SNDA Sunda Energy Plc

23 April 2024

Baron Oil Plc

("Baron", or the "Company")

Update on Changes to Board of Directors and Appointment of Chief Financial Officer

Further to the Company's announcement on 15 March 2024, Baron Oil Plc (AIM: BOIL) is pleased to provide a further update regarding the changes to the Company's board of Directors (the "Board") and executive positions.

Summary of changes to the Board

John Wakefield has stepped down as Chairman of the Board with effect from 22 April 2024 and Gerry Aherne has now been appointed to the Board as Baron's new Independent Non-Executive Chairman with immediate effect.  

Jon Ford, Technical Director for Baron, has elected to step down from the Board at the end of April 2024. Jon will be retained by the Company in a part-time consultancy role to act as a technical adviser.  

Dr John Chessher has joined the Board as an Independent Non-Executive Director with immediate effect.

At the executive level, Rob Collins has been appointed as Baron's chief financial officer ("CFO"), currently a non-board position.  

Backgrounds of new Directors and CFO

Gerry Aherne has a wealth of career experience in insurance and financial markets, having been a founding director of PRI Group plc, a directors' and officers' liability insurer, and having held non-executive directorships with Henderson Group plc, Mecom Group plc, Omnis Investments Ltd and Iveagh Ltd.  He was Investment Director at Schroder Investment Management for 16 years, managing pension funds and unit trusts, Chairman of Electric & General Investment Trust plc, and also Chairman of Cenkos Securities plc from 2012 to 2018.  He is currently Managing Partner of Javelin Capital Partners LLP. 

Dr John Chessher is a highly experienced investment industry professional who has held CEO and director-level positions at leading asset management and investment banking firms.  John has extensive knowledge and experience of corporate research and capital raising, including as CEO of Cenkos Securities Asia and Head of Asia Pacific Research at Schroder Investment Management.  He holds an MA in Engineering Science from Oxford University and DBA, MSc and MBA qualifications from Henley Business School.  He is a CFA charter-holder and currently combines non-executive and advisory roles with his position as a lecturer at Henley Business School.

Rob Collins has over 20 years' experience in natural resources corporate finance, advising on a broad range of corporate transactions spanning various commodity groups and transactions primarily at Evolution Securities, Canaccord Genuity Europe and GMP Securities Europe.  He has successfully advised on numerous IPOs, public and private equity raises and M&A transactions for many UK, Canadian and Australian listed companies as well as acting as CFO for Victoria Oil & Gas Plc.  Rob commenced his career at Coopers and Lybrand and is a qualified Chartered Accountant.

Dr Andy Butler, Chief Executive Officer, commented:

"I would like to thank John Wakefield and Jon Ford for their significant contributions to the Board and I am delighted to welcome Gerry Aherne and John Chessher, who I know will bring excellent guidance and oversight as we take the Company forward.  The appointment of Rob Collins as CFO is also great news, as he brings a wealth of expertise in financing of natural resources projects. The refreshed Board and executive team are committed to building shareholder value, strong governance and transparency.  The Board's priority remains to progress and realise the value in the Chuditch project in Timor-Leste, where we continue to prepare to drill the key appraisal well in parallel with discussions with potential funding partners."

Further information in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies (the "AIM Rules") is set out at the end of this announcement.

For further information, please contact:                                                   

Baron Oil Plc                                                  +44 (0) 20 7117 2849

Andy Butler, Chief Executive 

Rob Collins, Chief Financial Officer

Allenby Capital Limited                                +44 (0) 20 3328 5656

Nominated Adviser and Joint Broker 

Nick Athanas, 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

Further regulatory disclosures

The following additional information is provided in accordance with Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies.

Gerald ("Gerry") Paul Aherne (aged 78) is, or has been, a director or partner of the following companies or partnerships during the previous five years:

John Robert Chessher (aged 61) is, or has been, a director or partner of the following companies or partnerships during the previous five years: