Baron Oil PLC Update on Chuditch PSC, offshore Timor-Leste (8853S)
11 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMBOIL
RNS Number : 8853S
Baron Oil PLC
11 November 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
11 November 2019
Baron Oil Plc
("Baron" or "the Company")
Update on Chuditch PSC, offshore Timor-Leste
Further to Baron Oil's (BOIL) announcement on Friday 8 November
2019, relating to the provisional award of the Timor-Leste offshore
Chuditch Petroleum Sharing Contract (the "Chuditch PSC") by
Autoridade Nacional do Petróleo e Minerais ("ANPM") to SundaGas
Banda Unipessoal, Lda. ("SundaGas UL") a subsidiary of SundaGas Pte
Ltd ("SundaGas"), the following details have been published by ANPM
on its website:
"The Autoridade Nacional do Petróleo e Minerais ("ANPM") on
behalf of the Ministry of Petroleum and Minerals, representing the
State of the Democratic Republic of Timor-Leste, signed a
Production Sharing Contract (PSC) TL-SO- 19-16 with SundaGas Banda
Unipessoal, Lda. ("SundaGas") and TIMOR GAP Chuditch Unipessoal,
Lda. ("TIMOR GAP").
"The PSC is granted pursuant to Article 13(2) (ii), (b) and (c)
of the Petroleum Activities Law No. 1/2019 of 18 January, first
amendment to the Law No.13/2005, of 2 September 2005. Minister of
Petroleum and Minerals approved the award, Production Sharing
Contract TL-SO-19-16 (PSC TL-SO-19-16), through direct negotiation,
of the concession containing the Chuditch gas discovery, to the
Contractor Group composed of SundaGas, as Operator and a 75%
(seventy-five per cent) participative interest; and TIMOR GAP.,
with a 25% (twenty-five per cent) participative interest.
"The PSC TL-SO-19-16 is situated in the south of the former
Joint Petroleum Development Area (JPDA) with total Contract Area
approximately 3571.49 square kilometres. SundaGas and TIMOR GAP are
committed to carry out [an] Exploration Work Program for a
seven-year Exploration Period.
"The Minimum Exploration Work Requirements in the initial period
(Years 1-3) include the seismic reprocessing (Pre-Stack Depth
Migration) of 800 km(2) of 3D seismic data and 2000 line kilometres
of 2D seismic data, and review of hydrocarbon potential of the
entire contract area (geological and geophysical studies), and
drilling of one (1) appraisal well if the result of the seismic
reprocessing supports the presence of a significant structure
associated with the Chuditch discovery. The second period (Years 4
and 5) includes Post-Well evaluation study and drilling of one (1)
exploration well, and development scenario planning for Chuditch
discovery. The third period (Years 6 and 7) includes geological and
geophysical studies, development scenario planning, and drilling of
two (2) exploration or appraisal wells."
Dr Malcolm Butler, Executive Chairman of Baron, commented:
"We look forward to discussing this award more fully with
SundaGas over the coming days."
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
Malcolm Butler, Executive Chairman
Andy Yeo, Managing Director
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill, Richard Hail, Richard Redmayne
Turner Pope Investments (TPI) Limited +44 (0)20 3621 4120
Joint Broker
Andy Thacker
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END
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