Announcement • Jun 02
Sunda Energy Plc, Annual General Meeting, Jun 26, 2026 Sunda Energy Plc, Annual General Meeting, Jun 26, 2026. Location: the offices of allenby capital limited, 5 st helens place, ec3a 6ab, london United Kingdom New Risk • May 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (UK£7.90m market cap, or US$10.7m). New Risk • May 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£6.92m (US$9.41m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£6.92m market cap, or US$9.41m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Apr 10
Sunda Energy Plc has completed a Follow-on Equity Offering in the amount of £0.404779 million. Sunda Energy Plc has completed a Follow-on Equity Offering in the amount of £0.404779 million.
Security Name: Ordinary Share
Security Type: Common Stock
Securities Offered: 13,606,029
Price\Range: £0.02975
Security Features: Attached Warrants
Transaction Features: Regulation S Announcement • Apr 09
Sunda Energy Plc (AIM:SNDA) signed a Share Sale and Purchase Agreement to acquire Matahio Energy NZ Limited from Matahio Ventures Pte. Limited for $27 million. Sunda Energy Plc (AIM:SNDA) signed a Share Sale and Purchase Agreement to acquire Matahio Energy NZ Limited from Matahio Ventures Pte. Limited for $27 million on April 8, 2026. As part of the acquisition, Sunda Energy Plc will acquire the entire issued share capital of Matahio Energy NZ Limited. A cash consideration will be paid by Sunda Energy Plc. As part of consideration, the aggregate consideration is expected to be between $8 million and $14 million, with this anticipated to be at the high end of the range in the current oil price environment and contingent consideration expected to be between $1 million and $13 million, mostly related to a successful outcome of planned exploration drilling. Payments phased with a Deposit, Completion Payment and Deferred Consideration with the final payment date estimated to fall in Q3 2027. The transaction will be funded by a proposed fundraising of up to $8.88 million (£6.7 million), including a $1.19 million (£0.9 million) firm subscription, $1.06 million (£0.8 million) in conditional subscriptions, up to $0.99 million (£0.75 million) from a retail offer, and up to $5.63 million (£4.25 million) from convertible loan notes.
For the period ending December 31, 2025, Matahio Energy NZ Limited reported total revenue of $20.07 million (NZD 35.13 million), net loss of $4.17 million (NZD 7.30 million) and EBITDA of $1.86 million (NZD 3.26 million). As of December 31, 2025, Matahio Energy NZ Limited reported net assets of $10.3 million (NZD 18.03 million).
The transaction is conditional, inter alia, on New Zealand government approval for the change of control which is expected to take four to six months from the announcement.
Nick Athanas, Nick Harriss and Ashur Joseph of Allenby Capital Limited acted as financial advisor to Sunda Energy Plc. Neil Passmore of Hannam & Partners LLP acted as financial advisor to Sunda Energy Plc. Announcement • Apr 08
Sunda Energy Plc has filed a Follow-on Equity Offering in the amount of £0.75 million. Sunda Energy Plc has filed a Follow-on Equity Offering in the amount of £0.75 million.
Security Name: Ordinary Share
Security Type: Common Stock
Securities Offered: 25,210,084
Price\Range: £0.02975
Security Features: Attached Warrants
Transaction Features: Regulation S New Risk • Mar 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (UK£9.44m market cap, or US$12.6m). New Risk • Jan 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.24m (US$9.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£7.24m market cap, or US$9.93m). Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). New Risk • Nov 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£6.92m market cap, or US$9.10m). Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Oct 17
Sunda Energy Plc has completed a Follow-on Equity Offering in the amount of £0.47 million. Sunda Energy Plc has completed a Follow-on Equity Offering in the amount of £0.47 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,880,000,000
Price\Range: £0.00025 New Risk • Oct 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£8.88m market cap, or US$11.9m). Announcement • Oct 15
Sunda Energy Plc has filed a Follow-on Equity Offering in the amount of £0.23 million. Sunda Energy Plc has filed a Follow-on Equity Offering in the amount of £0.23 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 920,000,000
Price\Range: £0.00025 New Risk • Sep 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£4.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.8m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£7.30m market cap, or US$9.89m). New Risk • Aug 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.45m (US$10.00m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 8.2% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£7.45m market cap, or US$10.00m). New Risk • Jun 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.33m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 8.2% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£7.33m market cap, or US$9.95m). Announcement • Jun 03
Sunda Energy Plc, Annual General Meeting, Jun 27, 2025 Sunda Energy Plc, Annual General Meeting, Jun 27, 2025. Location: the offices of fieldfisher llp, riverbank house, 2 swan lane, ec4r 3tt, london United Kingdom New Risk • Jun 02
New major risk - Revenue and earnings growth Earnings have declined by 8.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 8.2% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£11.5m market cap, or US$15.5m). New Risk • Apr 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (UK£20.9m market cap, or US$27.8m). New Risk • Mar 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (UK£15.8m market cap, or US$20.5m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£16.6m market cap, or US$20.2m). Price Target Changed • Dec 10
