Baron Oil PLC Chuditch Operational Planning Update (1253V)
2023年11月30日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMBOIL
RNS Number : 1253V
Baron Oil PLC
30 November 2023
30 November 2023
Baron Oil Plc
("Baron", or the "Company")
Chuditch Operational Planning Update
Baron Oil Plc (AIM: BOIL), the AIM-quoted oil and gas
exploration and appraisal company focused on assets in SE Asia and
the UK, is pleased to provide an update on preparations for
drilling activities on the TL-SO-19-16 Production Sharing Contract
(the "Chuditch PSC" or the "PSC"), offshore Timor-Leste.
Environmental Approvals Progress
Baron's wholly owned subsidiary and operator of the PSC,
SundaGas Banda Unipessoal, Lda ("SundaGas") has achieved the first
step of three in securing environmental approvals for the drilling
and testing of an appraisal well on the Chuditch field. The
Timor-Leste government regulator for oil and gas, Autoridade
Nacional do Petróleo ("ANP"), has issued a project classification
(Drilling activity - Category A) following its assessment of the
Project Document that describes the asset and project plan. Having
passed this milestone, ANP has now requested SundaGas to proceed to
the next step in the process, which is submission of a Terms of
Reference, including initial public consultations.
Drilling Planning Progress
In its announcement and website presentation of 11 October 2023,
the Company provided detailed information on the selected location
for the Chuditch-2 appraisal well, the drilling of which is subject
to financing. Good progress has continued to be made in preparation
for the drilling campaign. SundaGas, its joint venture partner
TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP") and ANP recently
held the first of a number of workshops to collaborate on planning
for drilling operations. All aspects of the preliminary operational
plans were reviewed, including provisional well designs, detailed
procurement procedures and health, safety and environmental
planning. The next workshop is scheduled for mid-December 2023.
SundaGas is seeking to maximise Timor-Leste local content in the
provision of drilling support services for the planned Chuditch-2
appraisal well. An experienced Timorese drilling engineer has been
recruited to join the SundaGas well operations team, and
expressions of interest are being sought from in-country suppliers
to provide services from the Timorese private sector, including in
the areas of marine and helicopter logistics, fuel and
consumables.
Gas Development Options
The Company continues to evaluate all potential options for gas
export from the Chuditch field in order to be able to fast track
the concept selection processes anticipated following a successful
Chuditch-2 appraisal well. However, no decisions on future concept
selection can be taken until the Chuditch-2 appraisal drilling
results have been evaluated, and in full collaboration with TIMOR
GAP as joint venture partner in the Chuditch PSC, ANP and the
Ministry of Petroleum and Mineral Resources of the Government of
Timor-Leste.
Andy Butler, Director Asia Pacific, commented:
"Baron thanks ANP for the swift evaluation of our first phase
environmental documentation for the Chuditch-2 well, and for the
excellent collaboration in all of our discussions, including the
recent drilling planning workshop. We greatly appreciate the
support we receive from the Timor-Leste Ministry of Petroleum and
Mineral Resources, ANP and TIMOR GAP in relation to the Chuditch-2
appraisal well, planned for late 2024, and onwards to the future
development of Chuditch gas resources."
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 baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
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