REG - Baron Oil PLC - Update re. UK 33rd Offshore Licensing Round

Baron OilAnnouncement

07/05/2024 07:15

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RNS Number : 2862N  Baron Oil PLC  07 May 2024

 

7 May 2024

Baron Oil Plc

("Baron", or the "Company")

 

Update re. UK 33(rd) Offshore Licensing Round

 

Baron Oil Plc (AIM:BOIL) announces that it has been informed that its
application, as a joint venture non-operating partner, in the UK offshore 33rd
Round of licensing, conducted by the UK North Sea Transition Authority
("NSTA") (the "Licensing Round"), has been unsuccessful and consequently the
Company has not been awarded any blocks in the Licensing Round.

 

Dr Andy Butler, Chief Executive of Baron, commented:

"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of UK licence P2478, means that the Company has fully withdrawn from the UK.
We can now focus all our attentions 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."

 

For further information, please
contact:

Baron Oil
Plc
                +44 (0) 20 7117 2849

Dr Andy Butler, Chief Executive Officer

 

Allenby Capital
Limited
                    +44 (0) 20 3328 5656

Nominated Adviser and Joint Broker

Nick Athanas, Nick Harriss, George Payne (Corporate Finance)

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)

 

Cavendish Capital Markets
Limited
                +44 (0) 131 220 6939 / +44 (0) 207 397 8900

Joint Broker

Neil McDonald, Pearl Kellie (Corporate Finance)

Leif Powis (Sales)

 

IFC Advisory
Limited
                +44 (0) 20 3934 6630

Financial PR and
IR
                baronoil@investor-focus.co.uk

Tim Metcalfe, Florence Chandler

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