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Planned Chuditch-2 Appraisal Well Location

11 Oct 2023 07:00

RNS Number : 7001P
Baron Oil PLC
11 October 2023

11 October 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

Baron Oil Plc

("Baron", or the "Company")

Presentation on Planned Chuditch-2 Appraisal Well Location

Baron Oil Plc (AIM: BOIL), the AIM-quoted oil and gas exploration and appraisal company focused on assets in SE Asia and the UK, is pleased to announce that it has published a presentation containing further information on the planned 'Chuditch-2' appraisal well on the TL-SO-19-16 ("Chuditch") Production Sharing Contract, offshore Timor-Leste. The presentation may be accessed via the following link http://www.rns-pdf.londonstockexchange.com/rns/7001P_1-2023-10-10.pdf and it will also shortly be available on the Company's website (www.baronoilplc.com).

On 25 September 2023, the Company announced its Interim Results, which advised on the preferred drilling location for an appraisal well on the Chuditch gas field. The investor presentation published today illustrates the location in detail, along with the well location selection criteria used, the approaches for de-risking candidate locations, basic well design information and updates on the status of drilling planning.

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.

The Company also announces that its joint broker has changed its name from Cenkos Securities plc to Cavendish Securities plc following completion of its own corporate merger.

For further information, please contact:

Baron Oil Plc +44 (0) 20 7117 2849

Andy Yeo, Chief Executive

Allenby Capital Limited +44 (0) 20 3328 5656

Nominated Adviser and Joint Broker

Alex Brearley, Nick Harriss, George Payne (Corporate Finance)

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)

Cavendish Securities Plc +44 (0) 131 220 6939 / +44 (0) 207 397 8900

Joint Broker

Neil McDonald, Pearl Kellie (Corporate Finance)

Leif Powis (Sales)

IFC Advisory Limited +44 (0) 20 3934 6630

Financial PR and IR baronoil@investor-focus.co.uk

Tim Metcalfe, Florence Chandler

The technical information contained in this announcement has been reviewed by Jon Ford BSc, Fellow of the Geological Society, Technical Director of the Company. Mr Ford has more than 40 years' experience as a petroleum geoscientist. He has compiled, read and approved the technical disclosure in this regulatory announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
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Date   Source Headline
21st Jun 202412:24 pmRNSResult of AGM and Change of Name
19th Jun 20247:00 amRNSEntry into Contract Year 3 of Chuditch PSC
11th Jun 20247:00 amRNSConferences and Investor Information Events
11th Jun 20247:00 amRNSDirector/PDMR shareholding - acquisition of shares
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28th May 20245:02 pmRNSDirector/PDMR shareholding - acquisition of shares
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23rd Apr 20247:00 amRNSUpdate on Changes to Board and Appointment of CFO
16th Apr 20247:00 amRNSOperational Update on Chuditch PSC
2nd Apr 20249:34 amRNSDirectorate Change
28th Mar 20247:00 amRNSUK Licence P2478 Update
27th Mar 20248:00 amRNSUpdate on Chuditch PSC Operations and IR Materials
15th Mar 202412:00 pmRNSChanges to Board of Directors
29th Feb 20245:00 pmRNSTotal Voting Rights
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1st Feb 202410:14 amRNSFarm-Up with TIMOR GAP becomes Unconditional
24th Jan 20247:00 amRNSFarm-Up Signed with Timor Gap
18th Dec 20237:00 amRNSMOU signed for Chuditch Farm-Up with Timor Gap
5th Dec 202310:07 amRNSChuditch PSC Update – 6 Month Extension Granted
30th Nov 20237:00 amRNSChuditch Operational Planning Update
13th Nov 20233:30 pmRNSChange of Joint Broker
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25th Sep 20237:00 amRNSInterim Results
12th Jul 20237:00 amRNSUK Licence P2478– 2 Year Phase A Extension Granted
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8th Jun 20237:00 amRNSOnline Investor Q&A
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23rd May 20237:00 amRNSFinal Results for the Year Ended 31 December 2022
27th Mar 20234:35 pmRNSPrice Monitoring Extension
28th Feb 20235:00 pmRNSTotal Voting Rights
28th Feb 202311:05 amRNSSecond Price Monitoring Extn
28th Feb 202311:00 amRNSPrice Monitoring Extension
28th Feb 20239:05 amRNSSecond Price Monitoring Extn
28th Feb 20239:00 amRNSPrice Monitoring Extension
28th Feb 20237:00 amRNSCompetent Person's Report on the Chuditch PSC
20th Feb 20231:06 pmRNSExercise of options and total voting rights
16th Feb 20237:00 amRNSCompetent Person's Report on UK Licence P2478
15th Feb 20234:35 pmRNSPrice Monitoring Extension
15th Feb 20231:24 pmRNSHolding(s) in Company
15th Feb 202310:20 amRNSHolding in Company
14th Feb 20234:40 pmRNSSecond Price Monitoring Extn

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