Member Info for Jarv55

ForrestGump take it you are new to investing never jump in before doing your own research. As it happens you have been spiked in a decent share but it could have been going into admin for all you know.

Well the bod have said they won't raise down here. They only have £6million of head room and I know investors won't vote any more through at the next Agm. Especially as the PR has been rubbish. The drill cost is $24mill they have £4.6 mill in cash and $1 mill incoming. Best thing they can do is get a route to market arranged with the state who now own 40% and that will make the asset much more valuable and the price will rise higher, They can then raise at a higher price if they need to, but if they can agree on a Flng solution I think a major will step in. You can see they have a very good relationship with the government you don't get that without having a firm plan in place. Directors have skin in the game and they will be looking for a pay out themselves. Think along the lines of COVE.

Further to the Company's announcement on 24 January 2024, Baron Oil Plc (AIM: BOIL) is pleased to confirm that, following approval of the Farm-Up by Timor-Leste's National Petroleum Authority (Autoridade Nacional do Petróleo or "ANP"), the Condition Precedent has been satisfied.

Accordingly, 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 now become unconditional.

Completion of the Farm-Up will occur in due course.

Further to the Company's announcement on 18 December 2023, Baron Oil Plc (AIM: BOIL) is pleased to announce that the farm-up agreements ("Farm-Up Agreements") 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, have been signed.

The Farm-Up Agreements are now subject to a single condition precedent ("Condition Precedent"), that of approval of the Farm-Up by Timor-Leste's National Petroleum Authority (Autoridade Nacional do Petróleo or "ANP").

The Baron Directors consider that the Farm-Up by TIMOR GAP has a value to Baron of approximately US$8.5 million made up of a reimbursement for back costs of c.US$1 million and in the offset of future spend which in 2024 is estimated to be around US$7.5 million. The cash payments from TIMOR GAP relating to back costs will be finalised upon Completion and will be paid to Baron within 30 days of the Completion date.

Pursuant to the MOU, on completion of the Farm-Up ("Completion"), SundaGas, will retain operatorship and hold a 60% working interest in the Chuditch PSC, while TIMOR GAP will have a 40% interest, made up of a new paying 15% interest, plus its original 25% interest which is carried to first gas. Therefore, from Completion, TIMOR GAP will be responsible for paying 20% of all costs, including the drilling of the planned Chuditch-2 appraisal well. In 2024, this contribution is estimated to be around US$7.5 million.

Under the MOU, on Completion SundaGas will also receive cash payments from TIMOR GAP which are estimated to be approximately US$1 million relating to back costs covering the period from the signing of the PSC to the anticipated date of Completion.

The Farm-Up Agreements will be subject to two conditions precedent ("Conditions Precedent") of (i) approval of the Farm-Up by the Board of Directors of TIMOR GAP E.P. and (ii) approval of the Farm-Up by Timor-Leste's National Petroleum Authority (Autoridade Nacional do Petróleo or "ANP").

The transfer of the 15% working interest from SundaGas to TIMOR GAP will not occur until the Farm-Up Agreements have been executed and the Conditions Precedent have been fulfilled.

We have £4.6mill in cash at the moment

Lets not forget this meeting only yesterday https://x.com/BaronOilplc/status/1752610613673533839?s=20

Who was that Dilara?

VT we just need a we are sold rns

We don't have sticky holders its simple as that, and those that have been waiting for months are selling just to get their cash out, makes no sense to me but then some made a few made thousands on that spike and can now buy back cheaper if they want to.

I thought Horta looked exhausted mind so does Andy Butler.

Filthy have bene banging on for three years now we need the company to start doing PR and gaining institutional interest. WOuld of been better if Timor Gap had taken a stake in Boil.

