Business
P2478 - Extension of Agreement
P2478 - Extension of Agreement.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6910A\n Baron Oil PLC\n 01 October 2020\n \n \n \n \n Market 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 \n \n \n \n \n \n 1 October 2020\n \n \n Baron Oil Plc\n \n \n (\"Baron\" or \"the Company\")\n \n \n P2478 - Extension of Work Sharing and Confidentiality Agreement\n \n \n Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company, notes that the licence administrator for UK Licence P2478, Corallian Energy Limited (\"Corallian\") has issued the following statement. \n \n \n \"Corallian and JV partners extend the exclusivity period for the work sharing agreement for licence P2478, Inner Moray Firth.\n \n \n Corallian, together with Joint Venture partners (\"JV partners\"), Upland Resources and Baron Oil, signed in April 2020 a Work Sharing and Confidentiality Agreement with a large European E&P Company (\"Interested Party\") for licence P2478 in the Inner Moray Firth.\n \n \n Under the terms of the agreement Corallian and JV partners agreed to cease marketing a joint farmout to industry until 30th September 2020, during which period the Interested Party would complete its own regional technical work and share its data and interpretations over the area with Corallian and JV Partners (\"Exclusivity Period\"). The Interested Party has requested a 4-month extension to the Exclusivity Period to 31st January 2021 to complete their evaluation which the P2478 Licensees have agreed to. Corallian and JV partners may further extend the Exclusivity Period with the Interested Party by mutual agreement until the 30th April 2020 should such Party commit to negotiate farmin terms to earn an interest in the licence. \n \n \n The P2478 licence (Corallian 45% interest and licence administrator) contains the Dunrobin prospect. The prospect consists of three large shallow Jurassic rotated fault blocks that are mapped mostly on 3D seismic data within a single culmination with Direct Hydrocarbon Indicators. Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones, overlain by a thick Kimmeridge Clay to seabed. The prospect is approximately 30km offshore with a water depth of approximately...