Timor-Leste, 29 May, 2024 (The Energy Circle) - Baron Oil PLC is set to be renamed Sunda Energy PLC, showing a renewed focus on its gas project in Timor-Leste and larger ambitions in Southeast Asia.

Central to Sunda Energy’s strategy is the Chuditch-2 appraisal well, which aims to develop the Chuditch gas discovery. Progress has been made with a site survey completed and ongoing negotiations for a drilling rig. Environmental approvals and well design are also underway, with drilling anticipated to begin in the first quarter of 2025.

SundaGas, a subsidiary of Baron Oil, holds a 60% interest in the Chuditch PSC, in partnership with Timor-Leste’s state-owned energy company, TIMOR GAP, which recently increased its stake to 40%. The Chuditch PSC will enter its third contract year on 19 June 2024.

Financially, Baron Oil ended 2023 on a strong note, reinforced by a significant equity raise in February. Despite reporting a loss for the year, the company is well-positioned for the remainder of 2024 and beyond. As it prepares for the Chuditch-2 well, which is anticipated to be a substantial investment, Sunda Energy is optimistic about securing the necessary funding to advance its projects.

Sunda Energy is set to capitalise on the growing energy demands of Southeast Asia. The company is not only advancing its Chuditch project but also actively seeking further opportunities in the region. With a strategic focus on gas development and regional exploration, Sunda Energy aims to play a major role in meeting the area's energy needs, positioning itself for long-term growth and success.