Baron Oil PLC 3D seismic reprocessing update, Chuditch PSC (8889U)
08 December 2021 - 6:00PM
UK Regulatory
TIDMBOIL
RNS Number : 8889U
Baron Oil PLC
08 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
8 December 2021
Baron Oil Plc
("Baron" or the "Company")
3D seismic reprocessing update, Chuditch PSC
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
company, is pleased to provide an update on its offshore
Timor-Leste TL-SO-19-16 Production Sharing Contract (the "Chuditch
PSC" or the "PSC").
3D Seismic Reprocessing
Baron's Timor-Leste subsidiary SundaGas Banda Unipessoal, Lda.,
which holds a 75% operating interest in the Chuditch PSC, has
received interim products from the seismic reprocessing of 1,270
km(2) of 3D seismic data along the trend of the Chuditch-1 gas
discovery. The reprocessing work is being conducted by TGS-NOPEC
Geophysical Company ASA ("TGS") at their UK processing centre,
critically in close collaboration with Baron's technical team.
Processed to an interim Pre-Stack Depth Migration, these initial
data are already providing encouraging indications of improvement
in the quality of subsurface imaging around the Chuditch gas
discovery and offset prospects, compared to the legacy data.
Interpretations from these interim data will now be used to
feedback iteratively into the final sophisticated seismic
processing, which remains on schedule and budget, with final data
delivery to Baron during Q2 2022. The final processed version will
be critical in the re-evaluation of the Chuditch discovery and
surrounding prospectivity, in particular the evaluation of in-place
volumes and the location of potential future wells.
Investor Webinar
An Investor Webinar on the Chuditch asset is planned for January
2022. The presentation is expected to include an updated technical
overview and a discussion of the overall commercial context of
Chuditch, including potential gas export options. Details of the
Webinar will be announced in due course and a copy of the
presentation will subsequently be posted on the Baron website.
Jon Ford, Technical Director of Baron commented:
"The delivery of the initial products from the 3D seismic
reprocessing is a significant milestone in our re-evaluation of the
Chuditch trend. To date, encouraging improvements have been
observed in data quality which we are confident will lead to a
substantially clearer subsurface image in the final reprocessed
products.
"In parallel, we continue with other studies which, when
combined with the seismic reprocessing, will deliver a complete and
high quality technical and commercial evaluation of this exciting
asset during 2022."
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies, the technical information contained in
this announcement has been reviewed by Jon Ford BSc, Fellow of the
Geological Society, Technical Director of the Company. Mr Ford has
more than 40 years' experience as a petroleum geoscientist. He has
compiled, read, and approved the technical disclosure in this
regulatory announcement.
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 Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR
Tim Metcalfe, Florence Chandler
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCMZMGZNNLGMZM
(END) Dow Jones Newswires
December 08, 2021 01:59 ET (06:59 GMT)
Baron Oil (LSE:BOIL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Baron Oil (LSE:BOIL)
Historical Stock Chart
From Apr 2023 to Apr 2024