Business
Notification of Release of Guarantee Bond
Notification of Release of Guarantee Bond.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9216Z Baron Oil PLC 20 December 2017 \n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (\"MAR\"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE (\"RIS\"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n20 December 2017\nBARON OIL PLC\n(\"Baron Oil\" or \"the Company\")\nNotification of Release of Guarantee Bond for Block Z-34\nBaron Oil Plc (AIM: BOIL) is pleased to announce that it has received a letter from Perupetro releasing to the Company the US$3.6 million bond held as guarantee for the work programme on the recently relinquished Peru offshore Block Z-34. This letter has been passed on to the local bank, which will send the necessary instructions to Barclays Bank in London. The board expects to have access to these funds after Christmas.\nOther activities\nSE Asia: The board has been informed by SundaGas Pte. Ltd. that there have been further delays in the process leading to the expected award of the block in SE Asia in which Baron has the right to participate. Finalisation of this is now expected in Q2 2018.\nCorporate issues\nGeoff Barnes, Finance Director, has announced that he will retire at the end of March 2018. In line with the Company's cost-cutting plans, it is not intended to replace him and the accounting function will be out-sourced.\nBill Colvin, Chairman of Baron commented:\n\"Obtaining the release of the US$3.6 million bond is a major achievement and is due in no small measure to the efforts of our team in Peru and the UK. This will put the Company on a sound financial footing for 2018, with the net cash position expected to be some US$5.2 million at the beginning of the year.\nIn addition, I would like to thank Geoff Barnes for the work he has put in over the past few years, as both a contractor and an employee of the Company, and to wish him every happiness in his retirement.\"\n \nFor further information:\n\n\n\n\nBaron Oil Plc\n\n\n+44 (0)1892 838 948\n\n\n\n\nMalcolm Butler (CEO)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCantor Fitzgerald Europe (Nominated Adviser and Joint Broker)\n\n\n+44 (0)20 7894 7000\n\n\n\n\nSarah Wharry (Corporate Finance)\n\n\n\n\n\n\n\nAlex Pollen...