Wednesday 14 July 2021

Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company, is pleased to announce the results of an independent review of Prospective Resources by THREE60 Energy Asia Sdn. Bhd. ("THREE60 Energy") for the TL-SO-19-16 Production Sharing Contract, offshore Timor-Leste (the "Chuditch PSC" or the "PSC").

Key Points

· Independent review of the Chuditch PSC, validated to SPE PRMS 2018 industry standards, indicates gross Mean Prospective Resources of 3,368 Bscf of gas and 30 MMbbl of condensate, equivalent to a total of 592 MMBOE.

· Subsurface risks for prospects and lead estimated to be low since they share analogous geological characteristics to the Chuditch-1 and other gas discoveries in adjacent Timor-Leste and Australian waters.

· High Estimate of gross Prospective Resources equivalent to 1,156 MMBOE may reflect potential for a single, large

accumulation.

Background

Baron's Timor-Leste subsidiary SundaGas Banda Unipessoal, Lda. ("Banda" or "SundaGas Banda") holds a 75% operating interest in the Chuditch PSC, offshore Timor-Leste. The remaining 25% interest in the PSC is held by TIMOR GAP Chuditch Unipessoal, Lda., a subsidiary of the Timor-Leste state oil company, which is carried for all exploration and development costs through to first production. Baron therefore has an effective interest of 75% in the PSC.

Banda commissioned THREE60 Energy to critically review and validate Banda's interpretation of available subsurface data and to perform independent volumetric and risk factor calculations on the Chuditch-1 discovery and the adjacent prospects and lead. THREE60 Energy independently assessed the petrophysics, reservoir geology and reservoir engineering aspects of Chuditch-1. THREE60 Energy did not undertake an independent seismic interpretation, but reviewed in detail Banda's mapping, which is based on the 2D seismic data available to date.

As previously announced, Banda has now licensed pre-existing 3D seismic data which are being reprocessed by TGS-NOPEC Geophysical Company ASA ("TGS") and it is intended that these data will be incorporated in future resource updates at the appropriate junctures.

THREE60 Energy assessed volumes of gas and associated condensate, the latter being included in Baron's published resource assessments for the first time.

THREE60 Energy has applied to its resource volume estimates the definitions and guidelines set out in the 2018 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG), the Society of Petroleum Evaluation Engineers (SPEE), the Society of Exploration Geophysicists (SEG), the Society of Petrophysicists and Well Log Analysts (SPWLA) and the European Association of Geoscientists & Engineers (EAGE) - abbreviated to the "SPE PRMS 2018".