–News Direct–
Baron Oil PLC CEO Andy Butler joined Proactive's Stephen Gunnion with latest developments at the Chuditch-2 appraisal well location, in the Democratic Republic of Timor-Leste.
The company has discovered approximately 1.2 trillion cubic feet (TCF) of gas and is preparing for an appraisal well later this year.
Butler said the company reached a key milestone with the completion of a site survey, which is a critical safety and environmental measure prior to drilling.
The original drilling location proved unsuitable due to irregular seabed conditions, detected through high-resolution sonar imaging. An alternative site, 286 metres away, was subsequently chosen, where shallow boreholes confirmed the seabed's strength to support drilling. This new location, higher in the gas structure, is expected to yield a taller gas column of about 249 metres, significantly more than the 30 metres initially discovered.
Additionally, Butler noted that operational costs are well below the approved budget, benefiting from strong collaboration with industry partners.
Planning and design work continues, with progress on technical, commercial, and regulatory fronts. Baron Oil is also engaging with potential funding partners as it moves forward with the project.
Contact Details
Proactive UK
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UKEditorial@proactiveinvestors.com
View source version on newsdirect.com: https://newsdirect.com/news/baron-oil-ceo-andy-butler-discusses-latest-milestones-at-chuditch-gas-project-in-timor-leste-607895979
Baron Oil PLC
COMTEX_451029078/2655/2024-04-18T08:31:23
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