Baron Oil Plc (LON:BOIL) has announced a proposed change of the Company’s name to reflect its strategic focus on gas in South East Asia and an update on operational activities on the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste. This follows the announcement of the Company’s results for the year ended 31 December 2023 earlier today.
Headlines:
· Change of Company name to ‘Sunda Energy plc‘ to be put to shareholders at forthcoming Annual General Meeting
· Name change reinforces Company’s strategic focus on gas in the South East Asia region
· Chuditch PSC will enter Contract Year Three on 19 June 2024
· Significant progress in operational planning for Chuditch-2 well, including:
o site survey completion
o negotiations on a drilling rig
o environmental approvals process
o well and production test design
o procurement of equipment and services
· Good progress in discussions with potential Chuditch drill funding partners
· Pursuing new venture gas opportunities in SE Asia with low initial cost of entry.