Business
Company Update and Board Changes
Company Update and Board Changes.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0955U Baron Oil PLC 27 March 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 \n27 March 2019\n \nBaron Oil Plc\n(\"Baron\" or \"the Company\")\n \nCompany Update and Board Changes\n \nBaron Oil Plc (AIM: BOIL), the AIM-listed oil and gas exploration and production company, is pleased to provide the following update to shareholders.\n \nKey Points\n· Evaluation work on the Colter South discovery underway\n· Colter side-track indicated potential targets within the onshore licences PEDL 330/PEDL 345\n· Baron has applied as a non-operator with two groups in the 31st UKCS Licensing Round\n· Significant new opportunity being reviewed with our strategic partner SundaGas in SE Asia\n· Peru farmout discussions continue\n· Board changes to increase execution capacity and broaden experience\n \nUK Activities\nColter\nNow that Baron has completed its initial UK drilling programme which concluded with a new discovery at Colter South, in common with its other joint venture partners the Company is remapping the Colter Area structures in offshore Licence P1918 to determine their extent and update the estimates of the Prospective Resources.\nAs shareholders will be aware, following completion of drilling, it has been determined that the majority of the potential resource resides within the Colter South portion of the play. Pre-drill, Corallian (Operator of the licence) had an estimated Pmean recoverable volume of 15 mmbbls for the Colter South Prospect. The current work, which we expect to be finalised towards the end of April 2019, will be used to determine the forward plan to maximise the potential value associated with the Colter and Colter South Prospects. (Baron holds an 8% interest in Licence P1918)\n \nPEDL 330 & PEDL 345\nThe Colter side-track also encountered live oil and gas shows in the Jurassic Cornbrash-Lower Oxfordian interval, the producing reservoir zone in the onshore Kimmeridge oilfield. This upgrades the Purbeck Prospect a...