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Baron Oil hopes to drill El Barco-3X well in 2021

"There are encouraging signs that industry activity is beginning to move again," said Malcom Butler.

Baron Oil Plc - Baron Oil hopes to drill El Barco-3X well in 2021

Baron Oil Plc (LON:BOIL) told investors that the planned drilling of the El Barco-3X, in Peru, should progress forward once COVID-19 movement restrictions are lifted.

Drilling could be underway between May and August 2021, if  COVID restrictions are lifted by the end of this calendar year.

"There are encouraging signs that industry activity is beginning to move again, although oil and gas prices remain depressed,” said Malcom Butler, executive chairman.

In the UK, meanwhile, original seismic data which includes coverage of the Dunrobin Prospect is to be reprocessed, with studies set to be carried out by a ‘large European exploration and production company ‘.

The Chuditch PSC, in Timor-Leste, has progressed as far as possible in the absence of the original raw seismic data.

Butler added: “We are pleased that the seismic data on the Dunrobin area has finally been located, enabling reprocessing work to take place.

“Once the COVID issues have been resolved, we believe the drilling of El Barco-3X should be able to move forward.

“The situation in Timor-Leste is very frustrating but we will keep shareholders informed of progress."

At the end of June, Baron had £1.79mln of available cash. It reported a loss of £703,000.

Quick facts: Baron Oil Plc

Price: 0.08 GBX

AIM:BOIL
Market: AIM
Market Cap: £3.54 m
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