Baron Oil PLC (AIM:BOIL) is now 100% focused on its high-impact gas project in Timor-Leste, as the company confirmed its full withdrawal from UK operations.
The company previously relinquished its interest in UK licence P2478 and it has now confirmed that an application into the most recent North Sea licensing round, made by prior management, has been unsuccessful.
"We note that Baron has not been offered any blocks in the offshore UK licensing round, which, together with the previously announced relinquishment of UK licence P2478, means that the company has fully withdrawn from the UK,” chief executive Andy Butler said in a short statement.
“We can now focus all our attention on our core area of SE Asia, where we have an exciting and valuable asset in Timor-Leste, a highly experienced operating team and a pipeline of material new venture opportunities across the region."