Didn't say hello to Mrs Pavizi .............. Hello ................ She kicked it all off last time if memory serves ............ ha ha ................. 3 Drills soonish ....... How much is Wick Worth tell me again ha ha .......... Best Wishes Oil.x
Baron Oil Plc (LON:BOIL) shares jumped 7.5% following news it has agreed a deal to acquire a 5% stake in an exploration venture which will drill for oil in Bournemouth later this year.
The company is set to earn the stake in UK Continental Shelf Licence P1918, which covers the Colter Prospect lies in Bournemouth Bay, immediately south of the Wytch Farm oil field.
A historic well, drilled in 1986, encountered oil in the area and the plan is to appraise the reservoirs with the new well.
The new Colter well will be drilled down to a depth of 1,800 metres, in a water depth of 16 metres, and it expected to get underway in the second or third quarter of this year. It is estimated that the well will have a total cost of £6.4mln.
"I was deeply involved in the interpretation and identification of the Colter prospect and I am very pleased that Baron will be able to participate in the drilling of it, albeit with a small interest, said Malcolm Butler, Baron Oil chief executive.
The prospect lies very close to Wytch Farm oilfield and, subject to agreement with the field partners, any discovery would likely make use of these existing facilities, enabling development to take place very quickly.
Baron's shareholders exposed to three significant wells in 2018
Butler added: "The signature of this farmout agreement and that for the Wick Prospect completes a portfolio that is planned to give Baron's shareholders exposure to three significant wells in 2018."
The deal is with Corallian Energy will see Baron will pay 6.67% of the well costs as well as past costs, in order to acquire the 5% stake. The earn-in to the project is capped at a forecast gross cost of £8mln (i.e. Baron wont pay more than 6.67% of £8mln).
Baron estimates it will pay a total of £425,000 to acquire the stake in Colter.
Additionally, the company updated on the Wick prospect which is subject to a separate partnership agreement with Corallian.
For Wick, located in the North Sea, a definitive farm-out agreement will see Baron acquiring a 15% stake in the licence and in return it will pay 20% of the well costs.
In late morning trading, Baron Oil shares were 7.5% higher at 0.43p.
Best to all investors!!! Money is not that important to Happiness........ Oxford University says," Happy people get a good night's sleep and have a good sex life" There you have it!!!
Baron Oil And Upland Resources Confirm North Sea Wick Farm-In Deals
Tue, 27th Feb 2018 13:00
LONDON (Alliance News) - Baron Oil PLC and Upland Resources Ltd have agreed to farm-in to the North Sea Wick prospect held by Corallian Energy Ltd, which is 35.4% owned by Reabold Resources PLC.
Upland stated on Tuesday its wholly-owned subsidiary Upland Resources (UK Onshore) Ltd had enough funds to satisfy its farm-in obligations for the Wick license P2235. The agreement was originally signed in November 2017 and will see Upland take a 40% interest in the license.
"Good progress is being made, the environmental survey work over the surrounding area being completed earlier this month," Upland Chief Executive Officer Steve Staley said. "This near term drilling opportunity opens Upland up to potentially transformative value growth and I look forward to updating shareholders on further progress when appropriate."
Baron Oil also announced Tuesday it had satisfied the conditions for taking on part of Corfe Energy Ltd's farm-in rights in the Wick prospect. Baron has now committed to farm-into the project, taking a 15% interest in the license.
In order to gain the interest, Baron will pay 20% of the costs for the Wick well. This is expected to amount to GBP840,000 and GBP6,500 in back costs.
"The Wick prospect offers a rare opportunity to drill a low-cost and relatively low-risk well in the near term," Baron Chairman Bill Colvin said. "Our share in the prospect has significant potential at current oil prices for Baron shareholders and it provides the possibility of an early, low cost, development opportunity. Success in this well will provide shareholders with a meaningful uplift in the asset value of the company."
Both farm-in deals are subject to regulatory consent.
Reabold Resources - which has a 35.4% interest in Corallian - welcomed the announcements.
"Upland Resources' and Baron Oil's farm-in to the P2235 Licence are two of multiple farm-in processes which have been facilitated by the execution of Reabold Resources' stated strategy," Reabold Co-Chief Executive Officer Stephen Williams said.
"We look forward to updating shareholders on further progress on the Colter and Wick licences which Corallian Energy, who are fully funded for both well projects and which Reabold have a 35.4% interest in, anticipate to begin drilling in Q2 and Q3 2018 respectively," Williams added.
Shares in Upland were 6.3% lower at 2.39 pence on Tuesday, Baron's were 2.3% lower at 0.488p and Reabold 0.9% higher at 0.580 pence.
By Ahren Lester; [email protected]
Copyright 2018 Alliance News Limited. All Rights Reserved.
