Baron Oil Proposes Name Change to Sunda Energy, Reports Year-End Financial Results
London, UK
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May 28, 2024 07:23 AM Eastern Daylight Time
Baron Oil CEO Dr Andy Butler joined Steve Darling from Proactive to announce the company's proposal to change its name to Sunda Energy plc. This new name reflects the company’s strategic focus on gas exploration and production in Southeast Asia, particularly in the Sunda region, a vast archipelago known for its rich natural resources. The Board believes the company holds significant competitive advantages in this region, including a robust operating platform, a team with considerable experience and a stellar reputation, strong relationships with government and industry peers, and extensive regional knowledge that will enable the execution of a clear, value-oriented growth strategy.
Butler also detailed the company’s year-end financial results, highlighting several major milestones achieved over the past year. Notably, Baron Oil has made substantial progress with the Chuditch asset in Timor-Leste, moving from the evaluation phase into drilling preparation. Chuditch, estimated to hold 1.2 trillion cubic feet of gas and 200 million barrels of oil equivalent. The drilling is planned for early next year, with preparations well underway.
Additionally, Baron Oil secured a farm-up agreement with TIMOR GAP, Timor-Leste's national oil company, completed after the reporting period. This agreement increased TIMOR GAP's working interest in the Chuditch project from 25% to 40%, with TIMOR GAP now responsible for 20% of the Production Sharing Contract (PSC) costs. This strategic partnership not only strengthens the project's financial foundation but also aligns with regional development goals.
The company remains focused on securing additional funding partners to participate in the drilling of the appraisal well. This effort is crucial for advancing the Chuditch project and realizing its full potential. The name change to Sunda Energy plc is seen as a pivotal step in aligning the company's identity with its strategic ambitions and regional focus.
In conclusion, Baron Oil's proposed name change to Sunda Energy, combined with its significant achievements over the past year, positions the company for continued growth and success in the Southeast Asian gas sector. The company’s strategic focus, robust partnerships, and strong regional presence are expected to drive future developments and enhance shareholder value.
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