BARON OIL PLC

Energy

Incorporated in April 2004, Baron Oil Plc is a UK-based independent oil and gas exploration business, which is engaged in low to medium-risk exploration prospects in areas that can be efficient and developed and monetised in low cost.  Its objective is to strategically acquire significant equity interests in large oil and gas assets where there are opportunities for high impact exploration and appraisal activity at low entry cost and maintains the long-term relationship with its partners and community, which can help to deliver high return and value to shareholders through generating substantial increase in net asset value. Further, it aims to conduct its business in responsible manner to enhance value and safeguard the environment. The company’s shares are traded on the AIM segment of the London Stock Exchange as LON: BOIL.

 

The company operates through its interest in three assets that includes Timor Leste TL-SO-19-16 PSC, UKCS P2478 and Peru Block XXI. The offshore Timor Leste TL-SO-19-16 PSC asset is located approx 185km south of Timor-Leste and has 75% operating interest with a subsidiary of SundaGas Timor-Leste (Sahul) Pte. Ltd, the Timor-Leste subsidiary SundaGas Banda Unipessoal Lda. SundaGas Timor-Leste (Sahul) Pte. Ltd is a wholly owned subsidiary of the company. The other 25% interest is with a subsidiary of the Timor-Leste state oil company Timor Gap, E.P. and its interest is carried by Banda to development.  The assets contain the Chuditch-1 gas discovery drilled by Shell in 1998. The SGPL came into an agreement until the end of December 2022 with SundaGas Timor-Leste (Sahul) Pte. Ltd (TLS), which has 9.99% stake in the company, in which SGPL will be paid fees for management and administrative services.

 

The UKCS P2478 is the UK offshore assets with 15% interest with the company since September 2019, and it consist of block 17/5, 12/27c, 18/1 and 18/2. This asset is located in the Inner Moray Firth; the partners intend to reprocess existing 3D and 2D seismic data in 2021 and 2022. Further, other subsurface studies are conducted to manage risk and refine volumetric estimates ahead of making a “drill or drop” decision by July 2023. 

The company continued to drill the 1,850-m onshore Peru Block XXI in EI Barco well during the Covid situations to test the low-risk gas in the Mancora Sands and Higher-risk oil and gas in fractured basement. This asset has 100% interest with the company, subject to reduction by farmout.

Contact Information

company address 5-7 Cranwood Street EC1V 9EE United Kingdom

company phone+44.20.71172849

company websitehttp://www.baronoilplc.com/

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