Baron Oil PLC - oil & gas explorer in UK and Peru - Agrees to acquire remaining 15% stake it does not own in SundaGas Timor-Leste Pte Ltd, through the issue of 1.16 billion Baron Oil shares.
SundaGas is the parent company of the operator and 75% interest holder of the offshore Timor-Leste TL-SO-19-16 production sharing contract.
The project contains the Chuditch-1 gas discovery and is located 185 kilometres south of Timor-Leste.
"We consider that the share exchange is value accretive and further increases our prospective resource base. We believe that our alignment with the experienced South East Asian based SGPL team will improve the chances of success of attracting drill funding in 2022, which will benefit both existing and our new shareholders," says Chief Executive Andy Yeo.
Baron Oil now has 11.58 billion shares issued overall.
Current stock price: 0.082 pence
Year-to-date change: up 17%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Baron Oil (BOIL)