Price target decreased by 16% to UK£0.0038 Down from UK£0.0045, the current price target is provided by 1 analyst. New target price is 443% above last closing price of UK£0.0007. Stock is down 14% over the past year. The company is forecast to post earnings per share of UK£0 next year compared to a net loss per share of UK£0.00009 last year. Announcement • Aug 12
Sunda Energy plc Announces the Appointment of Rob Collins to the Board of Directors Sunda Energy Plc announced the appointment of Rob Collins to the Board of Directors with immediate effect. Further to the announcement on 23 April 2024 of the engagement of Rob Collins as the Company's Chief Financial Officer in a non-board capacity, Sunda announced Rob's appointment to the Board of Directors with immediate effect. Rob Collinshas over 20 years' experience in natural resources corporate finance, advising on a broad range of corporate transactions spanning various commodity groups and transactions primarily at Evolution Securities, Canaccord Genuity Europe and GMP Securities Europe. He has successfully advised on numerous IPOs, public and private equity raises and M&A transactions for many UK, Canadian and Australian listed companies as well as acting as CFO for Victoria Oil & Gas Plc. Rob commenced his career at Coopers and Lybrand and is a qualified Chartered Accountant. Rob has been working with the Company, initially as a consultant, since December 2023. Robert ("Rob") Stewart Collins (aged 54) is, or has been, a director or partner of the following companies or partnerships during the previous five years: Current Directorships or Partnerships: Victoria Oil & Gas plc and ZAO Severgas-Invest (Russia); Previous Directorships or Partnerships: Victoria Energy Central Asia UK Ltd;
Alternative Resource Capital LLP; Sully & Partners LLP; Victoria Petroleum Ltd; Victoria Oil & Gas Central Asia Ltd; Orca Resource Capital Advisors LLP; Gaz du Cameroun Investments Ltd. (Guernsey); Bramlin Ltd. (Guernsey); Gaz du Cameroun SA (BVI). Rob Collins is a director of Victoria Oil & Gas plc and the company was placed into administration on 20 February 2023. The administration proceedings remain ongoing. Recent Insider Transactions • May 31
Independent Non-Executive Chairman recently bought UK£2.0m worth of stock On the 28th of May, Gerald Aherne bought around 30m shares on-market at roughly UK£0.068 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Gerald's only on-market trade for the last 12 months. Board Change • May 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Technical Director & Director Jon Ford is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Keith Bush was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 24
Baron Oil Plc Appoints Rob Collins as Chief Financial Officer Baron Oil Plc announced Rob Collins has been appointed as the company’s chief financial officer (CFO), currently a non-board position. Rob Collins has over 20 years' experience in natural resources corporate finance, advising on a broad range of corporate transactions spanning various commodity groups and transactions primarily at Evolution Securities, Canaccord Genuity Europe and GMP Securities Europe. He has successfully advised on numerous IPOs, public and private equity raises and M&A transactions for many UK, Canadian and Australian listed companies as well as acting as CFO for Victoria Oil & Gas Plc. Rob commenced his career at Coopers and Lybrand and is a qualified Chartered Accountant. Announcement • Apr 23
Baron Oil plc Announces Board Changes Baron Oil Plc announced further to the company's announcement on 15 March 2024, the company provided a further update regarding the changes to the company's board of directors. John Wakefield has stepped down as chairman of the board with effect from 22 April 2024 and Gerry Aherne has now been appointed to the Board as the company’s new independent non-executive chairman with immediate effect. Jon Ford, Technical Director for Baron, has elected to step down from the Board at the end of April 2024. Jon will be retained by the company in a part-time consultancy role to act as a technical adviser. Dr. John Chessher has joined the board as an independent non-executive director with immediate effect. Gerry Aherne has a wealth of career experience in insurance and financial markets, having been a founding director of PRI Group plc, a directors' and officers' liability insurer, and having held non-executive directorships with Henderson Group plc, Mecom Group plc, Omnis Investments Ltd. and Iveagh Ltd. He was Investment Director at Schroder Investment Management for 16 years, managing pension funds and unit trusts, Chairman of Electric & General Investment Trust plc, and also Chairman of Cenkos Securities plc from 2012 to 2018. He is currently Managing Partner of Javelin Capital Partners LLP. Dr. John Chessher is a highly experienced investment industry professional who has held CEO and director-level positions at leading asset management and investment banking firms. John has extensive knowledge and experience of corporate research and capital raising, including as CEO of Cenkos Securities Asia and Head of Asia Pacific Research at Schroder Investment Management. He holds an MA in Engineering Science from Oxford University and DBA, MSc and MBA qualifications from Henley Business School. He is a CFA charter-holder and currently combines non-executive and advisory roles with his position as a lecturer at Henley Business School. Announcement • Apr 17
