3D seismic reprocessing update, Chuditch PSC

RNS Number : 8889U

Baron Oil PLC

08 December 2021

 

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

             8 December 2021

Baron Oil Plc

("Baron" or the "Company")

3D seismic reprocessing update, Chuditch PSC

Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company, is pleased to provide an update on its offshore Timor-Leste TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or the "PSC").

3D Seismic Reprocessing

Baron's Timor-Leste subsidiary SundaGas Banda Unipessoal, Lda., which holds a 75% operating interest in the Chuditch PSC, has received interim products from the seismic reprocessing of 1,270 km² of 3D seismic data along the trend of the Chuditch-1 gas discovery. The reprocessing work is being conducted by TGS-NOPEC Geophysical Company ASA ("TGS") at their UK processing centre, critically in close collaboration with Baron's technical team.

Processed to an interim Pre-Stack Depth Migration, these initial data are already providing encouraging indications of improvement in the quality of subsurface imaging around the Chuditch gas discovery and offset prospects, compared to the legacy data. Interpretations from these interim data will now be used to feedback iteratively into the final sophisticated seismic processing, which remains on schedule and budget, with final data delivery to Baron during Q2 2022. The final processed version will be critical in the re-evaluation of the Chuditch discovery and surrounding prospectivity, in particular the evaluation of in-place volumes and the location of potential future wells.

 Investor Webinar

An Investor Webinar on the Chuditch asset is planned for January 2022. The presentation is expected to include an updated technical overview and a discussion of the overall commercial context of Chuditch, including potential gas export options. Details of the Webinar will be announced in due course and a copy of the presentation will subsequently be posted on the Baron website.  

Jon Ford, Technical Director of Baron commented:

"The delivery of the initial products from the 3D seismic reprocessing is a significant milestone in our re-evaluation of the Chuditch trend. To date, encouraging improvements have been observed in data quality which we are confident will lead to a substantially clearer subsurface image in the final reprocessed products.

"In parallel, we continue with other studies which, when combined with the seismic reprocessing, will deliver a complete and high quality technical and commercial evaluation of this exciting asset during 2022."

Qualified Person's Statement

Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and Gas Companies, 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.

For further information, please contact:

Baron Oil Plc		[phone]
Andy Yeo, Chief Executive
Allenby Capital Limited		[phone]
Nominated Adviser and Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate Finance) Kelly Gardiner (Sales and Corporate Broking)
IFC Advisory Limited		[phone]
Financial PR and IR
Tim Metcalfe, Florence Chandler

 

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