Baron Oil PLC, under the leadership of CEO Andy Butler, has announced significant progress in its exploration activities within the TL-SO-19-16 Production Sharing Contract area, located off the coast of Timor-Leste. The company's subsidiary, SundaGas, has initiated operations for a survey at the proposed drilling site for the Chuditch-2 appraisal well. This move comes after advanced seismic technology reevaluated the old gas field, uncovering gas resources substantially larger than previous estimates.
The discovery has led Baron Oil to prepare for drilling an appraisal well aimed at confirming these findings. Furthermore, the company plans to conduct a production flow test (DST) to demonstrate the field's commercial viability. This step is crucial for attracting investment and moving forward with development plans. The company has successfully funded its exploration efforts through shareholder support in London, including a fundraising event held in February. Baron Oil is also in the process of seeking additional funding partners to bolster its exploration endeavors.
Despite applying for a license in the 33rd licensing round for offshore UK, Baron Oil's primary focus remains on Southeast Asia, particularly the Timor-Leste project. The company has reported receiving positive support from the Timor-Leste government, which has increased its stake in the project. This governmental backing is a significant vote of confidence in the project's potential and Baron Oil's operational capabilities.
Looking ahead, Baron Oil's immediate plans include conducting a detailed site survey for the well location and engaging with drilling contractors. These steps are essential for advancing the company's exploration and drilling activities. The findings from the Chuditch-2 appraisal well could have far-reaching implications for the energy sector in Southeast Asia, potentially opening up new opportunities for gas production and export. For more information on Baron Oil's projects, visit https://www.baronoilplc.com.
