Baron ups stake in Chuditch PSC off Timor-Leste
London-listed Baron Oil has increased its interest in the Chuditch gas discovery and prospects offshore Timor-Leste, it said on April 23.
Baron has increased its shareholding in SundaGas from 33.33% to 85%, and thereby increased its indirect interest in the Chuditch production sharing contract (PSC) from 25% to 63.75%. SundaGas was awarded operatorship of the Chuditch PSC in November 2019.
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"Everything is in place to allow SundaGas Banda to undertake the PSC technical work programme activities, especially the critical 3D seismic reprocessing,” Andy Yeo, CEO of Baron said. “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."
The Chuditch PSC is located approximately 185 km south of Timor-Leste, 100 km east of the producing Bayu-Undan field and 50 km south of the planned Greater Sunrise development. It covers an area of approximately 3,571 km2, in water depths of 50-100 m, and contains the Chuditch-1 gas discovery, drilled by Shell in 1998.