23rd Apr 2021 11:29
(Alliance News) - Baron Oil PLC said on Friday it has increased its shareholding in exploration and production firm SundaGas Pte Ltd.
The AIM-listed oil and gas exploration company has upped its stake in Singapore-based SundaGas to 85% from 33%, thereby increasing its indirect interest in the Chuditch PSC project to 64% from 25%.
Baron shares were trading 19% higher at 0.11 pence in London.
The Chuditch PSC is located offshore Timor-Leste and contains the Chuditch-1 gas discovery, previously drilled by Royal Dutch Shell PLC.
"Everything is in place to allow SundaGas Banda to undertake the PSC technical work programme activities, especially the critical 3D seismic reprocessing. These works will enable an up-to-date assessment of the true potential of the Chuditch discovery and of the viability of drilling an appraisal well and further exploration wells in a timely manner," said Baron Chief Executive Andy Yeo.
By Will Paige; [email protected]
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