{"id":112595,"title":"Baron Oil PLC (AIM:BOIL) Completion of Farm-Up with TIMOR GAP","publisher":"Share Talk","author":"sharetalk","published":"2024-02-08T07:49:47+00:00","modified":"2024-02-08T07:49:47+00:00","canonical_url":"https://www.share-talk.com/baron-oil-plc-aimboil-completion-of-farm-up-with-timor-gap/","markdown_url":"https://www.share-talk.com/baron-oil-plc-aimboil-completion-of-farm-up-with-timor-gap.md","json_url":"https://www.share-talk.com/baron-oil-plc-aimboil-completion-of-farm-up-with-timor-gap.json","category":"Energy","categories":["Energy","Oil and Gas"],"tags":["3D","Asia","Baron Oil","boil","Chuditch PSC","Dr Malcolm Butler","Jon Ford","Latin America","Moray Firth","North Sea","NSTA","offshore","Seismic","Share Talk","SundaGas Resource","Timor-Leste"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/02/BARON-OIL-750x406-1.jpg?fit=750%2C406&ssl=1","format":"news","language":"en-GB","content":"Further to the Company’s announcements of 24 January 2024 and 1 February 2024, **Baron Oil Plc (AIM: BOIL)** is pleased to confirm that the Farm-Up Agreement between Baron’s wholly owned subsidiary SundaGas Banda Unipessoal, Lda.\n\n(“SundaGas”) and TIMOR GAP Chuditch Unipessoal Lda (“TIMOR GAP”) in relation to the TL-SO-19-16 Production Sharing Contract (the “Chuditch PSC” or the “PSC”), offshore Democratic Republic of Timor-Leste, has completed.\n\nAs 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.\n\nSundaGas 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.\n\nFor further information, please contact:                                                   \n\nBaron Oil Plc                                                  +44 (0) 20 7117 2849\n\nAndy Yeo, Chief Executive"}