George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
EyeGuy:
All I'm saying is this share has been traded aggressively because it got momentum from being on the risers board. I called the .25 bounce yesterday and I was correct. If this gets tested a few times more and breaks we will be back at just over a penny until more news comes. Just adding a bit of balance thats's all. Happy Investing. DYOR
Don't get too excited. just yet. The last RNS was informing us that the guarantee bond had been posted. Thats all. If support at .25 doesn't hold this week we will be back at .15 like it was after the 8th Nov RNS
If your entry price is high you may have a long wait. DYOR
HL have been dire this morning concerning Baron. Sold my last 4 Mill this morning and struggled to sell in blocks of 250,000
Watched the price fall from .47 and finally got out at .43 Not too pleased but thats the risk with penny shares. Had a great week last week and banked some good profit. Heat is out of this now, good luck to the long termers.
Tue, 4th Feb 2020 13:30
RNS Number : 9241B
Baron Oil PLC
04 February 2020
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
4 February 2020
Baron Oil Plc
("Baron" or "the Company")
Information on the 1998 Chuditch-1 discovery (Timor-Leste)
Baron Oil Plc (AIM:BOIL) is pleased to announce that it has updated its website (www.baronoilplc.com) to include information on the TL-SO-19-16 PSC (the "Chuditch PSC") that has been derived from publicly released reports on the area prepared by Shell Development (Australia) Pty. Ltd. ("Shell") in 1998 and 2001 following the drilling of the Chuditch-1 discovery well. This well, was drilled in 64 metres water depth in a total of 25 days for US$8 million and encountered a 25m gas column in the Jurassic Plover formation on the flank of a faulted structure. The reports include estimates of gas in place and percentages recoverable that were defined by Shell's internal analyses and are therefore not compliant with the 2018 SPE PRMS Prospective Resources standard.
Key Points for the combined Chuditch, Chuditch North and Chuditch South closures ("Greater Chuditch") within the Chuditch PSC:
· Total gross estimate of Mean gas in place (GIIP) of 2,320 BCF
· Gas recovery expected by Shell to be in the range of 55% to 75%, leading to gross estimates of Mean recoverable gas of 1,276 to 1,740 BCF, considered by Baron to be Prospective Resources
· Risks associated with trap, reservoir and charge for the Greater Chuditch closure were considered by Shell to be zero (that is, the Geological Chance of Success is assumed to be 100%), remaining uncertainty being on the volumes in place
Baron intends to invest in the Chuditch PSC project through its entitlement to a one third shareholding in SundaGas (Timor-Leste Sahul) Pte. Ltd. ("SundaGas TLS"), equating to an indirect net 25% interest in the Chuditch PSC.
Dr Malcolm Butler, Executive Chairman of Baron, commented:
"The information from the Shell reports gives a clear indication of the substantial potential for hydrocarbons within the Chuditch PSC and the reason that Baron has maintained its entitlement to invest into SundaGas TLS since 2016. Now that the Chuditch PSC has been confirmed and the guarantee bond posted, the work programme over the next three years is designed to further define the size of the Greater Chuditch accumulation and the potential of nearby untested prospects, through seismic reprocessing and drilling, in order to formulate plans for commercialisation. The figures computed by Shell clearly indicate the size of the potential prize.
"Much has changed in Timor-Leste since the late 1990's, including the declaration of independence in 2002 and ratification of the Maritime Boundary treaty with Australia
Bladey said: "Especially they're pulling from an RTO that would have benefited them! IMO they've been approached before they've committed to the RTO."
I agree, Baron's BOD stating that the deal couldn't be done in six months as per AIM's rules and ran the risk of non completion is a red herring. Baron in my opinion has other interested parties in Chuditch. Good luck all. This is becoming very exciting.
Bladey - Thanks for the succinct synopsis of the current situation concerning the Timor Leste play. I concur wholeheartedly with your summary and feel that this is a great start to the year. To say I'm very pleased is an understatement.