BOIL – Wick Drilling Update

Baron Oil (AIM: BOIL) is pleased to announce that Corallian Exploration Limited, as Exploration Operator for Licence P2235 (“Corallian”), has reported that drilling of the Wick exploration well (11/24b-4) commenced at 00:45 hrs on 25 December 2018. The ENSCO-72 drilling rig will be on location for approximately 3 weeks.  Baron Oil holds a 15% working interest in Licence P2235.

Malcolm Butler, Chairman and CEO of Baron, commented:

“These are exciting times for Baron Oil shareholders, as our two well drilling programme gets underway. The results of the high-impact Wick well should be known next month.

“With gross, unrisked, recoverable mean Prospective Resources of 26 million barrels of oil equivalent, estimated to be present in this part of the Wick structural complex by Corallian, success with this well will have a material impact on the value of the Company.

“Following the drilling of the Wick well, the ENSCO-72 jack-up rig is planned to be moved to the English Channel to drill the Colter well.  We look forward to updating the market on progress at Wick in early 2019.”