12 February 2024

Baron Oil Plc

("Baron", or the "Company")

Operational Update on Chuditch PSC - Drilling Site Survey

Baron Oil Plc (AIM: BOIL) is pleased to provide an update on operational activities on the TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or the "PSC"), offshore Democratic Republic of Timor-Leste.

Baron's wholly owned subsidiary, SundaGas Banda Unipessoal Lda. ("SundaGas"), has entered into contracts to conduct a survey (the "Site Survey") at the planned drilling location for the Chuditch-2 appraisal well, which is illustrated in the Company's presentation published on 11 October 2023. Site Survey operations are expected to be carried out at the location during February and early March 2024.

The objective of the Site Survey, which is a requirement, is principally to identify any potential hazards at the proposed well site, ensuring that a drilling rig can be safely located there with minimal environmental impact. The Site Survey work consists of geophysical studies and physical investigation of the seabed and shallow geological section.

SundaGas maintains dialogues with other companies active in the region to identify operational synergies for the drilling of the Chuditch-2 appraisal well. These discussions have resulted in the opportunity to acquire the Site Survey in partnership with a nearby operator. The estimated cost savings that derive from sharing services and vessel mobilisation compared to standalone acquisition are significant. In addition, the shared operation enables SundaGas to acquire the Site Survey earlier than originally planned, enabling aspects of well design to be accelerated and the environmental approval submissions to be expedited.

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