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Award of UK 31st Offshore Round Licences
Award of UK 31st Offshore Round Licences.
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[{"type":"text","content":"\n \nRNS Number : 0390N Baron Oil PLC 20 September 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n20 September 2019\nBaron Oil Plc\n(\"Baron Oil\" or \"the Company\")\n \nAward of UK 31st Offshore Round Licences\n \nBaron Oil Plc, the AIM-listed oil and gas exploration and production company focused on opportunities in the UK, Latin America and SE Asia is pleased to announce 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.\n \nHighlights\n· Highly prospective acreage with multiple prospects\n· Baron Oil holds a 15% working interest in each of seven blocks\n· The IMF area attracted many bids, including successful ones from major companies\nBaron 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 Limited (\"Corallian\") (Operator, with 45%), Upland UK Limited (40%) and Baron Oil (15%).\n \nInner Moray Firth (\"IMF\")\nThe two new licences in the IMF, offshore Scotland, include an exciting and potentially significant new exploration area.\n· 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. \n· 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.\nBaron Oil has a 15% Interest in each of these IMF licence areas. \n \nMalcolm Butler, Executive Chairman of Baron Oil, commented: \n\"Following our announcement in June of the offer of these ...