Highlights
BARON OIL PLC is an independent oil and gas exploration and production company incorporated in the UK in April 2004. The Company has recently changed direction by withdrawing from high-risk, capital-intensive deep-water exploration to concentrate on low to medium risk exploration prospects in areas that can be quickly and relatively cheaply developed and monetised.
UKCS P2235 – Wick
Offshore exploration (15% interest). Baron has committed to pay 20% of the first £4.2 million and 15% of the remainder of the £5.7 million cost of the 1250 metres subsea Wick exploration well in late 2018 to earn a 15% interest in the underlying licence P2235.
Interest
UKCS P1918 Area – Colter
Offshore exploration (8% Interest). Baron will pay 10.67% of the £7.6 million cost of the Colter well on block 98/11 to earn an 8% interest in this block and onshore PEDL330 and PEDL345. The well is planned to be drilled to a total depth of 1850 metres subsea in early 2019.
Interest
Peru Block XXI – El Barco
Onshore exploration (100% interest, subject to reduction by farmout). Following the acquisition of a grid of new 2D seismic data in 2015/16, Baron has identified a new prospect close to the 1954 Minchales-1X well that encountered a small gas accumulation. The Company is discussing with potential co-venturers plans to drill well El Barco-3X to a total depth of 1850 metres in 2019 to test for gas in Miocene Mancora sands and both oil and gas in fractured basement.
Interest