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(Alliance News) - Baron Oil PLC on Friday noted the provisional awarding of the Chuditch petroleum sharing contract offshore Timor-Leste, to Singapore-based exploration & production firm SundaGas Pte Ltd.
Shares in Baron Oil - which is headquartered in London - were 84% higher at 0.16 pence on Friday.
The award was granted by the National Petroleum & Mineral Authority of Timor-Leste, and will give SundaGas subsidiary, SundaGas Banda Unipessoal Lda a 75% interest in the Chuditch PSC, while the remaining 25% is held by Timor Gap EP, Timor-Leste's national oil company.
The full awarding is conditional on certain conditions, including the posting of a performance bonds.
Baron is currently entitled to be issued a 33% shareholding in SundaGas Banda's intermediate parent company.
"Baron's entitlement to shares in the intermediate parent of SundaGas UL has the potential to add significant value to Baron and its shareholders. We look forward to receiving details of how SundaGas intends to move forward with this exciting project," said Executive Chair Malcolm Butler.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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