By Adria Calatayud
Shares in Baron Oil PLC rose Wednesday after the company said that an independent review at its Chuditch production sharing contract, offshore East Timor, confirmed its view that the project has significant hydrocarbon potential.
The London-listed oil and gas company, which holds a 75% operating interest in the project, said a review of prospective resources indicated gross mean prospective resources of 592 million barrels of oil equivalent, of which 444 million barrels of oil would be attributable to Baron.
Subsurface risks for prospects are considered to be low, the company said.
Shares in Baron at 0723 GMT were up 9.7% at 0.09 pence.
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View more information: https://www.marketwatch.com/story/baron-oil-shares-rise-after-independent-review-validates-east-timor-project-271626247680