Baron Oil plc Provides an Update on Operational Activities and Plans on the TL-SO-19-16 Production Sharing Contract, Offshore Democratic Republic of Timor-Leste Baron Oil Plc provided an update on operational activities and plans on the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste. As announced by the Company on 12 February 2024 and updated on 27 March 2024, Baron's wholly owned subsidiary, SundaGas Banda Unipessoal Lda, has been conducting a survey at the planned drilling location for the Chuditch-2 appraisal well (the "Site Survey"). The objective of a Site Survey is principally to identify hazards at a proposed well site, ensuring that a drilling rig can be located safely and with minimal environmental impact. The Site Survey work has consisted of geophysical studies (remote seabed investigation) and geotechnical work (physical studies of the seabed), using two separate vessels. All operational work related to the Site Survey has now been successfully completed and the vessel has left the PSC area. Some delays occurred during both the geophysical and geotechnical phases of the Site Survey, principally caused by weather conditions and a few other operational issues, but the work has now been completed, and at a cost significantly below the approved budget. Detailed investigation of the location initially chosen for the Chuditch- 2 well revealed an irregular seabed that would be unsuitable for placement of a jack-up drilling rig. As a result, a new more appropriate location has been chosen, which lies 286m to the east-northeast of the initial location. The well will now be situated 5.1km from the site of the original Chuditch-1 discovery well in a water depth of 68m. Based on 3D seismic mapping and the results of Chuditch-1, the planned vertical appraisal well drilled at this new location is expected to encounter gas-charged reservoirs 16m shallower than at the initial location and, as a result, SundaGas now predicts a taller 149m gas column in the reservoir target versus 133m predicted at the initial location. Drilling Planning Preparations In parallel to the recent Site Survey operations, drilling planning has continued at a good pace. SundaGas' experienced in-house drill team has further refined the well design, enabling the process of tendering for essential materials that have long procurement times such as well casing to have commenced. Design work on a Chuditch-2 well test (DST) is ongoing, led by SundaGas' well test engineer. SundaGas is in discussions with drilling rig contractors and other third-party service providers in support of well construction plans. The Company is also liaising closely with other operators in the region that are expected to drill wells in locations relatively nearby. Detailed workshops are being held on a regular basis with joint venture partner TIMOR GAP and government regulator ANP, whose input to operational and logistical planning is continuing to prove invaluable. SundaGas and its joint venture partner TIMOR G AP are working on resources to ensure successful delivery of the upcoming Chuditch-2 appraisal drilling campaign. Discussions with a number of potential funding partners are ongoing and further announcements will be made at the appropriate time. New Risk • Apr 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (34% increase in shares outstanding). Market cap is less than US$100m (UK£16.6m market cap, or US$20.8m). Announcement • Mar 17
Baron Oil plc Announces Chief Executive Officer Changes Baron Oil Plc announced certain changes to its Board of Directors to reflect the Company's current strategic focus on its South East Asian business where Baron has an experienced and capable team, with a genuinely material asset in the Chuditch gas project in Timor-Leste. Mr. Andy Yeo, Chief Executive Officer has informed the board of their intentions to resign from their position on the Board. Dr. Andy Butler (currently Director Asia-Pacific) is taking on the role of Chief Executive Officer with immediate effect. Andy Yeo will remain on the Board until the end of March 2024 to ensure an orderly transition of responsibilities to the new Chief Executive Officer. Announcement • Mar 16
Baron Oil plc Announces the Resignation of John Wakefield, as Non-Executive Chairman Baron Oil Plc announced certain changes to its Board of Directors to reflect the Company's current strategic focus on its South East Asian business where Baron has an experienced and capable team, with a genuinely material asset in the Chuditch gas project in Timor-Leste. Mr. John Wakefield, Non-Executive Chairman, and Mr. Andy Yeo, Chief Executive Officer, have both informed the board of their intentions to resign from their positions on the Board. Dr. Andy Butler (currently Director Asia-Pacific) is taking on the role of Chief Executive Officer with immediate effect. Andy Yeo will remain on the Board until the end of March 2024 to ensure an orderly transition of responsibilities to the new Chief Executive Officer. John Wakefield will step down from the Board once a new Non-Executive Chair has been appointed. The process for the appointment of a new Non-Executive Chair is underway, with suitable candidates already under consideration by the Board. Any such appointment to the board will be subject to, inter alia, the customary due diligence and appropriateness checks by the Company's nominated adviser regarding the suitability of new directors and Board composition as required under the AIM Rules for Companies and the AIM Rules for Nominated Advisers. New Risk • Feb 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 35% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (35% increase in shares outstanding). Market cap is less than US$100m (UK£13.3m market cap, or US$16.7m). Announcement • Feb 14
