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Baron Oil Plc, via its wholly owned subsidiary SundaGas Banda Unipessoal, Lda., and TIMOR GAP Chuditch Unipessoal Lda. completed a Farm-Up Agreement for the TL-SO-19-16 Production Sharing Contract on February 8, 2024. TIMOR GAP will make a cash payment of c.US$1 million to SundaGas for back costs within 30 days, while SundaGas retains operatorship and a 60% working interest, and TIMOR GAP holds a 40% interest and will pay 20% of all PSC costs.
| Date | 8 Feb 2024 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 4101C |
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 +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