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TPI provides its latest research note on Baron Oil Plc (BOIL.L)

Baron has released an update on the TL-SO-19-16 Production Sharing Contract (the ‘Chuditch PSC’) which is located in the Democratic Republic of Timor-Leste. Holding an indirect interest of 25% through its 33.33% shareholding in SundaGas (Timor-Leste Sahul) Pte. Limited (‘SundaGas TLS’).

Today’s announcement notifies investors of a proposal that has been presented to the region’s National Authority of Petroleum and Minerals (‘ANPM’), in an effort to initiate new discussions to resolve the key data issues that have hampered progress on the project to date, along with a request for a 12-month extension and a doubling of its aggregate Gross Prospective Resources gas estimates to over 3.5 TCF.

If accepted the Chuditch PSC has potential to be transformative for Baron, exemplifying its strategy of targeting material interests in high impact assets with opportunity to attract institutional participation.

Positively also, the extensive technical work undertaken for this exercise has resulted in the identification of a significant new lead, Chuditch North East, which is close to the existing discovery and, along with a material upgrade to the recovery expectation, results in an aggregate Mean Recoverable Prospective Resource net to Baron of c.882 BCF.

Launch Presentation

We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Baron Oil Plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2021 Turner Pope Investments (TPI) Limited, all rights reserved.


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