You can see the size of Chuditch on slide 3 https://wp-baronoilplc-2020.s3.eu-west-2.amazonaws.com/media/2023/11/20231010-Appraisal-well-location-for-website-v7.pdf

SundaGas Banda Unipessoal Lda (“SundaGas”) operates the offshore TL-SO-19-16 Production Sharing Contract (PSC),

offshore Timor-Leste, which contains the Chuditch-1 gas discovery, drilled by Shell in 1998 on 2D seismic. The Chuditch-1

well encountered a 29m gas column at the top of a good quality Plover Formation reservoir section, under the regional Lower

Cretaceous Echuca Shoals and Wangarlu Formation sealing shales. The gas was interpreted to be trapped in a three-way

fault-bound structure, with the well located in a downdip position. Shell exited the area in 2001, likely due to lack of

commercialisation options for gas at that time, and no further drilling has taken place although a 3D seismic survey was

acquired in 2012. SundaGas signed the PSC in 2019 and on initial evaluation of the legacy 2D and 3D PSTM seismic data,

Chuditch was estimated to hold about 700 Bcf of recoverable gas resource. Adjacent faulted and low relief four-way dip closed

traps were also identified but were observed to be partially coincident with bathymetric highs even after depth conversion.

Imaging of the near top reservoir Darwin seismic event was also extremely poor close to fault zones, particularly in the area

between the Chuditch discovery well and the crestal bounding fault, the position of which itself was uncertain.

To address these issues, 1,270 km2 of vintage 3D seismic data has been reprocessed to PSDM during 2021-2022, including

the application of Full Wavefield Inversion. Significant effort was put into velocity model building, to resolve the issues created

in large part by the shallow section. This project was carried out by TGS Imaging UK and resulted in a significant uplift in data

quality, such that the Chuditch field can be clearly imaged for the first time (Figures 1 and 2).

A number of observations are emerging from ongoing interpretation of these data:

• The Chuditch discovery appears substantially larger than previously assessed, with P50 estimate of recoverable

gas resources of approximately 1.1 Tcf, significantly greater than resource estimates from earlier mapping.

• Adjacent prospects have either been enhanced, modified or removed on the new 3D PSDM mapping compared to

earlier vintages. These additional features are anticipated to hold further mid-case prospective gas resources of

approximately 2.1 Tcf in total.

• Subsurface risks associated with these resources have been significantly reduced on the improved new seismic

dataset.

• The Wangarlu Fm. shales appear to behave in a ductile fashion, with faults in the underlying Permian to Lower

Cretaceous being dislocated from the Upper Cretaceous and Tertiary, explaining structural differences and the

regionally effective nature of the seal.

The uplift achieved through seismic reprocessing, and the resulting realisation that the Chuditch field appears to be materially

largely than previously thought, means less appraisal drilling is likely to be required to

Any newbies please do your own research really dig deep into the fundamentals here, look at the assets, the players surrounding the assets, the cash balance the recent JV etc.

Baron is not a one trick pony. From the Chairmans' statement.

The considerable and potentially transformative value forshareholdersin the Company’s assets offshore Timor-Leste

and UK is now clearly defined. We are now directing our efforts onto the drilling decisions to be made in 2023 for

a Chuditch-1 appraisal well and a Dunrobin West exploration well.

In Timor-Leste, the independent assessment of approximately 1.1Tcf of gross Pmean Contingent Resources for the

Chuditch-1 discovery underpins the viability of the project. We are updating the development and gas export option

studies and commencing environmental baseline studies in preparation for a drilling campaign. The Board currently

believesthat a single appraisal well may be sufficient to determine commerciality without the need for an immediate

follow-on exploration campaign.

In the UK an exploration well on Dunrobin West will be designed to test gross Pmean Prospective Resources of

71mmbbl in the primary, regionally proven, Jurassic target, and 45mmbbl in the vertically underlying secondary

Triassic target. Due to the shallow target depths, gross drilling costs to test such a substantial volume are likely to

be relatively modest. Success at Dunrobin West would de-risk the potential follow up targets Dunrobin Central &

East plus Golspie, which are directly analogous prospects.

