Baron Oil PLC - oil & gas explorer in UK and Peru - Says a proposal has been presented to Autoridade Nacional do Petroleo e Minerais concerning the Chuditch production sharing contract work programme in offshore Timor-Leste. Baron holds a 33% stake in SundaGas (Timor-Leste Sahul) Pte Ltd, which holds the Chudich PSC interest, with the rest owned by a subsidiary of SundaGas Pte Ltd. This proposal includes a request for a minimum 12-month extension for the contract as progress has been hindered by unanticipated data access problems as well as other issues, exacerbated by the ovid-19 pandemic.
Additionally notes the significant upgrade in estimated resources at Chudich upon further gathering and interpretation of subsurface information as well as a mapping of a "significant new lead" in the contract which was previously in Australian waters before signing of a treaty. Gross mean gas initially in place at Chudich is now an estimated 4.703 trillion cubic feet, having been estimated at 2.901 trillion cubic feet in February 2020. Gross mean prospective resources for Chudich now amounting to 3.527 trillion cubic feet as evaluation indicates that the best case expectation of gas recovery is now 75%. The mean prospective resources net to Baron's interest are 882 billion cubic feet.
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By Anna Farley; annafarley@alliancenews.com
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Baron Oil (BOIL)