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I personally would rather Andy Butler and someone from his team took over he is the only one I trust on the bod to get this over the line. When a bod think they are better than share holders and totally ignore their views its a big no, no for me.
Tradedesk unfortunatlley the funding is not out the way Baron need to concentrate now on getting a JV or they will be raising again in the second half.
SundaGas Banda Unipessoal, a wholly-owned subsidiary of Baron Oil, has entered into contracts to conduct a survey at the planned drilling location for the Chuditch-2 appraisal well on the TL-SO-19-16 production sharing contract (PSC).
The objective of the site survey, which is a requirement, is principally to identify any potential hazards at the proposed well site, ensuring that a drilling rig can be safely located there with minimal environmental impact.
Expected to be carried out at the location during February and early March, the survey work consists of geophysical studies and physical investigation of the seabed and shallow geological section.
Baron Oil also said that SundaGas maintains dialogues with other companies active in the region to identify operational synergies for the drilling of the Chuditch-2 appraisal well which have resulted in the opportunity to acquire the site survey in partnership with a nearby operator.
According to the company, the estimated cost savings that derive from sharing services and vessel mobilization compared to standalone acquisition are significant and the shared operation enables SundaGas to acquire the site survey earlier than originally planned, enabling aspects of well design to be accelerated and the environmental approval submissions to be expedited.
Located approximately 185 kilometers south of Timor-Leste, 100 kilometers east of the producing Bayu-Undan field, and 50 kilometers south of the Greater Sunrise potential development, the Chuditch PSC covers an area of about 3,571 km2, in water depths of 50-100 meters, and contains the Chuditch-1 gas discovery drilled by Shell in 1998.
Https://www.offshore-energy.biz/mma-offshore-going-to-timor-leste-for-decommissioning-ops/
Who are they sharing the survey costs with Eni, Sanots or Inpex?
Https://www.marinetechnologynews.com/news/baron-schedules-survey-timor-634519#:~:text=Baron%20Oil%2C%20through%20its%20fully,February%20and%20early%20March%202024
You know the drill Meadow. How many times have we been here now?
You can either dm me on twitter or telegram user name is the same @Jarvy55 not trying to put Lse out of business, will still post here it is just easier there to post info.
Meadow you don't need to part of Tg at all but there is a lot more info there. You are welcome to join.
We appreciate that as a listed company Baron Oil has to be commercially sensitive as to what it discloses, yet, despite the farm-out campaign starting in September 2021, we feel we have little visibility as to whether any tangible progress has been made. Long term shareholders are finding more information from Facebook than our current board. This is not acceptable.
You are also spending cash on hiring IFC Advisory Ltd to do PR yet restricting them from doing PR. We feel that the Board could do a lot more to promote Baron Oil and to add value in an attempt to reduce the significant discount of the share price to its Peers. The raise was not in the best interests of shareholders. We are very concerned that having raised once at such a low price, the Board will be inclined to do so in the future if the farm-out campaign continues to drift. We are concerned that JV talks are not progressing as well as they should be. If shareholders were informed on what you needed the cash for you could have done a rights issue at a higher price. Going forward we want to see a lot more transparency from the Board and engagement with shareholders, who can we remind you pay your wages.
As a starting point we propose that the Baron Oil board immediately hold a Q&A session at which shareholders concerns on recent developments can be addressed in an open and candid manner.
Yours faithfully,
Long-term and very frustrated Baron Oil shareholders.
Meadow we have a very large group of share holders on telegram any lengths are welcome to join, the letter is self explanitory and we have kept it as professional as possible.
Baron Oil shareholders call to action.
16 February 2024
For the attention of Andrew Yeo, John Wakefield, Jonathan Ford, Keith Bush and Andrew Butler.
We are writing to you today as an organised group of shareholders with a substantial equity holding in Baron Oil. We would like to open dialogue with you concerning recent events.
Yesterday, Baron Oil announced a large placing of approx. £3million at 0.05 pence, close to Baron Oil’s all time low share price. The funding was outlined as being used to support the development of the Chuditch PSC, yet has diluted long-term holders by approximately 26% without any sign of well funding being close to being finalised.
We appreciate that, like most AIM companies, Baron Oil relies on the equity markets for funding. However, at the time of the placing Baron Oil held approximately £3.65m of cash (as at 31 Dec 2023) and was due to receive an additional c $1m imminently following the Timor Gap farm-up. Accordingly, we consider that Baron Oil was in a healthy cash position, as this was also noted in Baron Oil’s most recent interim results.
In those interim results Baron Oil’s Chairman commented that Baron Oil were “in advanced discussions with a number of potential funding partners”. Long-term holders are very disappointed in you all for raising at such a low price, one not seen since 2021, which makes a mockery of the progress so far. Shareholders were told at the AGM June 2023 that Baron Oil would not raise prior to an announcement on funding and that we did not need to raise due to our cash position and also that shareholders would be able to take part in any such funding. Yesterday’s end of day RNS prevented many from doing so. We now know that nearly £1million has been spent over the past year and would like to know what this has been spent on leaving us with £3.65million. You are all getting paid very well while diluting loyal shareholders.
During the AGM update held June 2023, Baron Oil noted that its share price trades at a “significant discount to Peers”, the implication being that the share price should be approximately 14 times higher. It is therefore bitterly disappointing that Baron Oil has chosen to make a significant placing at a price c. 50% less than what it was at the time of such statement and without any comfort that well funding is in place.
We (both collectively and individually) have written to the Baron Oil Board on a number of occasions to request that PR be improved.
This will be in 2 parts.
Meadow https://x.com/SteveStubbsy1/status/1758466159081353558?s=20 He is a placee also have heard it from a few others who took it.
Meadow the placing did start higher brokers bashed it down.
PAS credit goes to Charlie for drafting the main letter I just added a few tweaks. The whole purpose is for the bod to be more transparent with shareholders. Tell us why you are doing something. Let us know Barons plans, for too long now they have disregarded shareholders and kept us in the dark. They refuse to promote and are happy to take cash at a low price. What is the reason for that? The allocation for shareholders was rnsd at 5pm with a 4 hour window, most didn't even see it and the brokers were closed. Yet the allocation got taken up quickly suggesting it was insiders buying that. It wasn't done fairly at all.
Https://www.eurasiamining.co.uk/about/environmental-social-and-governance
Worth a listen https://www.youtube.com/watch?v=3nZDhswinI8&t=73s