Baron Oil PLC Chuditch PSC Extension Granted & Investor Webinar (1507D)
18 Octubre 2022 - 1:00AM
UK Regulatory
TIDMBOIL
RNS Number : 1507D
Baron Oil PLC
18 October 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
18 October 2022
Baron Oil Plc
("Baron" or the "Company")
Chuditch PSC Extension Granted
Investor Webinar
Six month extension, all Chuditch PSC seismic reprocessing
obligations met and preliminary results to be presented in
October
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
and appraisal company, is pleased to announce that Baron's wholly
owned subsidiary, SundaGas Banda Unipessoal Lda. ("SundaGas") which
operates the TL-SO-19-16 Production Sharing Contract (the "Chuditch
PSC" or "PSC") offshore Timor-Leste, has been granted a six-month
extension to Contract Year Two of the PSC by the relevant
Timor-Leste national authority, Autoridade Nacional do Petróleo e
Minerais ("ANPM").
The practical effect of this is that a decision on whether to
enter the drilling phase is now required to be taken at or before
18 June 2023, being the new expiry date of Year Two of the
three-year initial licence phase. Thereafter, subject to
satisfactory results from the 3D seismic programme, the subsequent
commitment is for a well to be drilled in the third and final year
of the initial phase of the Chuditch PSC.
In addition, a Deed of Amendment to the Chuditch PSC has
simplified the work obligations within the current period of the
PSC. The PSC originally included an obligation to reprocess 800km
(2) of 3D and 2,000km of 2D seismic data in the first two-year
period. However, in order to provide the best coverage of the
Chuditch PSC area, it was deemed technically necessary to reprocess
a larger volume (1,270km (2) ) of 3D seismic data. In recognition
of this, the amendment replaces the original 2D seismic
reprocessing commitment with 200km (2) of additional 3D seismic
reprocessing. Therefore, with the 3D pre-stack depth migration
("PSDM") reprocessed data having been delivered, the Company is
pleased to report that all of the PSC's seismic reprocessing
obligations have now been fully met.
The final reprocessed data is continuing to be interpreted and
the results received to date are leading to a step change in
confidence in the Company's understanding of the structural
configuration of the Chuditch reservoirs at target depths. The
completion of this exercise, and integration of the results into
the geological and engineering studies that have been conducted in
parallel with the seismic reprocessing, will provide a
comprehensive view of the value and potential of the Chuditch
PSC.
Further Update and Investor Webinar
Baron expects to be in a position to provide a comprehensive
update on the interpretation of the 3D seismic data along with
progress being made elsewhere on the Chuditch PSC project on or
before 26 October 2022. Following this update announcement and as
previously outlined, Baron will hold an investor webinar for
existing and potential new shareholders at 6.00 p.m. (London time)
on 26 October 2022.
Those wishing to attend should register via the following link
after which they will be provided with log in details:
https://us02web.zoom.us/webinar/register/WN_B-Rp7LJDRbGzCLh8IqIkag
There will be the opportunity for participants to ask questions
at the end of the presentation. Questions can also be emailed to
baronoil@investor-focus.co.uk ahead of the presentation.
Jon Ford, Technical Director of Baron Oil, commented:
"This extension to the PSC timeline comes alongside significant
progress being made on the 3D PSDM seismic interpretation. We have
materially enhanced the subsurface image of the Chuditch-1
discovery and neighbouring analogous prospects and leads; deepened
our understanding of the geology and the petroleum and reservoir
systems; reviewed engineering considerations; and researched the
routes to commercialisation. Currently we are working to integrate
these strands to produce what we believe will be a compelling
assessment of the asset and allow us to plan our next steps. We
look forward to presenting the preliminary results of this work to
shareholders shortly."
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 Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
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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