Timor-Leste approves Chuditch PSC extension ahead of drilling phase
Offshore staff
LONDON — Baron Oil subsidiary SundaGas Banda Unipessoal has secured a six-month extension to the TL-SO-19-16 production sharing contract (the Chuditch PSC) offshore Democratic Republic of Timor-Leste.
The Timor-Leste national authority Autoridade Nacional do Petróleo e Minerais (ANPM) granted the extension to Contract Year Two until Dec. 18, 2023.
SundaGas Banda Unipessoal requested the additional time to cover preparations prior to entering the drilling phase in Contract Year Three, where the commitment is one appraisal well on the Chuditch-1 discovery.
Preparatory activities include detailed evaluation of candidate drilling locations and well trajectories to support the final well design.
At the same time, the company is making arrangements to extend its $1 million Bank Guarantee from the current expiry date of Aug. 1 to cover the extension period.
06.02.2023
