The award of the TL-SO-19-16 PSC in Timor-Leste marks a major change in the potential of the Company’s assets and much of the focus over the next two years will be on confirming the size of the existing gas discovery on the block. However, the UK and Peruvian assets still have the potential to add significant value.
Timor-Leste – Chuditch PSC
Offshore in the Chuditch PSC region which is located approximately 185 kilometres south of Timor-Leste
UKCS P2470 & P2478
Just off the coast of NE Scotland and with two major prospects already defined
UKCS P1918 Area – Colter
In shallow water immediately SE of Wytch Farm oilfield, with the potential to make use of its existing facilities
Peru Block XXI – El Barco
Onshore in the Piura region of Northern Peru where there are nearby markets for gas
Timor-LesteChuditch PSC Offshore exploration (25% Interest)
SundaGas was awarded TL-SO-19-16 Production Sharing Contract (“Chuditch PSC”) offshore Timor-Leste in November 2019, as Operator. Under the terms of the 2016 Joint Study Agreement between Baron and SundaGas, Baron is entitled to hold a one-third interest in the shares of SundaGas Timor-Leste (Sahul) Pte. Ltd., the parent company of the Timor-Leste subsidiary holding the PSC interest, and plans to continue to fund this interest, which equates to an indirect interest of 25% in the Chuditch PSC.
UKCSP2470 & P2478 Offshore exploration (15% interest)
In September 2019, Baron was awarded a 15% interest in P2470 (Blocks 11/23, 11/24c and 11/25c) and P2478 (Blocks 12/27c, 17/5, 18/1 and 18/2) under the 31st Round of Offshore Licensing.
UKCSP1918 – Colter Offshore exploration (8% Interest)
Baron participated in the Colter well (98/11a-6 and sidetrack (98/11a-6z) in Licence P1918 in 2019 and earned an 8% interest in this Licence and onshore PEDL330 and PEDL345. 98/11a-6 encountered oil in the Sherwood Sandstone of the Colter South Prospect.
PERUBlock XXI – El Barco Onshore exploration (100% interest)
Following the acquisition of a grid of new 2D seismic data in 2015/16, Baron has identified a new prospect close to the 1954 Minchales-1X well that encountered a small gas accumulation. The Company is discussing with potential co-venturers plans to drill well El Barco-3X to a total depth of 1850 metres in 2019 to test for gas in Miocene Mancora sands and both oil and gas in fractured basement.