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 […]
Tag: Timor-Leste
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 […]
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 […]
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 […]
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 […]
Baron Oil secures first step to drill-test Chuditch-2
Baron Oil plc has secured the first step for approval to drill and test the Chuditch-2 appraisal well planned for late 2024 offshore Timor-Leste. PREPARATIONS The company’s wholly owned subsidiary SundaGas Banda Unipessoal Lda, which operates the TL-SO-19-16 production sharing contract, will now submit a terms of reference including initial public consultations. This forms the […]