Baron Oil (BOIL)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.051p
   
  • Change Today:
      0.002p
  • 52 Week High: 0.23p
  • 52 Week Low: 0.051p
  • Currency: UK Pounds
  • Shares Issued: 18,983m
  • Volume: 418,680,161
  • Market Cap: £9.68m

Baron Oil subsidiary gets extension to Chuditch PSC

By Josh White

Date: Friday 02 Jun 2023

LONDON (ShareCast) - (Sharecast News) - Baron Oil updated the market on the TL-SO-19-16 production sharing contract (PSC) on Friday, located offshore Timor-Leste.
The AIM-traded firm said its wholly-owned subsidiary SundaGas, which operates the Chuditch PSC, has received a six-month extension for contract year two of the PSC from the Autoridade Nacional do Petróleo e Minerais (ANPM).

It said the extension granted SundaGas additional time to complete the necessary preparations before entering the drilling phase of the PSC.

As a result, contract year two of the PSC would now expire on 18 December this year.

Following that, on entering contract year three, SundaGas committed to drilling one well to appraise the Chuditch-1 discovery.

A decision on whether to proceed with the drilling phase was required to be made on or before the expiration date.

Baron Oil said the extension would allow SundaGas to conduct a comprehensive evaluation of candidate drilling locations and well trajectories, which would be crucial inputs into the final well design.

The company was aiming to ensure that all necessary preparations were in place to maximise the efficiency and success of the drilling operation.

To cover the extension period, arrangements were being made to extend the existing $1m bank guarantee, which was currently set to expire on 1 August.

An extension there would provide the required financial security throughout the extended contract year two.

"As the company indicated in its final results for 2022 on 23 May, there are a number of ongoing discussions with third parties regarding participation in the Chuditch appraisal well and future activities," the board said in its statement.

"Whilst there is the usual uncertainty over whether and when such discussions may come to fruition, the granting of a further six-month extension and its associated work programme maximises the chances of success.

"We look forward to updating shareholders on progress as and when appropriate."

At 1225 BST, shares in Baron Oil were down 4.05% at 0.09p.

Reporting by Josh White for Sharecast.com.

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Baron Oil Market Data

Currency UK Pounds
Share Price 0.051p
Change Today 0.002p
% Change -2.86 %
52 Week High 0.23p
52 Week Low 0.051p
Volume 418,680,161
Shares Issued 18,983m
Market Cap £9.68m

Baron Oil Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
21.24% above the market average21.24% above the market average21.24% above the market average21.24% above the market average21.24% above the market average
44.74% below the sector average44.74% below the sector average44.74% below the sector average44.74% below the sector average44.74% below the sector average
Price Trend
74.56% below the market average74.56% below the market average74.56% below the market average74.56% below the market average74.56% below the market average
53.66% below the sector average53.66% below the sector average53.66% below the sector average53.66% below the sector average53.66% below the sector average
Income Not Available
Growth Not Available

Baron Oil Dividends

No dividends found

Trades for 26-Feb-2024

Time Volume / Share Price
17:07 12,500,000 @ 0.051p
16:35 21,416,095 @ 0.051p
16:35 1,416,095 @ 0.051p
16:35 1,583,905 @ 0.051p
16:35 3,416,095 @ 0.051p

Baron Oil Key Personnel

CEO Andrew Yeo

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