Baron announced overnight it had processed new 3D seismic data which led to an upgraded resource from 3.9 trillion cubic feet to 5.5 Tcf gas in place on a 2C basis. 

Of this, the company estimated recoverable resources of 3.62 Tcf up from 2.92 Tcf in earlier estimates. 

Consultancy group ERCE have been engaged to provide an independent evaluation of the Chuditch project. 

While upgrading the resources, Baron also alluded to its future development plans. 

"As the preliminary subsurface interpretation is indicating an uncomplicated structural configuration for Chuditch, and subject to an ongoing revision of the Chuditch engineering concept study, a simpler field development concept is likely," Baron said. 

"Multiple potential export solutions for gas have been previously identified which are not dependent on any single concept or route."

Baron plans to develop the field using a floating rig and platform LNG facility which would make exports easier without the need for pipelines or sending gas to either a newbuild facility onshore or across the border to Australia. 

This is significant in that it will mean production can begin in the coming years, unlike Woodside Energy's Greater Sunrise project which has been mired in controversy around whether to build a greenfield onshore LNG facility in Timor-Leste or send gas by pipeline to Australia. 

"A revision of the Chuditch engineering concept study has commenced," Baron said. 

"It is anticipated that this work will illustrate and quantify a fast-track development pathway that targets first production in 2028."

Baron plans to separate CO2 from the gas produced and then export it via pipeline to the depleted Bayu Undan gas field operated by Santos for carbon sequestration. 

The company noted in its announcement overnight it still needs to find significant finance or farm-out an interest in the Chuditch project, to cover costs of future drilling and development. 

It said it would accelerate farm-out discussions now that 3D seismic had been interpreted. 

Baron operates the field with a 75% interest alongside the Timor-Leste government (25%). 

In a presentation at the recent Good Oil conference in Perth, Baron managing director Dr Andy Butler said the company planned to drill an appraisal well next year to follow up the Chutich 25m gas column discovery made 25 years ago.

The well will cost in the region of $24 million.