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.
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.
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.