REG - Baron Oil PLC - Completion of Farm-Up with TIMOR GAP

Baron OilAnnouncement

08/02/2024 07:15

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RNS Number : 4101C  Baron Oil PLC  08 February 2024

8 February 2024

Baron Oil Plc

("Baron", or the "Company")

Completion of Farm-Up with TIMOR GAP

Further to the Company's announcements of 24 January 2024 and 1 February 2024,
Baron Oil Plc (AIM: BOIL) is pleased to confirm that the Farm-Up Agreement
between Baron's wholly owned subsidiary SundaGas Banda Unipessoal, Lda.
("SundaGas") and TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP") in relation
to the TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or the
"PSC"), offshore Democratic Republic of Timor-Leste, has completed.

As part of the Farm-Up arrangements, TIMOR GAP will make a cash payment to
SundaGas of c.US$1 million to cover back costs within 30 days.

SundaGas retains operatorship of the Chuditch PSC and holds a 60% working
interest. TIMOR GAP has a 40% interest, made up of a working interest of 15%,
plus its original 25% interest which is carried to first gas. Henceforth,
TIMOR GAP will be responsible for paying 20% of all costs in relation to the
PSC, including the drilling of the planned Chuditch-2 appraisal well.

 

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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