Baron Oil Plc (LON:BOIL) has provided an update on the status of the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste.
Headlines:
· Chuditch PSC has entered Contract Year Three
· Bank guarantee increased from US$1 million to US$2 million (net to Baron Oil)
· Funding initiatives progressing
· New investor presentation available on website
Timor-Leste Chuditch PSC: Commitment Status
The Chuditch PSC in Timor-Leste, which Baron operates through its SundaGas subsidiary, with a 60% working interest in partnership with state-owned joint venture partner TIMOR GAP Chuditch Unipessoal Lda, entered Contract Year Three of the PSC today, 19 June 2024. This is in line with the details set out in the operational update released by the Company on 28 May 2024.