Shell Australia only wanted to focus on their Australian assets and projects that's why they cashed it out after this maritime area was given to Timor Leste. It's a huge project and hopefully Sundagas will get someone big on board to work on this.
It is intended that the proceeds of the Placing will largely be used to fund Baron's share of the ongoing TL-SO-19-16 PSC ("Chuditch PSC") Work Programme and the drilling of the onshore El Barco-3x well in Peru, as well as providing additional working capital. As previously announced, the Chuditch PSC has a gross estimate made by Shell of Mean gas in place of 2,320 billion cubic feet ("BCF") and gas recovery potential, based on Shell's original estimates in the range of 55% to 75%, in the order of 1,276 to 1,740 BCF, considered by Baron to be Prospective Resources but not SPE PRMS compliant. In Peru, Baron hopes to drill El Barco-3x later this year targeting 2U (P50) SPE PRMS compliant unrisked recoverable Prospective Resources of 8.5 million barrels of oil recoverable from the higher risk Amotape Basement and 14.7 BCF of gas recoverable from the low risk, shallower Mancora Sand.