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(Correcting the description of Baron to reflect the relinquishment of its legacy licence block XXI in Peru earlier this month.)
Baron Oil PLC - oil and gas exploration company with assets in the UK and Timor-Leste - Ahead of Tuesday's annual general meeting, Baron reports ‘significant’ progress at 75% owned Chuditch asset in Timor-Leste, with reprocessing of the 3D seismic data now complete. Continues to engage with ‘multiple’ potential farm-in partners for the asset.
Progresses work on UK Offshore License P2478, in which it has a 32% interest, and achieves a ‘significant uplift’ in data quality in 3D and 2D seismic reprocessing. Notes UK windfall tax could lead to oil and gas companies re-engaging in exploration drilling, which would be positive for the chances of its Dunrobin prospect. Rising oil prices will also be to Dunrobin's favour, Baron says.
Current stock price: 0.075 pence
12-month change: down 17%
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