Baron Oil PLC Planned Chuditch-2 Appraisal Well Location (7001P)
October 11 2023 - 2:00AM
UK Regulatory
TIDMBOIL
RNS Number : 7001P
Baron Oil PLC
11 October 2023
11 October 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
Baron Oil Plc
("Baron", or the "Company")
Presentation on Planned Chuditch-2 Appraisal Well Location
Baron Oil Plc (AIM: BOIL), the AIM-quoted oil and gas
exploration and appraisal company focused on assets in SE Asia and
the UK, is pleased to announce that it has published a presentation
containing further information on the planned 'Chuditch-2'
appraisal well on the TL-SO-19-16 ("Chuditch") Production Sharing
Contract, offshore Timor-Leste. The presentation may be accessed
via the following link
http://www.rns-pdf.londonstockexchange.com/rns/7001P_1-2023-10-10.pdf
and it will also shortly be available on the Company's website (
www.baronoilplc.com ).
On 25 September 2023, the Company announced its Interim Results,
which advised on the preferred drilling location for an appraisal
well on the Chuditch gas field. The investor presentation published
today illustrates the location in detail, along with the well
location selection criteria used, the approaches for de-risking
candidate locations, basic well design information and updates on
the status of drilling planning.
The chosen location, approximately 4.8km from the Chuditch-1
discovery well, represents a substantial step-out, demonstrating
the size of the field and the Company's confidence in the quality
of the reprocessed seismic datasets. It is anticipated that a
Chuditch-2 appraisal well would use a simple vertical well design
to target a gas column of over 100 metres, relative to the 30 metre
column discovered at Chuditch-1 in 1998.
Subject to drill financing, it is currently expected that a
Chuditch-2 appraisal well would be drilled in late 2024, using a
jack-up drilling rig, and is expected to take around 21 days to
drill, with a further 15 days assumed for logging and a drill stem
test. The water depth at the proposed Chuditch-2 location is 60
metres and the well would be drilled to 3,020 metres below mean sea
level. Improved subsurface imaging from the reprocessed 3D seismic
data permits a vertical well design, which is operationally simpler
and more cost efficient. The well is planned to penetrate the
Plover Formation reservoir at least 500 metres from the Chuditch
fault on the southeast side of the field, mitigating location risk
from fault imaging uncertainty.
In relation to drilling planning, Baron has recruited a Well
Operations Manager and scheduled planning workshops with government
regulator ANP and joint venture partner TIMOR GAP. Baron is also in
discussions with other regional operators to identify potential
logistical and operational cost-saving synergies, and has submitted
first phase documentation to ANP for environmental permits.
The Company looks forward to providing further information on
its preparations for drilling in due course.
The Company also announces that its joint broker has changed its
name from Cenkos Securities plc to Cavendish Securities plc
following completion of its own corporate merger.
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, George Payne (Corporate
Finance)
Kelly Gardiner, Stefano Aquilino (Sales and Corporate
Broking)
Cavendish Securities Plc +44 (0) 131 220 6939 / +44 (0) 207 397 8900
Joint Broker
Neil McDonald, Pearl Kellie (Corporate Finance)
Leif Powis (Sales)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
The technical information contained in this announcement has
been reviewed by Jon Ford BSc, Fellow of the Geological Society,
Technical Director of the Company. Mr Ford has more than 40 years'
experience as a petroleum geoscientist. He has compiled, read and
approved the technical disclosure in this regulatory
announcement.
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END
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