Finance News Oil & Gas

Sunda signs exclusivity deal for Chuditch drill

Sunda Energy plc has entered into an exclusivity agreement to fund drilling the Chuditch-2 gas appraisal well under the TL-SO-19-16 production sharing contract, Timor-Leste.  RIG The company said that any investment from private Singapore investor Pacific LNG Operations Pte Ltd would be through equity issued from a Sunda subsidiary. The agreement contains “carve-outs” for several […]

News Oil & Gas

Baron Oil to change company name

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 […]

News Oil & Gas

Baron Oil exits UK

Baron Oil plc has exited the UK after failing to secure new North Sea blocks in the 33rd licensing round and the earlier relinquishment of the Dunrobin-Golspie joint venture licence. Chief executive Dr Andy Butler said: “We can now focus all our attentions on our core area of SE Asia, where we have an exciting […]

Finance News Oil & Gas

Baron Oil raises £3m for Chuditch appraisal

Baron Oil plc raised £3.26 million via a placing, subscription and retail offer of a total 6,528,023,360 new ordinary shares of 0.025p each in the company, at 0.05 pence per new ordinary share. DIRECTORS’ DEALINGS The oversubscribed placing and subscription conditionally raised net proceeds of £2.7m for 6bn new ordinary shares. Chief executive officer Andrew Yeo subscribed for 12m […]

News Oil & Gas

Baron signs farm-up for Chuditch PSC

Baron Oil plc’s subsidiary has signed the farm-up agreement for the TL-SO-19-16 Chuditch production sharing contract, offshore Timor-Leste. OPERATIONS The contract between SundaGas Banda Unipessoal Lda and national oil and gas company TIMOR GAP Chuditch Unipessoal Lda follows December’s memorandum of understanding and now needs only regulatory approval. Planned operations remain drilling and flow testing […]