TIDMBOIL
RNS Number : 0739Q
Baron Oil PLC
16 February 2023
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
16 February 2023
Baron Oil Plc
("Baron", or the "Company")
Competent Person's Report on UK Licence P2478 ("Dunrobin")
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
and appraisal company, is pleased to announce that a copy of a
Competent Person's Report ("CPR") prepared by the RPS Group ("RPS")
on Dunrobin for Licence Administrator Reabold Resources Plc on
behalf of the Joint Venture ("JV"), in which Baron has a 32%
non-operated working interest, can be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/0739Q_1-2023-2-15.pdf,
and will be published shortly on the Company's website at:
www.baronoilplc.com . The Dunrobin licence is situated in the Inner
Moray Firth.
The CPR has been prepared in accordance with the June 2018
Petroleum Resources Management System ("SPE PRMS") as the standard
for reporting. A summary of the gross and net Prospective Resources
is given in the table below.
Key Points from the CPR
-- 201 mmboe(1) aggregate(2) gross unrisked Pmean Prospective Resources on licence P2478
-- The Dunrobin West prospect ("Dunrobin West") estimated to
contain 119mmboe gross unrisked Pmean Prospective Resources
aggregated across the Jurassic and Triassic stacked targets(3)
-- 34% Geological Probability of Success (Pg) at Dunrobin West
Jurassic primary target with an estimated 71mmbbl (gross) of Pmean
Prospective Resources
-- Seismic response at the Jurassic target at Dunrobin West
interpreted to be a possible gas cap and a gas oil contact
-- Dunrobin West geologically analogous to the Beatrice field,
which produced in excess of 140mmbbl
-- Secondary Triassic target included in formal resource assessment for the first time
-- The Company has aggregated unrisked net Pmean Prospective
Resources in the CPR and estimates Baron's farm up arrangement of
August 2021 has increased the Company's share of aggregate unrisked
net Pmean Prospective Resources on licence P2478 from 30mmboe to
64mmboe at a capped cost to Baron of GBP160,000
(1) The CPR reports oil and gas Prospective Resources. The oil
equivalent value of the gas resources has been estimated by the
Company using a factor of 1 barrel of oil to 6 thousand cubic feet
of gas.
2 The unrisked aggregation was performed by the Company and
assumes that all prospects at all levels are successful.
3 The unrisked aggregation of Dunrobin West was performed by the
Company. The volumes were presented for each reservoir in the CPR
and, at the Company's request, were not aggregated
probabilistically.
Management Commentary
Management estimates, which differ from RPS mainly in their
approach to statistical volumetric estimation, for Dunrobin West
for the Jurassic alone remain in excess of Pmean 100mmbbl* gross
unrisked Prospective Resources. Dunrobin West has been proposed by
the JV to be the location of the first exploration well on the
licence. Management believes that a single vertical borehole on
Dunrobin West to a total depth of c.800 metres can test both
Jurassic and Triassic targets at an estimated gross drilling cost
of GBP8.6 million on a dry hole basis. A farmout campaign to
attract additional funding is underway.
Jon Ford, Technical Director of Baron commented...
"We are pleased that the CPR provides independent confirmation
for the Company's belief that the western part of the Dunrobin
complex has matured into a drillable prospect where a relatively
low-cost exploration well can target more than 100 MMbbl* of gross
Pmean Prospective Resources with low geological risk. It validates
our decision in 2021 to enter into a farm up arrangement which more
than doubled our working interest in the licence to a more
meaningful 32% by promoting and accelerating the Phase A work
programme to a technically high standard at relatively modest
cost.
"The publication of the CPR will add impetus and credibility to
the ongoing farmout campaign which has already attracted industry
interest ."
Technically Recoverable Prospective Resources
The table below summarises RPS's independent assessment of Gross
Prospective Resources as at the CPR's effective date of 30
September 2022, from which are derived the Net Prospective
Resources attributable to Baron's 32% effective interest, wholly
within the P2478 licence areas. Totals are by arithmetic
summation.
