27 March 2024
Baron Oil
Plc
("Baron",
or the "Company")
Update on Chuditch PSC
Operations and Investor Relations Materials
Baron Oil Plc (AIM: BOIL) is pleased
to provide an update on operational activities on the TL-SO-19-16
Production Sharing Contract (the "Chuditch PSC" or the "PSC"),
offshore Democratic Republic of Timor-Leste, along with certain
investor relations materials that are being made
available.
Chuditch-2 Site Survey
As announced by the Company on 12
February 2024, Baron's wholly owned subsidiary, SundaGas Banda
Unipessoal Lda. ("SundaGas"), commenced operations for a survey at
the planned drilling location for the Chuditch-2 appraisal well
(the "Site Survey").
The objective of the Site Survey
work is to identify any potential hazards at the proposed well
site, ensuring that a drilling rig can be located safely and with
minimal environmental impact. The Site Survey consists of
geophysical studies (remote seabed investigation) and geotechnical
work (physical studies of the seabed), using two separate
vessels.
The geophysical Site Survey was
successfully carried out during February 2024 and March 2024,
despite some operational delays, principally related to weather
conditions, and the results have been incorporated into the
geotechnical survey planning. The vessel that will carry out the
geotechnical Site Survey had its arrival into the Timor Sea
delayed, again owing to adverse weather conditions, but is now
preparing to mobilise to the Chuditch survey area. This
geotechnical work is expected to be completed during April
2024.
A further announcement will be made
on the results of the Site Survey works at the appropriate
time.
BEOS Presentation
Colin Murray, SundaGas VP Technical,
will be giving a presentation at the 'Business and Exploration
Opportunities Show' (BEOS) event today, 27 March 2024, in London.
The title of the presentation is 'Chuditch Field: At the heart of a prolific
Asia Pacific gas development fairway'. This is a technical
talk highlighting the Chuditch field in its regional geological and
commercial context. A copy of the presentation is available on the
Baron website.
CEO
Interview
Dr Andy Butler, Baron's CEO, has
given a video interview on the DirectorsTalk platform which is
available at
https://www.directorstalkinterviews.com/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240.
In this interview, Dr Andy Butler discusses Baron's updated
financial strategy, emphasising the goal of securing project-level
funding without diluting equity at the PLC level.
For
further information, please
contact:
Baron Oil
Plc
+44 (0) 20 7117 2849
Dr Andy Butler, Chief Executive
Officer
Allenby Capital
Limited
+44 (0) 20 3328 5656
Nominated Adviser and Joint
Broker
Nick Athanas, Nick Harriss, George
Payne (Corporate
Finance)
Kelly Gardiner, Stefano Aquilino
(Sales and Corporate Broking)
Cavendish Capital Markets
Limited
+44 (0) 131 220 6939 / +44 (0) 207 397
8900
Joint
Broker
Neil McDonald, Pearl Kellie
(Corporate Finance)
Leif Powis (Sales)
IFC
Advisory
Limited
+44 (0) 20 3934 6630
Financial PR and
IR
baronoil@investor-focus.co.uk
Tim Metcalfe, Florence
Chandler