Baron Oil Plc (LON:BOIL) has confirmed that, further to the Company’s announcements of 24 January 2024 and 1 February 2024, the Farm-Up Agreement between Baron’s wholly owned subsidiary SundaGas Banda Unipessoal, Lda. and TIMOR GAP Chuditch Unipessoal Lda in relation to the TL-SO-19-16 Production Sharing Contract, 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.
Baron Oil Plc is an independent oil and gas exploration and production company incorporated in the UK in April 2004. The Company currently holds exploration acreage in the UK and Timor-Leste.
