Baron Oil, the AIM-quoted oil and gas exploration company, announces that in accordance with the Operator's recommendation, the PEDL330 and PEDL345 licenses, which were due to expire on 31 July 2021, have been relinquished with an effective date of 31 January 2021.
Background
Baron earned an 8% interest in onshore PEDL330 and 345 by paying a disproportionate share of the Colter exploration well (98/11a-6). This well was planned to test the Colter Prospect, thought to be capable of containing unrisked Pmean recoverable Prospective Resources of some 26.8 mmboe and drilling commenced on 6 February 2019 using the Ensco-72 jack-up rig.
The wellbore unexpectedly remained on the downthrown side of the Colter bounding fault. Instead, the well encountered oil and gas shows over a 9.4 metre interval at the top of the Sherwood Sandstone and reached a TD of 1,870m MD. Log evaluation indicated a net pay of 3 metres. Similar shows were encountered by well 98/11-1, drilled in 1983, and analysis of the new data indicates that the two wells may have a common oil-water contact, having both intersected the down-dip margin of the Colter South Prospect. A side-track (98/11a-6z) was drilled to a TD of 1,910m MD but encountered the Sherwood Sandstone below the oil-water contact of the original Colter Prospect. The Evaluation indicated that the Colter Prospect is smaller than pre-drill estimates and the majority of the Prospective Resources resides in the Colter south portion of the play.
KeyFacts Energy: Baron Oil UK country profile