The Baron Oil PLC (LON: BOIL) share price fell 12.5% after releasing the statement prepared by the company’s Non-executive Chairman, John Wakefield, for today’s Annual General Meeting (AGM). The statement covered the progress made on the company’s projects in detail.
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The first update was about the offshore TL-SO-19-16 PSC (Chuditch) asset in Timor-Leste, where technical and commercial progress has been made since the year began. The company highlighted the publishing of a Competent Person’s Report (CPR) ERC Equipoise Pte Ltd in February.
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The CPR was a significant milestone for the Chuditch asset’s technical evaluation. The CPR attributed approximately 1.1 Tcf of gross Pmean Contingent Gas Resources to the Chuditch-1 discovery (approximately 813 Bcf net to Baron, equivalent to 135MM barrels of oil).
The discovered resources, combined with the significant Prospective Resources in adjacent prospects, means that more than 2.6 Tcf of gas resources have been identified within the PSC on a gross Pmean basis.
Baron Oil is focused on further detailed data analysis to identify optimal candidate locations for appraisal drilling, environmental impact studies and additional geophysical work. The results will be input used in the in-depth well planning.
The company was recently granted a six-month extension to the current contract year of the Chuditch PSC, providing Baron’s SundaGas subsidiary with additional time to continue with pre-drill preparatory activities.
Baron continues efforts to attract funding partners and investors to participate jointly in a Chuditch appraisal well and other future activities.
As for its UK asset, the Offshore Licence P2478, the company noted that it had completed all the required phase 1 technical studies, and the RPS Group delivered a CPR in February.
The CPR report confirmed that the Dunrobin West prospect is a large, shallow, simple structure where an exploration well could target an aggregate of 119 MMboe gross unrisked Pmean Prospective Resources.
As the current phase of the licence draws to a close, the Joint Venture is actively engaged with the North Sea Transition Authority (“NSTA”) to extend Phase A of the Licence.
*This is not investment advice.
The Baron Oil (BOIL) share price.
The Baron Oil (BOIL) share price fell 12.5% to trade at 0.07p, from Wednesday’s closing price of 0.08p.
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