TIDMBOIL

RNS Number : 3714W

Baron Oil PLC

23 April 2021

Baron Oil Plc

("Baron" or the "Company")

Completion of Earn In to Chuditch PSC

Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company, is pleased to announce the completion of its Earn In for an increased interest in the Chuditch discovery and prospects.

Baron has increased its shareholding in SundaGas (Timor-Leste Sahul) Pte. Ltd ("SundaGas TLS") from 33.33% to 85%, and thereby increased its indirect interest in the TL-SO-19-16 PSC (the "Chuditch PSC" or the "PSC"), offshore Democratic Republic of Timor-Leste ("Timor-Leste") from 25% to 63.75% (the "Earn In").

Andy Yeo, CEO of Baron commented...

"We are delighted that the Earn In arrangements have now been completed with the issue of new shares in SundaGas TLS to Baron and that the Company has secured a materially increased interest in the Chuditch PSC project. Everything is in place to allow SundaGas Banda to undertake the PSC technical work programme activities, especially the critical 3D seismic reprocessing. These works will enable an up-to-date assessment of the true potential of the Chuditch discovery and of the viability of drilling an appraisal well and further exploration wells in a timely manner."

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 
 
 

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