Baron Oil plc said it had, as a joint venture non-operating partner, submitted an application in the UK offshore 33rd Round of licensing, conducted by the North Sea Transition Authority (NSTA).
POTENTIAL
The company said its bid was in line with its strategy to acquire “significant equity stakes” in potentially high impact oil and gas exploration and appraisal prospects, at low entry costs.
NSTA which closed the round last week is expected to award licences during the second half of 2023.
DUNROBIN AND GOLSPIE
Baron also reported the near completion of the technical work programme over the Dunrobin and Golspie complex of prospects in North Sea licence P2478, offshore Inner Moray Firth (32% interest, non-operated).
The company said it was working with operator, Reabold North Sea, to complete the re-evaluation during February 2023 of prospective resources and potential commerciality of any future discovery.
The partners have also started a joint farm-out campaign.
Baron said an initial exploration well on the western part of P2478 licence could target approximately 100 MMbbl of gross mean prospective resources.
The company expects “modest” gross drilling costs of £8 million for an exploration well on Dunrobin West, of approximately 800 metres total depth.
A success on Dunrobin West would de-risk potential follow ups on Dunrobin Central, East and Golspie analogous prospects, added Baron.
CHUDITCH-1
Also in February 2023, the company expects a competent person’s report on the Chuditch-1 gas discovery and offset prospects and leads, offshore Timor-Leste (75% operated interest).
Baron anticipates contingent resources to be assigned to Chuditch-1 while the company looks for partners for the next phase of the Chuditch PSC.