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Baron Oil reports significant upgrade in estimated resources from Chuditch PSC
StockMarketWire.com
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Oil and gas exploration company Baron Oil reported a significant upgrade in estimated resources from the Chuditch PSC after SundaGas, which owns 75% of the PSC, mapped a new lead, Chuditch North East, within the area.
SandaGas TLS, in which Baron has a 33% stake, had requested a minimum 12-month extension to the current, initial licence phase of Chuditch.
SandaGas estimated the Chuditch North East lead to contain a gross Mean GIIP of 1,544 BCF.
That would take the aggregate estimated gross mean volumes within the Chuditch PSC including Chuditch-1 discovery, Chuditch North and Chuditch North East lead, to 4,703 BCF GIIP.
Shell previously drilled the Chuditch PSC, but exploration was limited to the Chuditch-1 discovery and immediately adjacent prospects and parts of prospects lying within the licence area - the ZOCA 91-09 PSC.
The aggregate gross mean of those volumes was 2,901 billion standard cubic feet.
SundaGas TLS gathered and interpreted subsurface information, both regional and specific, to prospects lying within the Chuditch PSC, but incorporated areas outside the former ZOCA 91-09 PSC.
Progress on the Chuditch PSC had been hampered by unanticipated issues accessing data from Autoridade Nacional do Petroleo e Minerais.
But SundaGas has requested a minimum 12-month extension to the 18 December 2021 deadline to complete the agreed work programme and allow a timely drilling decision to be made.
At 10:06am: (LON:BOIL) Baron Oil share price was 0p at 0.08p
Story provided by StockMarketWire.com
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