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On 1 February 2024, Baron Oil Plc announced that the Farm-Up Agreement between its wholly-owned subsidiary SundaGas Banda Unipessoal, Lda. and TIMOR GAP Chuditch Unipessoal Lda. became unconditional. This occurred following the approval of a Condition Precedent by Timor-Leste's National Petroleum Authority for the TL-SO-19-16 Production Sharing Contract. Completion of this Farm-Up is stated to occur in due course.
| Date | 1 Feb 2024 |
| Time | 10:14:19 |
| Category | Corporate updates |
| ID | 7120B |
1 February 2024
Baron Oil Plc
("Baron", or the "Company")
Farm-Up with TIMOR GAP becomes Unconditional
Further to the Company's announcement on 24 January 2024, Baron Oil Plc (AIM: BOIL) is pleased to confirm that, following approval of the Farm-Up by Timor-Leste's National Petroleum Authority (Autoridade Nacional do Petróleo or "ANP"), the Condition Precedent has been satisfied.
Accordingly, 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 now become unconditional.
Completion of the Farm-Up will occur in due course.
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 Joint Broker
Alex Brearley, Nick Harriss, George Payne (Corporate Finance)
Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)
Cavendish Capital Markets Limited +44 (0) 131 220 6939 / +44 (0) 207 397 8900
Joint Broker
Neil McDonald, Pearl Kellie (Corporate Finance)
Leif Powis (Sales)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR [email protected]
Tim Metcalfe, Florence Chandler