BARON OIL PLC (AIM: BOIL.L) is an independent oil and gas exploration and production company incorporated in the UK in April 2004. The Company currently holds exploration acreage in the UK and Timor-Leste. We concentrate on high potential impact projects at significant equity interests with low-cost entry into proven hydrocarbon provinces.

Baron holds a 75% working interest and operates the TL-SO-19-16 Production Sharing Contract (“Chuditch PSC”) offshore Timor-Leste through its wholly owned subsidiary company SundaGas Banda Unipessoal Lda. (“Banda”). The main current work programme obligation is to reprocess and then interpret legacy 3D seismic data, which is on schedule to be completed during 2H 2022, ahead of a decision on progressing to a drilling phase of the licence in 2023.

In August 2021 Baron executed a farm-in agreement which increased its interest from 15% to 32% in P2478 (Blocks 12/27c, 17/5, 18/1 and 18/2), which was awarded under the 31st Round of Offshore Licensing. The main current work programme obligations are to reprocess and then interpret legacy 2D and 3D seismic data, together with a geochemistry study, which are on schedule to be completed during 2H 2022, ahead of a decision on progressing to a drilling phase of the licence in 2023.