Baron Oil PLC - London-based oil and gas exploration and appraisal company - Says its application as a joint venture non-operating partner in the UK offshore 33rd round of licensing to the UK North Sea Transition Authority has been unsuccessful. As a result, it has not been awarded any blocks in the licensing round.
Baron Oil Chief Executive Officer Andy Butler comments: "We note that Baron has not been offered any blocks in the offshore UK licensing round, which, together with the previously announced relinquishment of UK licence P2478, means that the company has fully withdrawn from the UK. We can now focus all our attentions on our core area of southeast Asia, where we have an exciting and valuable asset in Timor-Leste, a highly experienced operating team and a pipeline of material new venture opportunities across the region."
Current stock price: 0.070 pence, down 2.0%
12-month change: down 42%
By Greg Rosenvinge, Alliance News senior reporter
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