Baron Oil plc Announces Chuditch Operational Update Baron Oil Plc provided an update on operational activities on the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste. Baron's wholly owned subsidiary, SundaGas Banda Unipessoal Lda has entered into contracts to conduct a survey at the planned drilling location for the Chuditch-2 appraisal well, which is illustrated in the Company's presentation published on 11 October 2023. Site Survey operations are expected to be carried out at the location during February and early March 2024. The objective of the Site Survey, which is a requirement, is principally to identify any potential hazards at the proposed well site, ensuring that a drilling rig can be safely located there with minimal environmental impact. The Site Survey work consists of geophysical studies and physical investigation of the seabed and shallow geological section. SundaGas maintains dialogues with other companies active in the region to identify operational synergies for the drilling of the Chuditch-2 appraisal well. These discussions have resulted in the opportunity to acquire the Site Survey in partnership with a nearby operator. The estimated cost savings that derive from sharing services and vessel mobilisation compared to standalone acquisition are significant. In addition, the shared operation enables SundaGas to acquire the Site Survey earlier than originally planned, enabling aspects of well design to be accelerated and the environmental approval submissions to be expedited. Announcement • Nov 30
Baron Oil plc Provides an Update on Preparations for Drilling Activities on the Tl-So-19-16 Production Sharing Contract Baron Oil Plc provided an update on preparations for drilling activities on the TL-SO-19-16 Production Sharing Contract, offshore Timor-Leste. Baron's wholly owned subsidiary and operator of the PSC, SundaGas Banda Unipessoal, Lda has achieved the first step of three in securing environmental approvals for the drilling and testing of an appraisal well on the Chuditch field. The Timor-Leste government regulator for oil and gas, Autoridade Nacional do Petroleo, has issued a project classification (Drilling activity - Category A) following its assessment of the Project Document that describes the asset and project plan. Having passed this milestone, ANP has now requested SundaGas to proceed to the next step in the process, which is submission of a Terms of Reference, including initial public consultations. Drilling Planning Progress In its announcement and website presentation of 11 October 2023, the Company provided detailed information on the selected location for the Chuditch-2 appraisal well, the drilling of which is subject to financing. Good progress has continued to be made in preparation for the drilling campaign. SundaGas, its joint venture partner TIMOR GAP Chuditch Unipessoal Lda and ANP recently held the first of a number of workshops to collaborate on planning for drilling operations. All aspects of the preliminary operational plans were reviewed, including provisional well designs, detailed procurement procedures and health, safety and environmental planning. The next workshop is scheduled for mid-December 2023. SundaGas is seeking to maximise Timor-Leste local content in the provision of drilling support services for the planned Chuditch-2 appra well. An experienced Timorese drilling engineer has been recruited to join the SundaGas well operations team, and expressions of interest are being sought from in-country suppliers to provide services from the Timorese private sector, including in the areas of marine and helicopter logistics, fuel and consumables. Board Change • Jul 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Keith Bush was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 12
Baron Oil plc Announces UK Licence P2478 Update Baron Oil Plc notes announced that Reabold Resources plc in relation to offshore United Kingdom Licence P2478 (the "Licence"), in which Baron holds a 32% interest. Reabold Resources is the Licence administrator. The joint venture for offshore UK Licence P2478 has been granted a two year extension to Phase A of the licence by the UK North Sea Transition Authority ("NSTA", formerly the Oil and Gas Authority). A 'Drill or Drop' decision is now required on or before 14 July 2025. The extension has been made via a Deed of Variation to the Licence, which stipulates an additional commitment to acquire a minimum of 30 square kilometres of 3D seismic data. New Risk • Jul 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (UK£1.5m net loss next year). Shareholders have been diluted in the past year (32% increase in shares outstanding). Market cap is less than US$100m (UK£17.5m market cap, or US$22.2m). Announcement • Jul 04
Baron Oil Plc Appoints Dr. Andrew (Andy) Butler to the Board as Director, Asia Pacific Baron Oil Plc announced that Dr. Andrew (Andy) Butler commenced his appointment to the Board of Baron as Director, Asia Pacific, on 1 July 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman John Wakefield was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman John Wakefield was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Apr 02
Advisor has left the company On the 31st of March, Malcolm Butler's tenure as Advisor ended after less than a year in the role. We don't have any record of a personal shareholding under Malcolm's name. Malcolm is the only executive to leave the company over the last 12 months. 
