Baron Oil receives positive update from Northern Ireland well appraisal

Oil explorer Baron Oil said the drilling appraisal at the Islandmagee-1 well in Northern Ireland delivered positive results.

The appraisal, whose object was to confirm the feasibility of the development of an underground gas storage facility in salt caverns, was conducted by petroleum exploration and gas storage group InfraStrata, which holds a 65% stake in the project.

The well found 185.8 metres of Permian salt, with core samples sent to Germany for analyses to be undertaken.

"The board are delighted with the successful salt appraisal well outcome,” said Baron Oil chairman and chief executive Bill Colvin.

“We now look forward to further significant progress later this year towards a development decision for this large and important energy infrastructure project for Ireland and the UK.”

Baron Oil shares were down 0.56% to 0.870p at 09:22 on Thursday.