Baron Oil says it intends to seek further partners to fund drilling off East Timor and will "re-engage" next year with potential new partners for the Dunrobin prospect in the North Sea.
UK-listed Baron Oil (LON:BOIL), which operates TL-SO-19-16 PSC offshore East Timor via its subsidiary SundaGas, has significantly boosted its aggregate gas-in-place and recoverable gas resource estimates after reprocessing the Chuditch 3D seismic data.
As the world seeks to decarbonise, East Timor hopes that a plan for a giant carbon capture and storage (CCS) hub will help it find financial backing for a proposed liquefied natural gas (LNG) facility that would process gas from the Greater Sunrise fields.
Sunda Gas is busy completing various studies that could lead to the commercial development of the shallow-water Chuditch gas discovery offshore East Timor with a potential floating liquefied natural gas (LNG) development under consideration.
UK-listed Baron Oil has boosted its stake in the Chuditch gas discovery and surrounding acreage offshore East Timor.
UK-listed Advance Energy has successfully raised the capital to acquire a 50% stake in the Buffalo project off East Timor. Drilling at the redevelopment project later this year is targeting a potential oil bonanza.