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12 Feb, 2024 13:29 12 Feb, 2024 13:05

Baron Oil reports latest progress at SundaGas subsidiary

dl baron oil aim east timor leste exploration development logo
Baron OilSharecast graphic / Josh White

Baron Oil updated the market on its operational activities at the TL-SO-19-16 production sharing contract (PSC) on Monday, offshore Timor-Leste.

The AIM-traded company said its subsidiary, SundaGas, had finalised contracts to conduct a site survey at the designated drilling location for the Chuditch-2 appraisal well.

Operations for the site survey were scheduled to take place during February and early March.

The company said the primary aim of the site survey, a mandatory requirement, was to pinpoint potential hazards at the proposed well site, ensuring the safe placement of a drilling rig with minimal environmental impact.

It said the survey would comprise geophysical studies and physical investigations of the seabed and shallow geological section.

SundaGas had been actively engaging in dialogues with other companies operating in the area to identify potential operational synergies for the drilling of the Chuditch-2 appraisal well.

The discussions led to the opportunity to collaborate with a nearby operator in acquiring the site survey.

Baron said the collaboration was expected to result in significant cost savings due to shared services and vessel mobilisation, compared to standalone acquisition.

Moreover, the shared operation would enable SundaGas to obtain the site survey earlier than initially planned, expediting certain aspects of well design and environmental approval submissions.

At 1305 GMT, shares in Baron Oil were down 4.49% at 0.08p.

Reporting by Josh White for Sharecast.com.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.