Business
Information on the Chuditch-1 Discovery
Information on the Chuditch-1 Discovery.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9241B Baron Oil PLC 04 February 2020 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n4 February 2020\n \n \nBaron Oil Plc\n(\"Baron\" or \"the Company\")\n \nInformation on the 1998 Chuditch-1 discovery (Timor-Leste)\n \nBaron Oil Plc (AIM:BOIL) is pleased to announce that it has updated its website (www.baronoilplc.com) to include information on the TL-SO-19-16 PSC (the \"Chuditch PSC\") that has been derived from publicly released reports on the area prepared by Shell Development (Australia) Pty. Ltd. (\"Shell\") in 1998 and 2001 following the drilling of the Chuditch-1 discovery well. This well, was drilled in 64 metres water depth in a total of 25 days for US$8 million and encountered a 25m gas column in the Jurassic Plover formation on the flank of a faulted structure. The reports include estimates of gas in place and percentages recoverable that were defined by Shell's internal analyses and are therefore not compliant with the 2018 SPE PRMS Prospective Resources standard.\nKey Points for the combined Chuditch, Chuditch North and Chuditch South closures (\"Greater Chuditch\") within the Chuditch PSC:\n· Total gross estimate of Mean gas in place (GIIP) of 2,320 BCF\n· Gas recovery expected by Shell to be in the range of 55% to 75%, leading to gross estimates of Mean recoverable gas of 1,276 to 1,740 BCF, considered by Baron to be Prospective Resources\n· Risks associated with trap, reservoir and charge for the Greater Chuditch closure were considered by Shell to be zero (that is, the Geological Chance of Success is assumed to be 100%), remaining uncertainty being on the volumes in place\nBaron intends to invest in the Chuditch PSC project through its entitlement to a one third shareholding in SundaGas (Timor-Leste Sahul) Pte. Ltd. (\"SundaGas TLS\"), equating to an indirect net 25% interest in the Chuditch PSC.\nDr Malcolm Butler, Executive Chairman of Baron, commented:\n\"The information from the Shell reports gives a clear indication of the substantial potential for hydrocarbons within the Chuditch PSC and the reason that Baron has maintained its ...