Last checked at 27 Mar 2024 08:00
27 March 2024
Baron Oil Plc
("Baron", or the "Company")
Update on Chuditch PSC Operations and Investor Relations Materials
Baron Oil Plc (AIM: BOIL) is pleased to provide an update on operational activities on the TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or the "PSC"), offshore Democratic Republic of Timor-Leste, along with certain investor relations materials that are being made available.
Chuditch-2 Site Survey
As announced by the Company on 12 February 2024, Baron's wholly owned subsidiary, SundaGas Banda Unipessoal Lda. ("SundaGas"), commenced operations for a survey at the planned drilling location for the Chuditch-2 appraisal well (the "Site Survey").
The objective of the Site Survey work is to identify any potential hazards at the proposed well site, ensuring that a drilling rig can be located safely and with minimal environmental impact. The Site Survey consists of geophysical studies (remote seabed investigation) and geotechnical work (physical studies of the seabed), using two separate vessels.
The geophysical Site Survey was successfully carried out during February 2024 and March 2024, despite some operational delays, principally related to weather conditions, and the results have been incorporated into the geotechnical survey planning. The vessel that will carry out the geotechnical Site Survey had its arrival into the Timor Sea delayed, again owing to adverse weather conditions, but is now preparing to mobilise to the Chuditch survey area. This geotechnical work is expected to be completed during April 2024.
A further announcement will be made on the results of the Site Survey works at the appropriate time.
BEOS Presentation
Colin Murray, SundaGas VP Technical, will be giving a presentation at the 'Business and Exploration Opportunities Show' (BEOS) event today, 27 March 2024, in London. The title of the presentation is 'Chuditch Field: At the heart of a prolific Asia Pacific gas development fairway'. This is a technical talk highlighting the Chuditch field in its regional geological and commercial context. A copy of the presentation is available on the Baron website.
CEO Interview
Dr Andy Butler, Baron's CEO, has given a video interview on the DirectorsTalk platform which is available at https://www.directorstalkinterviews.com/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240. In this interview, Dr Andy Butler discusses Baron's updated financial strategy, emphasising the goal of securing project-level funding without diluting equity at the PLC level.
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Dr Andy Butler, Chief Executive Officer
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Joint Broker
Nick Athanas, Nick Harriss, George Payne (Corporate Finance)
Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)
Cavendish Capital Markets Limited +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