Prospective Gross Attributable to Net Attributable to Risk Operator
Resources Licence Baron Oil Factor
(GPoS)
------------- ------------------------------------------- ------------------------------------------- ------- ----------
Low Best High Mean Low Best High Mean
Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate
------------- ------- ----------
(1U) (2U) (3U) (1U) (2U) (3U)
------------- --------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Technically recoverable resources - Oil (mmbbl)
----------------------------------------------------------------------------------------------------------------------------
Reabold
Dunrobin Resources
West North
Jurassic 7 42 168 71 2 13 54 23 34% Sea
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
West
Triassic 7 34 98 45 2 11 31 15 12% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
C&E
Jurassic 1 8 67 22 0.4 2 21 7 31% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
C&E
Triassic 1 9 56 22 0.3 3 18 7 14% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Golspie
Jurassic 4 12 27 14 1 4 9 5 27% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Golspie
Triassic 7 20 43 23 2 6 14 7 12% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Aggregate
Oil (mmbbl) 27 125 459 197 8 39 147 64
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Technically recoverable resources - Associated & Non-associated
Gas (bscf)
----------------------------------------------------------------------------------------------------------------------------
Reabold
Dunrobin Resources
West North
Jurassic 2 7 22 10 0.8 2 7 3 34% Sea
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
West
Triassic 1 4 11 5 0.2 1 3 2 12% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
C&E
Jurassic 0.1 1 7 2 0.04 0.3 2 1 31% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
C&E
Triassic 0.1 1 6 2 0.03 0.3 2 1 14% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Golspie
Jurassic 0.4 1 3 2 0.1 0.4 1.0 0.5 27% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Golspie
Triassic 0.8 2 5 3 0.3 0.7 1.5 0.9 12% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Aggregate
Gas (bcf) 4 16 54 24 1 5 17 8
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Oil equivalent (mmboe)
----------------------------------------------------------------------------------------------------------------------------
Reabold
Dunrobin Resources
West North
Jurassic 7 43 172 73 2 14 55 23 34% Sea
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
West
Triassic 7 35 100 46 2 11 32 15 12% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
C&E
Jurassic 1 8 68 22 0.3 3 22 7 31% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Dunrobin
C&E
Triassic 1 9 57 22 0.3 3 18 7 14% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Golspie
Jurassic 4 12 28 14 1 4 9 5 27% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Golspie
Triassic 7 20 44 24 2 7 14 8 12% "
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Aggregate
Oil
equivalent
(mmboe) 28 128 468 201 8 42 150 65
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ----------
Notes:
-- Company has aggregated P90, P50, P10 and Mean values
arithmetically. This is not statistically correct, and may not sum
exactly due to rounding factors.
-- "Gross Attributable" are 100% of the resources attributable
to the licence whilst "Net Attributable" are those attributable to
Baron's effective interest in the licence (32%) before economic
limit test.
-- Includes a mix of associated gas and non-associated gas from
Dunrobin West Gas Cap, all others are associated gas only
-- Mean is defined as the arithmetic average of successful outcomes
-- Mmboe calculation, using a factor of 1 barrel of oil to 6
thousand cubic feet of gas, has been provided by Baron for
reference for the purposes of this announcement. See announcement
glossary for basis of calculation
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies ("AIM MOG"), the technical information
and resource reporting contained in this announcement has been
reviewed by Jon Ford BSc, Fellow of the Geological Society,
Technical Director of the Company. Mr Ford has more than 40 years'
experience as a petroleum geoscientist. He has compiled, read and
approved the technical disclosure in this regulatory announcement
and indicated where it does not comply with the Society of
Petroleum Engineers' SPE PRMS standard.
* Not SPE PRMS compliant.
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Broker
Alex Brearley, Nick Harriss, George Payne (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
Glossary
bscf Billion standard cubic feet of gas.
Best Estimate or 2U Denotes the mid estimate qualifying as Prospective
Resources. Reflects a volume estimate that
there is a 50% probability that the quantities actually
recovered will equal or exceed the
estimate.
Risk factor, Geological Probability of Success, Pg or GPoS The estimated geological probability of success that
exploration activities will confirm the
existence of a significant accumulation of potentially
recoverable petroleum.
High Estimate or 3U Denotes the high estimate qualifying as Prospective
Resources. Reflects a volume estimate
that there is a 10% probability that the quantities
actually recovered will equal or exceed
the estimate.
Low Estimate or 1U Denotes the low estimate qualifying as Prospective
Resources. Reflects a volume estimate that
there is a 90% probability that the quantities actually
recovered will equal or exceed the
estimate.
Mean or Pmean Reflects a mid-case volume estimate of resource derived
using probabilistic methodology. This
is the mean of the probability distribution for the
resource estimates and may be skewed by
resource numbers with relatively low probabilities.
mmbbl Million barrels of oil.
mmboe Million barrels of oil equivalent. Volume derived by
dividing the estimate of the volume of
natural gas in billion cubic feet by six in order to
convert it to an equivalent in million
barrels of oil and, where relevant, adding this to an
estimate of the volume of oil in millions
of barrels.
Prospective Resources Quantities of petroleum that are estimated to exist
originally in naturally occurring reservoirs,
as of a given date. Crude oil in-place, natural gas
in-place, and natural bitumen in-place
are defined in the same manner.
SPE PRMS The Society of Petroleum Engineers' ("SPE") Petroleum
Resources Management System ("PRMS"):
a system developed for consistent and reliable definition,
classification, and estimation
of hydrocarbon resources prepared by the Oil and Gas
Reserves Committee of SPE and approved
by the SPE Board in June 2018 following input from six
sponsoring societies: the World Petroleum
Council, the American Association of Petroleum Geologists,
the Society of Petroleum Evaluation
Engineers, the Society of Exploration Geophysicists, the
European Association of Geoscientists
and Engineers, and the Society of Petrophysicists and Well
Log Analysts. Quantities of petroleum
estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations
by application of future development projects. The total
quantity of petroleum that is estimated
to exist originally in naturally occurring reservoirs, as
of a given date. Crude oil in-place,
natural gas in-place, and natural bitumen in-place are
defined in the same manner.
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