Business
Increase in interest in Licence P2478
Increase in interest in Licence P2478.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0218J\n Baron Oil PLC\n 18 August 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310\n \n \n 18 August 2021\n \n \n Baron Oil Plc\n \n \n (\"Baron\" or the \"Company\")\n \n \n Increase in interest in Licence P2478\n \n \n Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company, is pleased to announce an increase in its interest in United Kingdom Offshore Licence P2478 from 15% to 32%, conditional on approval from the UK Oil and Gas Authority (\"OGA\"). \n \n \n Key Points\n \n \n · \n More than doubling of Baron's interest, to 32%, in the prospective Dunrobin area\n \n \n · \n Dunrobin evaluated as one of the few remaining sizeable undrilled UK North Sea targets\n \n \n · \n Accelerated seismic reprocessing is now due for delivery in early 2022 ahead of engagement with potential drilling partners\n \n \n · \n Builds on earlier work sharing agreement which enhanced petroleum geology understanding\n \n \n Background\n \n \n Innovate Licence P2478 (the \"Licence\") was awarded in September 2019 to Corallian Energy Limited (\"Corallian\"; Operator, 45%); Upland Resources (UK Onshore) Limited (\"Upland\"; 40%); and Baron (15%). The Licence's current phase modest work commitment is to undertake reprocessing of legacy 2D and 3D seismic data and perform other studies in order to reduce risk and refine volumetric estimates ahead of making a \"drill or drop\" decision before the end of Phase A of the licence in July 2023.\n \n \n Covering blocks 12/27c, 17/5, 18/1 and 18/2 in the Inner Moray Firth area of the North Sea, the Licence contains the prospective Dunrobin area which consists of large shallow rotated fault blocks which are mapped mostly on 3D seismic data including candidate direct hydrocarbon indicators. Well costs are expected to be modest at c. £7 million gross as the prospect lies in shallow water of less than 100 metres and the total drilling depth of the well is prognosed to be approximately 660 metres. \n \n \n Dunrobin is evaluated by Baron to be one of the few remaining targets yet to be drilled in the UK North Sea with estimated gross mean prospective resources of the order of 100 MMbbl (a non-SPE PRMS compliant estimate).\n \n \n In Q1 2021, the joint venture pa...