(NewsDirect)
Baron Oil PLC CEO Andy Butler takes Proactive's Stephen Gunnion through progress at the company's TL-SO-19-16 Production Sharing Contract (Chuditch PSC) off the coast of Timor-Leste after subsidiary SundaGas commenced operations for a survey at the planned drilling location for the Chuditch-2 appraisal well.
Butler said the old gas field has been reevaluated using advanced seismic technology, revealing significantly larger gas resources than previously estimated. The company is preparing to drill an appraisal well to confirm these findings and perform a production flow test (DST) to demonstrate commercial viability.
Baron Oil has funded its exploration through support from shareholders in London, including a recent fundraising event in February, and is actively seeking additional funding partners.
While the company has also applied for a license in the 33rd licencing round in offshore UK, Butler said its primary focus remains on Southeast Asia. The company has reported positive government support from Timor-Leste, with the government increasing its stake in the project.
Immediate plans include conducting a site survey for the well location and engaging with drilling contractors.
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