Farm-Up with TIMOR GAP becomes Unconditional

1 February 2024

Baron Oil Plc

("Baron", or the "Company")

Farm-Up with TIMOR GAP becomes Unconditional

Further to the Company's announcement on 24 January 2024, Baron Oil Plc (AIM: BOIL) is pleased to confirm that, following approval of the Farm-Up by Timor-Leste's National Petroleum Authority (Autoridade Nacional do Petróleo or "ANP"), the Condition Precedent has been satisfied.

Accordingly, the Farm-Up Agreement between Baron's wholly owned subsidiary SundaGas Banda Unipessoal, Lda. ("SundaGas") and TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP") in relation to the TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC" or the "PSC"), offshore Democratic Republic of Timor-Leste, has now become unconditional.  

Completion of the Farm-Up will occur in due course.

For further information, please contact:                                                   

Baron Oil Plc                                                  +44 (0) 20 7117 2849

Andy Yeo, Chief Executive   

Allenby Capital Limited                                +44 (0) 20 3328 5656

Nominated Adviser and Joint Broker 

Alex Brearley, Nick Harriss, George Payne (Corporate Finance)     

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)      

Cavendish Capital Markets Limited             +44 (0) 131 220 6939 / +44 (0) 207 397 8900

Joint Broker    

Neil McDonald, Pearl Kellie (Corporate Finance)     

Leif Powis (Sales)       

IFC Advisory Limited                                     +44 (0) 20 3934 6630

Financial PR and IR                                         baronoil@investor-focus.co.uk

Tim Metcalfe, Florence Chandler