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UK: Baron Oil announces award of UK 31st Offshore Round licences


20 Sep 2019

Photo - see caption

AIM-listed Baron Oil has announced that, with partners, it has been awarded exclusive licences over seven blocks and part blocks in the Inner Moray Firth (IMF) part of the UK Continental Shelf.

Highlights

  • Highly prospective acreage with multiple prospects
  • Baron Oil holds a 15% working interest in each of seven blocks
  • The IMF area attracted many bids, including successful ones from major companies

Baron Oil and its partners have been formally awarded these blocks by the UK Oil & Gas Authority ('OGA') following the UK 31st Offshore Licensing Round. These Innovate Licences are held by Corallian Energy (Operator, with 45%), Upland UK Limited (40%) and Baron Oil (15%).

Inner Moray Firth ('IMF')

The two new licences in the IMF, offshore Scotland, include an exciting and potentially significant new exploration area.

  • Licence P2478, over Blocks 12/27c, 17/5, 18/1 and 18/2, contains a new exploration play up-dip from the small 12/27-1 gas discovery (which also had oil shows), with Pmean recoverable Prospective Resources estimated by Corallian at 187 mmboe in the Dunrobin Prospect and 23.5 mmboe in the Golspie Prospect.
  • Licence P2470 includes Blocks 11/23, 11/24c and 11/25b, surrounding the Wick Prospect, on which Baron Oil participated in a dry well (11/24b-4) at the beginning of 2019. These blocks contain the small Knockinnon oil discovery, together with the Forse Channel, Whaligoe, Camster, Camster South and Dunbeath Prospects.

Baron Oil has a 15% Interest in each of these IMF licence areas.

Photo - see caption

Malcolm Butler, Executive Chairman of Baron Oil, commented:

'Following our announcement in June of the offer of these awards, I am pleased that our bidding group has satisfied the OGA's requirements and has now been issued with the licences. Our initial work commitments consist mainly of 3D seismic reprocessing. We have already identified substantial prospects in the acreage and expect that the reprocessing work will enable us to define at least one near-term drilling location.

'We look forward to updating the market on activities on these licences, the status of our Dorset area 31st Rounds offers and progress on other projects in due course.'

Original article link

Source: Baron Oil





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