Our live Investing Matters Podcast Special which took place at the Master Investor Show discussing 'How undervalued is the UK stock market?', has just been released. Listen here.
The Directors can confirm they have now received an indicative (non-binding) agreement to the potential buyback from the relevant overseas shareholder. Further updates will be provided if a binding agreement is executed, although the Directors have every confidence it will be executed shortly. If the Potential Buyback completes it is the Directors' intention that the acquired Ordinary Shares would then be cancelled. The Directors believe that the ability to buy back a specific targeted shareholding in this manner will be beneficial to shareholders as a whole since by executing such a transaction, the Company should be able to ensure that the shares are disposed of in an orderly manner so as to avoid a considerable volume of shares being sold in the market far in excess of normal daily volumes of trades.
The Directors anticipate applying approximately £2,000,000 of the Fundraise to the Potential Licence Acquisition Process and the Potential Buyback. In the event that no new licence areas are identified and/or the Potential Buyback does not progress, all associated funds will be applied for general working capital purposes and to progress work on the Company's Botswana licences. Lets see what the licences are.
Hope it comes in for all the lengths here Good Luck All the market could do with a winner.
We look forward to the upcoming planned Hickory-1 flow tests which, if successful, will enable the certification of additional contingent resources in the shallower reservoirs and move another step closer to appraising the discovery. We remain on track for Q1 2024 operations for this exciting project."
NSAI's maiden Independent Contingent Resource Report was completed after its review of an extensive data suite that included seismic data, well logs from Hickory-1 and Icewine-1 and certain data from wells in adjacent acreage including flow test data. NSAI is a leading independent US-based expert petroleum asset evaluation firm with significant and recent experience in providing resource estimates globally, as well as more specifically in Alaska.
NSAI confirmed that the following requirements were met by the Company to achieve a Contingent Resource classification for the BFF reservoir:
· Multiple successful flow tests for the same reservoir in adjacent acreage.
· Clear reservoir continuity was demonstrated through high quality seismic data and correlations across all four wells, Talitha-A, Theta West-1, Hickory-1 and Icewine-1.
· Log data, petrophysical interpretations and reservoir conditions across all four wells demonstrated sufficient similarity to confirm producibility in Project Phoenix.
· All existing data was integrated consistently and coherently which established the existence of a known petroleum accumulation in the BFF reservoir in Project Phoenix.
This assessment confirms a discovery status at Hickory-1 and Icewine-1 for the BFF reservoir in Project Phoenix and further validates 88 Energy's internal assessments of Project Phoenix.
Key anticipated milestones
The Board anticipates the following key milestones for the Chuditch project in 2024:
· Site survey at the proposed Chuditch-2 appraisal well location in the first quarter of 2024
· Completion of drill funding and securing a rig slot in the second quarter of 2024
· Obtaining the required environmental and drilling approvals in the third quarter of 2024
· Well mobilisation, well spud and drilling results in the fourth quarter of 2024
Baron is preparing for operations to drill and flow test the Chuditch-2 appraisal well in late 2024, subject to the availability of a rig, drilling services and the completion of drill finance. In this respect, discussions are underway to secure a rig slot and on 12 February 2024 the Company announced that it had entered into contracts to conduct a site survey at the planned drilling location for the Chuditch-2 appraisal well. Contract Year 3 of the PSC, which commences on 19 June 2024, includes a commitment to drill an appraisal well by 18 June 2025.
The Chuditch-2 appraisal well location represents a significant updip step-out, which is 4.8km from the Chuditch-1 discovery well drilled by Shell in 1998.
Baron's key objectives from the Chuditch-2 appraisal well include:
· prognosing a potential 133 metre gas column, versus a 30 metre column at the original Chuditch-1 location
· validating gas resource estimates
· performing a production flow test (drill stem test) to enable future field development planning
Advanced well planning in relation to the Chuditch-2 appraisal well is underway. Baron is also evaluating potential gas development and export options.
Baron's current activities in relation to advancing the Chuditch project include:
· Discussions with rig owners
· Identifying potential logistical synergies with regional operators
· Progressing the environmental approvals process
· Preparing to conduct a site survey at the proposed Chuditch-2 appraisal well location
· Commencing the procurement process for long lead items
· Updating of the well design and costs
· Recruiting for key posts, including Well Operations, Health, Safety and Environmental and Procurement
· Ongoing discussions with Farm-Out and other potential funding partners, as part of the Farm-Out campaign
Https://x.com/AiMTrades1/status/1769645799296696662?t=RZka7J19gOeV-l-ZoZdJmA&s=35 rig could be the valaris 247
8 February 2024
Baron Oil Plc
("Baron", or the "Company")
Completion of Farm-Up with TIMOR GAP
Further to the Company's announcements of 24 January 2024 and 1 February 2024, Baron Oil Plc (AIM: BOIL) is pleased to confirm that the Farm-Up Agreement between Baron's wholly owned subsidiary SundaGas Banda Unipessoal, Lda. ("SundaGas") and TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP") in relation to the TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or the "PSC"), offshore Democratic Republic of Timor-Leste, has completed.
Worth listening to from 16mins in https://youtu.be/c_ugjmpiq50?si=bC9l2Ks0eWLWPOLJ
With regards to Sp Angel do have to agree with him on the warrants side they should not of had warrants, but it does also sound very much like sour grapes and for an ex broker its very unprofessional behaviour. https://www.lse.co.uk/rns/ARCM/change-of-nominated-adviser-fwruelqj9etfqod.html
Bring it home ANDY and #sackTIM
Dr Andrew Butler
Director
Andy has over 27 years of experience in the oil & gas sector and is CEO of SundaGas Pte Ltd (“SGPL”). Previous roles have included VP of business development at Mitra Energy Ltd (now Jadestone Energy Plc) and new ventures manager and a principal consultant geologist at BG Group. He is currently the First Vice President of the South-East Asia Petroleum Exploration Society (SEAPEX) and is a Fellow of the Geological Society and the Society of Petroleum Engineers. He has a Ph.D in Geology from the University of Cambridge and a B.A. in Geology from the University of Oxford.
Oops looks like Santiago went short whats the matter pal no more insider info for you. This is the best news possible for Boil
Andrew Butler owns a lot of shares in Baron Oil, he is passionate about the assets and and works his socks off in Timor Leste he is not alifestyle bod member who wants to keep diluting at low prices. Roll on the Pr kicking off here and of course the other new bod members.
Finch since 2020 so you are all getting a good price today compared to what I paid, can't say I am impressed with the way this has been handled by the bod but at least we are now cashed up for Botswana and mainly we will take out a large seller, just the placing to churn then we should move, easy money for any one buying in now. Lots of news flow due over the month.