RE: This has the ...'Potential to add Significant value'!!8 Nov 2019 13:11
Baron Oil Plc’s (LON:BOIL) shares shot 46% higher to 0.12p in lunchtime trading as it seemed set to grab a stake in an offshore project in Timor-Leste.
The company said the offshore Chuditch petroleum sharing contract, which covers a large gas discovery near the South East Asian country, had been awarded to Singapore-based explorer SundaGas, which will have a 75% interest in the project.
The good news for Baron is that it is entitled to receive a 33% stake in SundaGas, an addition the company said is likely to “add significant value” to its shareholders.