Award to SundaGas of Chuditch PSC, Timor-Leste

RNS Number : 8317S

Baron Oil PLC

08 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.

8 November 2019

Baron Oil Plc

("Baron" or "the Company")

Award to SundaGas of Chuditch PSC, offshore Timor-Leste

Baron Oil Plc, the AIM quoted oil and gas exploration and production company focused on opportunities in the UK, Latin America and SE Asia notes the provisional award on 8 November 2019 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 award will give SundaGas UL a 75% interest in the Chuditch PSC, with a carried 25% interest being held by TIMOR GAP, E.P. the national oil company of Timor-Leste. The PSC does not become effective until certain conditions have been fulfilled, including the posting of a Performance Bond

As shareholders will be aware Baron is entitled to be issued a 33.3% shareholding in the intermediate parent company of SundaGas UL. The Company is awaiting the full details of the PSC that was signed today and shareholders will be updated accordingly.

Dr Malcolm Butler, Executive Chairman of Baron, commented:

"Baron's entitlement to shares in the intermediate parent of SundaGas UL has the potential to add significant value to Baron and its shareholders. We look forward to receiving details of how SundaGas intends to move forward with this exciting project."

For further information, please contact:

Baron Oil Plc	[phone]
Malcolm Butler, Executive Chairman
Andy Yeo, Managing Director
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and Joint Broker
Stuart Gledhill, Richard Hail, Richard Redmayne
Turner Pope Investments (TPI) Limited	[phone]
Joint Broker
Andy Thacker

 

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