CORRECT: Baron Oil notes progress at Chuditch and offshore license


(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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