door to the
long-awaited drilling and anticipated testing of an appraisal well
on the Chuditch-1 discovery. In the UK, the outcome of our
discussions with the NSTA will guide us through the next steps,
where again we are pleased that Dunrobin West has been confirmed as
a material oil prospect.
There is a lot to achieve over the coming months, as we look
forward to the future with increased confidence.
For further information, please contact:
Baron Oil Plc
Andy Yeo, Chief Executive +44 (0) 20 7117 2849
Allenby Capital Limited
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, George
Payne (Corporate Finance)
Kelly Gardiner (Sales and Corporate
Broking) +44 (0) 20 3328 5656
Cenkos Securities Plc
Joint Broker
Neil McDonald, Pearl Kellie (Corporate
Finance) +44 (0) 131 220 6939 / +44 (0) 207
Leif Powis (Sales) 397 8900
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies ("AIM MOG"), the technical information
and resource reporting contained in this announcement has been
reviewed by Jon Ford BSc, Fellow of the Geological Society,
Technical Director of the Company. Mr Ford has more than 40 years'
experience as a petroleum geoscientist. He has compiled, read and
approved the technical disclosure in this regulatory announcement
and indicated where it does not comply with the Society of
Petroleum Engineers' SPE PRMS standard.
Glossary
Bcf Billion standard cubic feet of gas.
Contingent Resources Those quantities of petroleum estimated, as of a given date, to be potentially
recoverable
from known accumulations by application of development projects, but which are not
currently
considered to be commercially recoverable owing to one or more contingencies.
Geological Probability of Success The estimated geological probability of success that exploration activities will
confirm the
existence of a significant accumulation of potentially recoverable petroleum.
LNG Liquefied natural gas
Mean or Pmean Reflects a mid-case volume estimate of resource derived using probabilistic
methodology. This
is the mean of the probability distribution for the resource estimates and may be
skewed by
resource numbers with relatively low probabilities.
MMbbl Million barrels of oil.
MMboe Million barrels of oil equivalent. Volume derived by dividing the estimate of the
volume of
natural gas in billion cubic feet by six in order to convert it to an equivalent in
million
barrels of oil and, where relevant, adding this to an estimate of the volume of oil
in millions
of barrels.
Prospective Resources Quantities of petroleum that are estimated to exist originally in naturally
occurring reservoirs,
as of a given date. Crude oil in-place, natural gas in-place, and natural bitumen
in-place
are defined in the same manner.
SPE PRMS The Society of Petroleum Engineers' ("SPE") Petroleum Resources Management System
("PRMS"):
a system developed for consistent and reliable definition, classification, and
estimation
of hydrocarbon resources prepared by the Oil and Gas Reserves Committee of SPE and
approved
by the SPE Board in June 2018 following input from six sponsoring societies: the
World Petroleum
Council, the American Association of Petroleum Geologists, the Society of Petroleum
Evaluation
Engineers, the Society of Exploration Geophysicists, the European Association of
Geoscientists
and Engineers, and the Society of Petrophysicists and Well Log Analysts.
Tcf Trillion cubic feet of gas.
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END
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June 29, 2023 02:00 ET (06:00 GMT)
Baron Oil (LSE:BOIL)
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Baron Oil (LSE:BOIL)
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