Baron Oil plc said it would continue to focus on its existing operated Chuditch gas PSC following the end of the second licensing round in Timor-Leste.
CHUDITCH PSC
The company’s subsidiary, SundaGas Banda Unipessoal Lda had conducted a detailed evaluation of the offshore blocks available in the round before concluding to focus on Chuditch.
The Chuditch PSC [product sharing contract] is located approximately 185km south of Timor-Leste, 100km east of the producing Bayu-Undan field.
It covers approximately 3,571 km2, in water depths of 50-100m, and contains the Chuditch-1 gas discovery drilled by Shell in 1998.
In January 2021, Baron announced a gross estimated mean prospective resources of 3,527bcf.
The licence comprises the Chuditch-1 discovery, three adjacent prospects of Chuditch West, Chuditch South West and Chuditch North, and a previously unrecognised, “significantly sized” lead of Chuditch North East.
PROGRAMME
Baron’s website states that the work programme for the current phase of the Chuditch PSC includes reprocessing a minimum of 800km2 of 3D and 2,000km of 2D seismic data.
Subject to results, the company will drill a minimum of one well in the third and final year of the initial period of the PSC.
A drill-or-drop decision will be made by November 2022.
INTEREST
SundaGas Timor-Leste (Sahul) Pte Ltd, a fully owned subsidiary of Baron, is the parent company of the Timor-Leste subsidiary SundaGas Banda Unipessoal Lda.
Banda is the operator of and 75% interest holder in the offshore Timor-Leste TL-SO-19-16 PSC.
The remaining 25% interest is held by a subsidiary of the Timor-Leste state oil company Timor Gap, E.P., whose interest is carried by Banda to development.
Banda entered into an agreement with Spectrum Geo Australia Pty Ltd to license and reprocess the 3D seismic data.