REG - Baron Oil PLC - Update on Chuditch PSC Operations and IR Materials

Baron OilAnnouncement

27/03/2024 08:00

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RNS Number : 4944I  Baron Oil PLC  27 March 2024

27 March 2024

Baron Oil Plc

("Baron", or the "Company")

Update on Chuditch PSC Operations and Investor Relations Materials

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, along with certain
investor relations materials that are being made available.

Chuditch-2 Site Survey

As announced by the Company on 12 February 2024, Baron's wholly owned
subsidiary, SundaGas Banda Unipessoal Lda. ("SundaGas"), commenced operations
for a survey at the planned drilling location for the Chuditch-2 appraisal
well (the "Site Survey").

The objective of the Site Survey work is to identify any potential hazards at
the proposed well site, ensuring that a drilling rig can be located safely and
with minimal environmental impact. The Site Survey consists of geophysical
studies (remote seabed investigation) and geotechnical work (physical studies
of the seabed), using two separate vessels.

The geophysical Site Survey was successfully carried out during February 2024
and March 2024, despite some operational delays, principally related to
weather conditions, and the results have been incorporated into the
geotechnical survey planning. The vessel that will carry out the geotechnical
Site Survey had its arrival into the Timor Sea delayed, again owing to adverse
weather conditions, but is now preparing to mobilise to the Chuditch survey
area. This geotechnical work is expected to be completed during April 2024.

A further announcement will be made on the results of the Site Survey works at
the appropriate time.

BEOS Presentation

Colin Murray, SundaGas VP Technical, will be giving a presentation at the
'Business and Exploration Opportunities Show' (BEOS) event today, 27 March
2024, in London. The title of the presentation is 'Chuditch Field: At the
heart of a prolific Asia Pacific gas development fairway'. This is a technical
talk highlighting the Chuditch field in its regional geological and commercial
context. A copy of the presentation is available on the Baron website.

CEO Interview

Dr Andy Butler, Baron's CEO, has given a video interview on the DirectorsTalk
platform which is available at
https://www.directorstalkinterviews.com/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240
(https://www.directorstalkinterviews.com/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240)
. In this interview, Dr Andy Butler discusses Baron's updated financial
strategy, emphasising the goal of securing project-level funding without
diluting equity at the PLC level.

For further information, please
contact:

Baron Oil
Plc
+44 (0) 20 7117 2849

Dr Andy Butler, Chief Executive Officer

 

Allenby Capital
Limited                                +44 (0)
20 3328 5656

Nominated Adviser and Joint Broker

Nick Athanas, 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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