RE: Forthcoming elections & Greater Sunrise23 Feb 2023 10:48
TL-SO-19-16 PSC, offshore Timor-Leste (the "Chuditch PSC"; 75% Interest, operated)
On 24 October 2022, Baron provided a technical update resulting from its preliminary interpretation of the Chuditch PSC reprocessed 3D seismic data and announced that reservoir consultancy group ERCE had been engaged to prepare a Competent Person's Report (the "ERCE CPR").
The ERCE CPR will provide Baron with independent, SPE PRMS compliant standard, resource estimates for the Chuditch-1 discovery and offset prospects and leads. Baron continues to work intensively with ERCE on the subsurface technical understanding which lies behind the resource calculations and the Company expects the ERCE CPR to be completed during February 2023.
As indicated previously, the Company anticipates that Contingent Resources will be assigned to the Chuditch-1 gas discovery, which should have a significantly positive impact on the value of the Chuditch Project.
As such the ERCE CPR will form an important component in the Company's continuing efforts to attract additional industry partners to participate in the next phase of the Chuditch PSC.