Baron Oil PLC Chuditch PSC Update -- 6 Month Extension Granted (4124B)
02 Juin 2023 - 8:00AM
UK Regulatory
TIDMBOIL
RNS Number : 4124B
Baron Oil PLC
02 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
2 June 2023
Baron Oil Plc
("Baron" or the "Company")
Chuditch PSC Update - 6 Month Extension Granted
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
and appraisal company, is pleased to announce an update on the
TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or
"PSC"), offshore Democratic Republic of Timor-Leste.
Extension Granted
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.
Arrangements are being made to extend the existing US$1 million
Bank Guarantee from its current expiry date of 1 August 2023 to
cover the extension period.
Chuditch Farmout Update
As the Company indicated in its Final Results for 2022 on 23 May
2023, there are a number of ongoing discussions with third parties
regarding participation in the Chuditch appraisal well and future
activities. Whilst there is the usual uncertainty over whether and
when such discussions may come to fruition, the granting of a
further six-month extension and its associated work programme
maximises the chances of success.
We look forward to updating shareholders on progress as and when
appropriate.
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 Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
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END
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