StockMarketWire.com - Oil and gas exploration company Baron Oil said it had increased its stake in the United Kingdom Offshore Licence P2478 to 32% from 15% following formal consent given by the United Kingdom Oil & Gas Authority.

Baron had the role of technical overseer in relation to the licence's remaining phase A work commitments.

Work on the outstanding phase A technical work commitments was ongoing with the key component, that of 3D seismic reprocessing, expected to be delivered during the first half of 2022.

This would provide the partners sufficient time for the partners to 'mature the Dunrobin Prospect and to engage with potential drilling partners in due course.'

Well costs were expected to be 'modest' at about £7 million gross as the prospect lies in shallow water of less than 100 metres and the total drilling depth of the well is prognosed to be approximately 660 metres, the company said.



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