Baron Oil plc plans to change its name to Sunda Energy plc, reinforcing its “unambiguous” focus on southeast Asian energy markets.
DEMAND
The company’s project is the offshore Timor-Leste TL-SO-19-16 production sharing contract, where the Chuditch-2 appraisal well is due to be drilled.
Baron said it was concentrating on potential Chuditch drill funding partners and new venture gas opportunities with low initial cost of entry.
Shareholders will vote at the forthcoming general meeting on the new name which relates to the archipelago of islands in the SE Asia region.
The company added: “The board believes that the company has significant competitive advantages within the Sunda region, including a strong operating platform and a team with considerable experience and an excellent reputation; strong relationships with government and industry peers; and extensive regional knowledge that will enable execution of a clear value orientated growth strategy.
“Gas, which is naturally abundant in SE Asia, is an increasingly important part of the energy mix, particularly as a transition fuel in a region where energy demand leads to a heavy reliance on emissions-intensive coal.
“As a result, Asia is the centre of global growth in liquefied natural gas (LNG) demand.
“These factors underpin the company’s drive to focus on gas in the region.”
In June 2022, Baron relinquished its interests in Peru and in March this year surrendered the joint venture UK North Sea licence covering the Dunrobin and Golspie prospects.