Note: Mention of BOIL in the Promotion! Let's pray for good news......... I received this email - one may be able to get a free ticket Hopefully............ I live in Canada so if anyone attends in London - Please post summary as it pertains to BOIL. Best....
The Oil Capital Conference
Proactive Investors - Mining Capital
I am contacting you to let you know about the Oil Capital Conference which is taking place on Wednesday 14th March. To register to attend please click on the panel on the right or reply to this email. Tickets for this event are limited so please only register if you can 100% attend. Full details below:
London's largest one-day investor conference exclusively for listed oil & gas companies.
Gives you direct access to meet directors from some of the fastest-growing oil & gas companies.
This Oil Capital conference will let you meet directors from:
Tower Resources (LON:TRP)
Petro Matad (LON:MATD)
Savannah Petoleum (LON:SAVP)
Baron Oil (LON:BOIL)
Echo Energy (LON:ECHO)
Cluff Natural Resources (LON:CLNR)
Champagne reception with canapés and catered lunch.
Taking place in the heart of London City - The Brewery, 52 Chiswell Street, London, EC1Y 4SD.
DATE: Wednesday 14th March 2018
TIME: 8:30 arrival
VENUE: The Brewery, 52 Chiswell Street, London, EC1Y 4SA
MAP: See here for map
OTHER: Tea & Coffee and complimentary hot buffet lunch
If you have any queries or problems registering, please email: [email protected]
We look forward to seeing you at the event!
Baron Oil is expected to make a statement at the " Proactive Investors Oil Capital Conference - London" on March 14th, 2018. The deadline to complete the Wick farm in agreement was Feb 28th. Boil signed the agreement today - see RNS below. Best to all Investors! ..........
Update on Operations
Baron Oil PLC
27 February 2018
THE 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.
BARON OIL PLC
("Baron" or "the Company")
Commitment to farm in to North Sea Wick Prospect
Baron Oil PLC (AIM:"BOIL") announces that the conditions precedent to the Option Agreement entered into with Corfe Energy Limited to be assigned part of its rights to farm in to an interest held by Corallian Energy Limited in UK North Sea Licence P2235, which contains the Wick Prospect, have now been satisfied and Baron has committed to farm in to the licence.
Baron will now enter into a fully-termed farmout agreement under which, subject to necessary regulatory consents, it will pay 20% of the costs of the Wick well (currently estimated at £840,000), plus £6,500 in back costs, to earn a 15% interest in the licence.
Pursuant to the requirements of the AIM Rules for Companies, the technical information and resource reporting contained in this announcement has been reviewed by Dr Malcolm Butler BSc, PhD, FGS, Chief Executive Officer of the Company. Dr Butler has more than 45 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the Society of Petroleum Engineers standard.
Bill Colvin, Chairman of Baron commented:
"As noted when we announced the Option Agreement, the Wick Prospect offers a rare opportunity to drill a low cost and relatively low-risk well in the near term. Our share in the Prospect has significant potential at current oil prices for Baron shareholders and it provides the possibility of an early, low cost, development opportunity. Success in this well will provide shareholders with a meaningful uplift in the asset value of the Company."
For further information:
Baron Oil Plc Tel: +44 (0) 1892 838948
Malcolm Butler (CEO)
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Tel: +44 (0) 20 7894 7000
Baron Oil PLC (AIM:BOIL) ("Baron") is very pleased to announce that the Public Deed, the final document effecting the farm out to Union Oil & Gas Group ("UOGG") of the interest in Block Z-34 in Peru, has now been signed by the Central Bank of Peru. UOGG is now liable to pay Baron the sum of US$2 million, on which Baron will have to pay Peruvian tax at 32%.
RNS of 15/5/2015 states we had signed contract for 180k survey at a fixed price of $1.5m. Why have we now got 170K survey for $1.9M? I've heard the modern mantra of more for less but we seem to have less for more!
What you talking about 1to7.
All offshore costings are paid for by the farminee including drilling over next 3-5years- probably equating to net $50m/ 20%!. Current cash position is more than the mkt cap- they are well funded to develop onshore XXI also. They also have $3.6m cash held in escrow offshore and a few £m in NI which is guaranteed return minimum. BOIL are the cash lender!
The former CEO died last year suddenly and the company is under new leadership. I can only hope for the best. Check recent news releases. Check Google finance for press releases or LSE. I follow every day and still hope for recovery! Been a shareholder for about 8 years and I live in Canada. All the best to supporters!
The significant drop in oil prices since the summer of 2014 have rendered the Burdine field production uneconomic. The high water cut and solids produced from the Burdine well bore have caused our associated direct production costs to rise to over US$100 per bbl for this well. The well, which was producing 100 bbls per day, was shut-in during January 2015.
Hey Mayflower, you seem to have some insight into this dotty company. What's going on today, do you think? Also, I'm seeing two "News" notifications against BOIL on my watchlist, but nothing behind them. Any ideas?
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