Baron Oil PLC (LON:BOIL) Award to SundaGas of Chuditch PSC, Timor-Leste

Dr Malcolm Butler, Executive Chairman of Baron, commented: Baron’s entitlement to shares in the intermediate parent of SundaGas UL has the potential to add significant value to Baron and its shareholders.

We look forward to receiving details of how SundaGas intends to move forward with this exciting project.

Baron Oil Plc, the AIM-quoted oil and gas exploration and production company focused on opportunities in the UK, Latin America and SE Asia notes the provisional award on 8 November 2019 of the Timor-Leste offshore Chuditch Petroleum Sharing Contract (the “Chuditch PSC”) by Autoridade Nacional do Petróleo e Minerais (“ANPM”) to SundaGas Banda Unipessoal, Lda. (“SundaGas UL”) a subsidiary of SundaGas Pte Ltd (“SundaGas”).

The award will give SundaGas UL a 75% interest in the Chuditch PSC, with a carried 25% interest being held by TIMOR GAP, E.P. the national oil company of Timor-Leste. The PSC does not become effective until certain conditions have been fulfilled, including the posting of a Performance Bond

As shareholders will be aware Baron is entitled to be issued a 33.3% shareholding in the intermediate parent company of SundaGas UL. The Company is awaiting the full details of the PSC that was signed today and shareholders will be updated accordingly.


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Tags: ,
Malcare WordPress Security