Completion of Earn In to Chuditch PSC

Source: www.gulfoilandgas.com 4/23/2021, Location: Not categorized

Baron Oil Plc, the AIM-quoted oil and gas exploration company, is pleased to announce the completion of its Earn In for an increased interest in the Chuditch discovery and prospects.

Baron has increased its shareholding in SundaGas (Timor-Leste Sahul) Pte. Ltd ("SundaGas TLS") from 33.33% to 85%, and thereby increased its indirect interest in the TL-SO-19-16 PSC (the "Chuditch PSC" or the "PSC"), offshore Democratic Republic of Timor-Leste ("Timor-Leste") from 25% to 63.75% (the "Earn In").

Andy Yeo, CEO of Baron commented
"We are delighted that the Earn In arrangements have now been completed with the issue of new shares in SundaGas TLS to Baron and that the Company has secured a materially increased interest in the Chuditch PSC project. Everything is in place to allow SundaGas Banda to undertake the PSC technical work programme activities, especially the critical 3D seismic reprocessing. These works will enable an up-to-date assessment of the true potential of the Chuditch discovery and of the viability of drilling an appraisal well and further exploration wells in a timely manner."


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