8
February 2024
Baron Oil
Plc
("Baron", or the
"Company")
Completion of Farm-Up with
TIMOR GAP
Further to the Company's
announcements of 24 January 2024 and 1 February 2024, Baron Oil Plc
(AIM: BOIL) is pleased to confirm that 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 completed.
As part of the Farm-Up arrangements,
TIMOR GAP will make a cash payment to SundaGas of c.US$1 million to
cover back costs within 30 days.
SundaGas retains operatorship of the
Chuditch PSC and holds a 60% working interest. TIMOR GAP has a 40%
interest, made up of a working interest of 15%, plus its original
25% interest which is carried to first gas. Henceforth, TIMOR GAP
will be responsible for paying 20% of all costs in relation to the
PSC, including the drilling of the planned Chuditch-2 appraisal
well.
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 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