Baron Oil Plc (LON:BOIL) has confirmed that, further to the Company’s announcements of 24 January 2024 and 1 February 2024, the Farm-Up Agreement between Baron’s wholly owned subsidiary SundaGas Banda Unipessoal, Lda. and TIMOR GAP Chuditch Unipessoal Lda in relation to the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste, has completed.
As 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.