Baron Oil PLC - London-based oil & gas exploration and appraisal company - Completes changes to the Chuditch bank guarantee. Accordingly, it is now the provider of 100% of the collateral for the guarantee. Chuditch is located about 185 kilometres south of Timor-Leste, containing the Chuditch-1 gas discovery drilled by Shell PLC in 1998.
In early November, Baron Oil said it had conditionally raised £5 million in placing 4.17 billion new ordinary shares. It said about 15% of the net proceeds will be applied towards the Chuditch bank guarantee. Specifically, this is the extension of the $1 million guarantee to August 1 next year with Baron providing 100% of the collateral for the guarantee going forward.
Current stock price: 0.17 pence, up 11% on Friday morning in London.
12-month change: up significantly from 0.07p
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