REG - Baron Oil PLC - Chuditch Operational Planning Update

Baron OilAnnouncement

30/11/2023 07:15

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RNS Number : 1253V  Baron Oil PLC  30 November 2023

30 November 2023

Baron Oil Plc

("Baron", or the "Company")

Chuditch Operational Planning Update

Baron Oil Plc (AIM: BOIL), the AIM-quoted oil and gas exploration and
appraisal company focused on assets in SE Asia and the UK, is pleased to
provide an update on preparations for drilling activities on the TL-SO-19-16
Production Sharing Contract (the "Chuditch PSC" or the "PSC"), offshore
Timor-Leste.

Environmental Approvals Progress

Baron's wholly owned subsidiary and operator of the PSC, SundaGas Banda
Unipessoal, Lda ("SundaGas") has achieved the first step of three in securing
environmental approvals for the drilling and testing of an appraisal well on
the Chuditch field. The Timor-Leste government regulator for oil and gas,
Autoridade Nacional do Petróleo ("ANP"), has issued a project classification
(Drilling activity - Category A) following its assessment of the Project
Document that describes the asset and project plan. Having passed this
milestone, ANP has now requested SundaGas to proceed to the next step in the
process, which is submission of a Terms of Reference, including initial public
consultations.

Drilling Planning Progress

In its announcement and website presentation of 11 October 2023, the Company
provided detailed information on the selected location for the Chuditch-2
appraisal well, the drilling of which is subject to financing. Good progress
has continued to be made in preparation for the drilling campaign. SundaGas,
its joint venture partner TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP") and
ANP recently held the first of a number of workshops to collaborate on
planning for drilling operations. All aspects of the preliminary operational
plans were reviewed, including provisional well designs, detailed procurement
procedures and health, safety and environmental planning. The next workshop is
scheduled for mid-December 2023.

SundaGas is seeking to maximise Timor-Leste local content in the provision of
drilling support services for the planned Chuditch-2 appraisal well. An
experienced Timorese drilling engineer has been recruited to join the SundaGas
well operations team, and expressions of interest are being sought from
in-country suppliers to provide services from the Timorese private sector,
including in the areas of marine and helicopter logistics, fuel and
consumables.

Gas Development Options

The Company continues to evaluate all potential options for gas export from
the Chuditch field in order to be able to fast track the concept selection
processes anticipated following a successful Chuditch-2 appraisal well.
However, no decisions on future concept selection can be taken until the
Chuditch-2 appraisal drilling results have been evaluated, and in full
collaboration with TIMOR GAP as joint venture partner in the Chuditch PSC, ANP
and the Ministry of Petroleum and Mineral Resources of the Government of
Timor-Leste.

 

Andy Butler, Director Asia Pacific, commented:

"Baron thanks ANP for the swift evaluation of our first phase environmental
documentation for the Chuditch-2 well, and for the excellent collaboration in
all of our discussions, including the recent drilling planning workshop. We
greatly appreciate the support we receive from the Timor-Leste Ministry of
Petroleum and Mineral Resources, ANP and TIMOR GAP in relation to the
Chuditch-2 appraisal well, planned for late 2024, and onwards to the future
development of Chuditch gas resources."

 

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

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