Completion of Farm-Up with TIMOR GAP

Baron Oil PLC

08 February 2024

 

8 February 2024

Baron Oil Plc

("Baron", or the "Company")

Completion of Farm-Up with TIMOR GAP

Further to the Company's announcements of 24 January 2024 and 1 February 2024, Baron Oil Plc (AIM: BOIL) is pleased to confirm that the Farm-Up Agreement between Baron's wholly owned subsidiary SundaGas Banda Unipessoal, Lda. ("SundaGas") and TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP") in relation to the TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or the "PSC"), offshore Democratic Republic of Timor-Leste, has completed.

As part of the Farm-Up arrangements, TIMOR GAP will make a cash payment to SundaGas of c.US$1 million to cover back costs within 30 days.

SundaGas retains operatorship of the Chuditch PSC and holds a 60% working interest. TIMOR GAP has a 40% interest, made up of a working interest of 15%, plus its original 25% interest which is carried to first gas. Henceforth, TIMOR GAP will be responsible for paying 20% of all costs in relation to the PSC, including the drilling of the planned Chuditch-2 appraisal well.

For further information, please contact:                                                   

Baron Oil Plc                                                  [phone]

Andy Yeo, Chief Executive

Allenby Capital Limited                                [phone]

Nominated Adviser and Joint Broker 

Alex Brearley, Nick Harriss, George Payne (Corporate Finance)     

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)      

Cavendish Capital Markets Limited             [phone] / [phone]

Joint Broker    

Neil McDonald, Pearl Kellie (Corporate Finance)     

Leif Powis (Sales)       

IFC Advisory Limited                                     [phone]

Financial PR and IR                                         [e-mail]

Tim Metcalfe, Florence Chandler

 

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