Both assets continue to attract attention via our active farm-out campaigns and presentations at relevant industry

events. In particular, there are a number of ongoing discussions with third parties regarding participation in the

Chuditch appraisal well and future activities. We look forward to updating shareholders on progress as and

when appropriate.

Our search for new venture opportunities to enhance and complement the existing portfolio resulted in an

application as a non-operating partner for a licence in the offshore UK 33rd Round of Licensing and we continue to

actively pursue other material new business opportunities.

Vistor Timor Rob (good lad) unfortunatley lost his Boil winnings on Iog has had to go back to work. Is now slating Boil for the deal they did with Timor Gap. Said its rubbish for only 20% of costs. Which I tend to agree with him on however has gone from ramper to deramper and is not looking at the bigger picture here. Possible huge revs in gas that would be very attractive to someone like Eni.

Eyes on the Prize

The chosen location, approximately 4.8km from the Chuditch-1 discovery well, represents a substantial step-out, demonstrating the size of the field and the Company's confidence in the quality of the reprocessed seismic datasets. It is anticipated that a Chuditch-2 appraisal well would use a simple vertical well design to target a gas column of over 100 metres, relative to the 30 metre column discovered at Chuditch-1 in 1998.

Subject to drill financing, it is currently expected that a Chuditch-2 appraisal well would be drilled in late 2024, using a jack-up drilling rig, and is expected to take around 21 days to drill, with a further 15 days assumed for logging and a drill stem test. The water depth at the proposed Chuditch-2 location is 60 metres and the well would be drilled to 3,020 metres below mean sea level. Improved subsurface imaging from the reprocessed 3D seismic data permits a vertical well design, which is operationally simpler and more cost efficient. The well is planned to penetrate the Plover Formation reservoir at least 500 metres from the Chuditch fault on the southeast side of the field, mitigating location risk from fault imaging uncertainty.

In relation to drilling planning, Baron has recruited a Well Operations Manager and scheduled planning workshops with government regulator ANP and joint venture partner TIMOR GAP. Baron is also in discussions with other regional operators to identify potential logistical and operational cost-saving synergies, and has submitted first phase documentation to ANP for environmental permits.

The Company looks forward to providing further information on its preparations for drilling in due course.

Pattsion you have a lot of knowledge and as a holder am grateful for your contributuons however I disagree with your comment on them sitting on the fence.

Thursday, 14 December 2023. Autoridade Nacional do Petroleo-ANP represents the Government of Timor-Leste signing the Petroleum Sharing Contract of PSC TL-SO-22-23 block P with the Eni Timor 22-23 B.V. which is one of subsidiaries from Eni Itali incorporated under the law of Netherlands. The Block P itself is situated in Southern Offshore of Timor-Leste sea and it is adjacent to Greater Sunrise field.

This PSC contract is signed by the President of ANP Mr. Gualdino do Carmo da Silva and Managing Director of ENI Australia Mr. Denis Palermo which is held at Hotel Timor in Dili with the presence of His Excellency Minister of Petroleum and Mineral Resources Mr. Francisco da Costa Monteiro and others members of Governments.

For now and onwards, the Eni Timor 22-23 B.V. has all the right under the PSC contract to begin the exploration project on the area; starting from the 2D and 3D Seismic Acquisition along with the One well commitment on the first Exploration Period.

Exactly Filthy fundametals are better than ever. The state got a very cheap deal which I am not particularly happy about but hopefully its strategic. We will find out when we get the news on the funding. One thing I do know they won't have had all those meetings if they didn't have a good idea that they can get this drill going annd the state would not of wanted 40%.

Everyone has different strategies some may need the cash and are taking profits, some are trying to get people to sell so they can buy in cheaper because they missed the low entry. All part of the game if you are a length its all noise. If this gets proven up and we hit a load more gas no trader is going to be able to stop this price from mulitbagging.