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Baron ups stake in Chuditch PSC off Timor-Leste
Apr 23, 2021 8:25:am
Summary
by: Shardul Sharma
Posted in:
Baron ups stake in Chuditch PSC off Timor-Leste
London-listed Baron Oil has increased its interest in the Chuditch gas discovery and prospects offshore Timor-Leste, it said on April 23.
Baron has increased its shareholding in SundaGas from 33.33% to 85%, and thereby increased its indirect interest in the Chuditch production sharing contract (PSC) from 25% to 63.75%. SundaGas was awarded operatorship of the Chuditch PSC in November 2019. Everything is in place to allow SundaGas Banda to undertake the PSC technical work programme activities, especially the critical 3D seismic reprocessing,” Andy Yeo, CEO of Baron said. “These works will enable an up-to-date assessment of the true potential of the Chuditch discovery and of the viability of drilling an appraisal well and further exploration wells in a timely manner.
Timor Leste: Baron Oil completes Earn In to Chuditch PSC, offshore Timor Leste
23 Apr 2021
AIM-listed Baron Oil has announced the completion of its Earn In for an increased interest in the
Chuditch discovery and prospects, offshore Timor Leste.
Baron has increased its shareholding in
SundaGas (Timor-Leste Sahul) ( SundaGas TLS ) from 33.33% to 85%, and thereby increased its indirect interest in the
TL-SO-19-16 PSC ( Chuditch PSC ), offshore Democratic Republic of Timor-Leste, from 25% to 63.75%.
Location of Chuditch PSC (Source: Baron Oil)
Andy Yeo, CEO of Baron commented: We are delighted that the Earn In arrangements have now been completed with the issue of new shares in SundaGas TLS to Baron and that the Company has secured a materially increased interest in the Chuditch PSC project. Everything is in place to allow SundaGas Banda to undertake the PSC technical work programme activities, especially the critical 3D seismic reprocessing. These works will enable an up-to