12 February 2024
Baron Oil
Plc
("Baron", or the
"Company")
Operational Update on Chuditch
PSC - Drilling Site Survey
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.
Baron's wholly owned subsidiary,
SundaGas Banda Unipessoal Lda. ("SundaGas"), has entered into contracts
to conduct a survey (the "Site Survey") at the planned drilling
location for the Chuditch-2 appraisal well, which is illustrated in
the Company's presentation published on 11 October 2023. Site
Survey operations are expected to be carried out at the location
during February and early March 2024.
The objective of the Site Survey,
which is a requirement, is principally to identify any potential
hazards at the proposed well site, ensuring that a drilling rig can
be safely located there with minimal environmental impact. The Site
Survey work consists of geophysical studies and physical
investigation of the seabed and shallow geological
section.
SundaGas maintains dialogues with
other companies active in the region to identify operational
synergies for the drilling of the Chuditch-2 appraisal well. These
discussions have resulted in the opportunity to acquire the Site
Survey in partnership with a nearby operator. The estimated cost
savings that derive from sharing services and vessel mobilisation
compared to standalone acquisition are significant. In addition,
the shared operation enables SundaGas to acquire the Site Survey
earlier than originally planned, enabling aspects of well design to
be accelerated and the environmental approval submissions to be
expedited.
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