(Sharecast News) - Oil and gas exploration company Baron Oil announced the completion of its earn-in for an increased interest in the Chuditch discovery and prospects on Friday.
The AIM-traded firm said it had increased its shareholding in SundaGas TLS to 85% from 33.33%, and thus increased its indirect interest in the TL-SO-19-16 production sharing contract, known as 'Chuditch' offshore Timor-Leste, to 63.75% from 25%.
"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 project," said chief executive officer Andy Yeo.
"Everything is in place to allow SundaGas Banda to undertake the 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."
At 1005 BST, shares in Baron Oil were up 15.58% at 0.11p.
IN BRIEF: Baron Oil to acquire 15% stake in SundaGas Timor-Leste