Baron Oil Announces Extension Request for the Chuditch PSC

Source: www.gulfoilandgas.com 2/26/2021, Location: Asia

Baron Oil Plc (BOIL), the AIM-quoted oil and gas exploration company, is delighted to announce that SundaGas Banda Unipessoal Lda. ("SundaGas"), in which Baron is an indirect 33.33% shareholder and which operates the TL-SO-19-16 PSC (the "Chuditch PSC") in Timor-Leste, has been granted a 12-month extension to Contract Year 1 of the Chuditch PSC. Accordingly, the new expiry date of Year 1 of the 3 year initial licence phase ("Initial Period") is now 8 November 2021.

This extension to the PSC timeline comes alongside significant progress being made towards resolving issues around data access which is expected to allow SundaGas to be able to complete the commitment work programme in a timely manner.

Andy Yeo, Chief Executive of Baron Oil, Commented:

"We are delighted that SundaGas has been able to get the Chuditch project back on track, with Baron's support and in collaboration with ANPM. We look forward to updating shareholders as we move forward with this exciting and material investment."


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