RE: Waiting game27 Jul 2023 15:27
They have to make a decision on whether to enter the drilling phase on or before 18th Dec:
“Baron's wholly owned subsidiary, SundaGas Banda Unipessoal Lda. ("SundaGas"), which operates the Chuditch PSC, has been granted a further six-month extension to Contract Year Two of the PSC by the relevant Timor-Leste national authority, Autoridade Nacional do Petróleo e Minerais ("ANPM").
Contract Year Two of the PSC will now expire on 18 December 2023, with a subsequent commitment, on entry into Contract Year Three, for the drilling of one well to appraise the Chuditch-1 discovery. The practical effect of this is that a decision on whether to enter the drilling phase is now required to be taken at or before that date.
The extension to PSC Contract Year Two was requested to allow additional time for the necessary preparations prior to entering the drilling phase of the PSC. These activities include the detailed evaluation of candidate drilling locations and well trajectories for input into the final well design.”
That doesn’t mean we won’t hear anything before then. Let’s hope we hear some updates on progress soon.