REG - Baron Oil PLC - Chuditch Operational Update – Drilling Site Survey

Baron OilAnnouncement

12/02/2024 07:00

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RNS Number : 7293C  Baron Oil PLC  12 February 2024

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

 

 

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