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Baron Oil lands North Sea acreage in UK licensing round

“We have already identified substantial prospects in the acreage," said chairman Malcolm Butler.

Baron Oil - Baron Oil lands North Sea acreage in UK licensing round

Baron Oil Plc (LON:BOIL) has confirmed that it has been awarded new North Sea acreage via the UK’s 31st offshore licencing round.

It holds 15% interests in a total of seven newly awarded blocks in the Inner Moray Firth area of the UK continental shelf.

The AIM-quoted firm is partnered in these assets with Corallian Energy and Upland UK which hold 45% and 40% respectively.

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"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,” said Malcolm Butler, executive chairman.

“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.”

New licence P2478, spanning four blocks, hosts a new exploration play located up-dip from a small gas discovery which also included oil shows. In this play, the Dunrobin prospect has been estimated by operator Corallian to have 187mln barrels of resources and the Golspie prospect is seen to have 23.5mln.

Licence P2470, covering three blocks, surrounds the Wick prospect where earlier this year Baron and partners drilled a ‘dry’ well. The new acreage hosts the small Knockinnon oil discovery as well as the Forse Channel, Whaligoe, Camster, Camster South and Dunbeath prospects.

Quick facts: Baron Oil Plc

Price: 0.12 GBX

AIM:BOIL
Market: AIM
Market Cap: £2.31 m
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