Baron Oil PLC Extension Request for the Chuditch PSC Approved (5279Q)
26 February 2021 - 11:00PM
UK Regulatory
TIDMBOIL
RNS Number : 5279Q
Baron Oil PLC
26 February 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
26 February 2021
Baron Oil Plc
("Baron" or the "Company")
Extension Request for the Chuditch PSC Approved
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
company, is delighted to announce that SundaGas Banda Unipessoal
Lda. ("SundaGas"), in which Baron is an indirect 33.33% shareholder
and which operates the TL-SO-19-16 PSC (the "Chuditch PSC") in
Timor-Leste, has been granted a 12-month extension to Contract Year
1 of the Chuditch PSC. Accordingly, the new expiry date of Year 1
of the 3 year initial licence phase ("Initial Period") is now 8
November 2021.
This extension to the PSC timeline comes alongside significant
progress being made towards resolving issues around data access
which is expected to allow SundaGas to be able to complete the
commitment work programme in a timely manner.
Andy Yeo, Chief Executive of Baron Oil, Commented:
"We are delighted that SundaGas has been able to get the
Chuditch project back on track, with Baron's support and in
collaboration with ANPM. We look forward to updating shareholders
as we move forward with this exciting and material investment."
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
Turner Pope Investments (TPI) Limited +44 (0) 20 3657 0050
Joint Broker
Andy Thacker, Zoe Alexander
About the Chuditch PSC
Baron has a 33.33% interest in the shares of SundaGas
(Timor-Leste Sahul) Pte. Ltd. ("SundaGas TLS"), the parent company
of the Timor-Leste subsidiary holding the Chuditch PSC interest,
with the remaining 66.67% being held by a subsidiary of SundaGas
Pte. Ltd., a private E&P company based in Singapore. The sole
asset of SundaGas TLS is its 100% shareholding in SundaGas Banda
Unipessoal Lda., which in turn operates and holds a 75% interest in
the Chuditch PSC, with the remaining 25% carried interest being
held by a subsidiary of the Timor-Leste state oil company (Timor
Gap, E.P.). Baron therefore has an indirect 25% interest in the
Chuditch PSC.
The work programme for the current Initial Period of the PSC
includes an obligation to reprocess 800 sq. kilometres of 3D and
2,000 kilometres of 2D seismic data in the first two-year period.
Thereafter, subject to satisfactory results from the 3D seismic
reprocessing, the subsequent commitment is for a well to be drilled
in the third and final year of the Initial Period of the Chuditch
PSC.
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END
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