19th Oct 2015 07:00
19 October 2015
Baron Oil plc
("Baron " or "the Company")
Nancy Burdine Maxine Field Update
On 16 October 2015, Inversiones Petroleras de Columbia (50% owned by Baron), the operator of the Nancy Burdine Maxine field in Columbia, handed over operational control of the field to Ecopetrol S.A. the state owned oil and gas operating entity. Baron's local management in Bogota will now work to complete all the formal field handover documentation over the next several months.
The Directors anticipate that the net cost to Baron of exiting Colombia, relating to accrued royalty payments and capital costs owed to Ecopetrol, will amount to approximately $1 million payable over the next six months.
The Company will make a further announcement upon completion of the formal handover.
For further information:
Baron Oil Plc
Bill Colvin (Chairman & CEO) Tel: +44 (0) 7780 684 108
Cantor Fitzgerald Europe
Nominated Adviser and Broker
Sarah Wharry (Corporate Finance) Tel: +44 (0) 20 7894 7000
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