- Baron Oil said conditions had been satisfied for it to pay 20% of the costs for the Wick well in the North Sea, plus £6,500 in back costs, to earn a 15% interest in the relevant licence.

The size of the cost outlay for Baron was currently estimated at around £840k, the company said.

'The Wick Prospect offers a rare opportunity to drill a low cost and relatively low-risk well in the near term,' chairman Bill Colvin said.

'Our share in the prospect has significant potential at current oil prices for Baron shareholders and it provides the possibility of an early, low cost, development opportunity.'

At 2:14pm: [LON:BOIL] Baron Oil share price was -0.03p at 0.48p

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