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Farm-Up with TIMOR GAP becomes Unconditional
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.
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.
HH
Now is not the time to get off the Bus, not after being on it for 4 years!
If anything those getting off now maybe running back to get on it again before the price shoots upwards lol.
With news just around the corner I’ll stay seated for now :-)))
This company delivers nothing and as others have said many times before, a complete lifestyle company.
It’s just a matter of time until it goes bankrupt.
No revenue, no funds available, nothing of value to shareholders…