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 begun operations for a survey at the designated drilling location for the Chuditch-2 appraisal well. This move comes after the reevaluation of an old gas field using advanced seismic technology, which uncovered gas resources substantially larger than previous estimates.
The discovery has prompted Baron Oil to prepare for drilling an appraisal well aimed at confirming these findings. Additionally, the company plans to conduct a production flow test (DST) to assess the commercial viability of the gas field. The exploration efforts have been financially supported by shareholders in London, including a successful fundraising event held in February. Baron Oil is also in the process of seeking further funding partners to bolster its exploration activities.
Despite applying for a license in the 33rd licensing round for offshore UK exploration, CEO Andy Butler emphasized that the company's primary focus remains on Southeast Asia. The Timor-Leste government has shown strong support for the project, even increasing its stake in the venture. Baron Oil's immediate plans include completing the site survey for the well location and engaging with drilling contractors to advance its exploration and drilling operations.
For more information on Baron Oil PLC's exploration activities, visit https://www.baronoilplc.com.
