REG - Baron Oil PLC - Planned Chuditch-2 Appraisal Well Location

Baron OilAnnouncement

11/10/2023 07:00

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RNS Number : 7001P  Baron Oil PLC  11 October 2023

11 October 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

Baron Oil Plc

("Baron", or the "Company")

Presentation on Planned Chuditch-2 Appraisal Well Location

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
announce that it has published a presentation containing further information
on the planned 'Chuditch-2' appraisal well on the TL-SO-19-16 ("Chuditch")
Production Sharing Contract, offshore Timor-Leste. The presentation may be
accessed via the following link
http://www.rns-pdf.londonstockexchange.com/rns/7001P_1-2023-10-10.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7001P_1-2023-10-10.pdf)  and
it will also shortly be available on the Company's website
(www.baronoilplc.com (http://www.baronoilplc.com) ).

On 25 September 2023, the Company announced its Interim Results, which advised
on the preferred drilling location for an appraisal well on the Chuditch gas
field. The investor presentation published today illustrates the location in
detail, along with the well location selection criteria used, the approaches
for de-risking candidate locations, basic well design information and updates
on the status of drilling planning.

The chosen location, approximately 4.8km from the Chuditch-1 discovery well,
represents a substantial step-out, demonstrating the size of the field and the
Company's confidence in the quality of the reprocessed seismic datasets. It is
anticipated that a Chuditch-2 appraisal well would use a simple vertical well
design to target a gas column of over 100 metres, relative to the 30 metre
column discovered at Chuditch-1 in 1998.

Subject to drill financing, it is currently expected that a Chuditch-2
appraisal well would be drilled in late 2024, using a jack-up drilling rig,
and is expected to take around 21 days to drill, with a further 15 days
assumed for logging and a drill stem test. The water depth at the proposed
Chuditch-2 location is 60 metres and the well would be drilled to 3,020 metres
below mean sea level. Improved subsurface imaging from the reprocessed 3D
seismic data permits a vertical well design, which is operationally simpler
and more cost efficient. The well is planned to penetrate the Plover Formation
reservoir at least 500 metres from the Chuditch fault on the southeast side of
the field, mitigating location risk from fault imaging uncertainty.

In relation to drilling planning, Baron has recruited a Well Operations
Manager and scheduled planning workshops with government regulator ANP and
joint venture partner TIMOR GAP. Baron is also in discussions with other
regional operators to identify potential logistical and operational
cost-saving synergies, and has submitted first phase documentation to ANP for
environmental permits.

The Company looks forward to providing further information on its preparations
for drilling in due course.

The Company also announces that its joint broker has changed its name from
Cenkos Securities plc to Cavendish Securities plc following completion of its
own corporate merger.

 

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 Securities Plc                   +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

 

The technical information contained in this announcement has been reviewed by
Jon Ford BSc, Fellow of the Geological Society, Technical Director of the
Company. Mr Ford has more than 40 years' experience as a petroleum
geoscientist. He has compiled, read and approved the technical disclosure in
this regulatory announcement.

 

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