Baron Oil PLC (AIM:BOIL) is to be renamed Sunda Energy plc, as it advances its business in South East Asia and its gas project in Timor-Leste.
"These are very exciting times for our company,” chief executive Andy Butler said in a statement.
“With a recently refreshed and energised board, a strong pivot to SE Asia where gas is in such strong demand, and the new proposed 'Sunda Energy' name, the company looks forward to a bright future.”
Sunda’s focus is the drilling of the Chuditch-2 appraisal well which aims to unlock the Chuditch gas discovery into development.
The company, in its operations update today, highlighted its progress toward the pivotal drill programme.
Key milestones include the completion of a site survey, ongoing negotiations for a drilling rig, the environmental approvals process, and well and production test design.
The Chuditch PSC is set to enter Contract Year Three on 19 June 2024, the company noted.
Baron Oil, through its subsidiary SundaGas, holds a 60% working interest in the Chuditch PSC in partnership with TIMOR GAP, Timor-Leste's state-owned energy company.
It is anticipated that the most likely start date for drilling operations will be in the first quarter of 2025.
“The progress of our preparations to drill the Chuditch-2 well, both operationally and in discussions with potential drill funding partners, is hugely encouraging and I look forward to providing regular updates as matters progress,” Butler added.
The company also today reported its final financial results for the twelve months ended 31 December 2023, in which it confirmed that it ended the year with £3.76 million of cash – and its financial position was supported by a further £3.26 million equity raise in February.
Baron, which is in a pre-revenue phase, reported a £1.71 million loss for the year.
“The company is in a strong position for the rest of 2024 and beyond as reinforces its focus on the energy-hungry markets of SE Asia,” non-executive chair Gerry Aherne said in the separate results statement.
"We are grateful for the ongoing support of our shareholders and other stakeholders, and I would like to particularly thank our team for their hard work and dedication."