The board is now concentrating on assets that offer near-term drilling and could be brought into production rapidly and relatively cheaply
UKCS P2235 – Wick
Just off the coast of NE Scotland and near to existing facilities
UKCS P1918 Area – Colter
In shallow water immediately SE of Wytch Farm oilfield, with the potential to make use of its existing facilities
Peru Block XXI – El Barco
Onshore in the Piura region of Northern Peru where there are nearby markets for gas
UKCSP2235 – 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.
UKCSP1918 – 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.
PERUBlock XXI – El Barco Onshore exploration (100% interest)
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.