Baron Oil : Annual General Meeting June 2024

Building an Asian Gas Champion

Annual General Meeting

21 June 2024

www.baronoilplc.com

Important Notice & Disclaimer

The information contained in this document ("Presentation") has been prepared by Baron Oil plc (the "Company"). The Company is a UK company quoted on AIM, a market operated by London Stock Exchange plc. This Presentation has not been fully verified and is subject to material updating, revision and further verification and amendment without notice. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA") and therefore it is being provided for information purposes only.

While the information contained herein has been prepared in good faith, neither the Company nor any of its directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

The views of the Company's management/directors and/or its partners set out in this document could ultimately prove to be incorrect. No warranty, express or implied, is given by the presentation of these figures here and investors should place no reliance on the Company's estimates cited in this document.

The technical information contained in the Presentation has been reviewed and approved by Dr Andrew Butler, Fellow of the Geological Society, Chief Executive of the Company. He has compiled, read and approved the technical disclosure in this Presentation and indicated where it does not comply with the Society of Petroleum Engineers' standard.

This Presentation may contain "forward-looking statements" that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, performance, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward- looking statements to reflect events or circumstances after the date of this Presentation.

This Presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute or form part of any offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information or opinions contained in these slides or the Presentation or on the completeness, accuracy or fairness thereof. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

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Slide 1

Baron Oil Highlights in 2023-24: Corporate

2024 share price and trading volume

Raised £3 million gross in equity, Feb 2024

• Newly Appointed Directors and Executive
• • Gerry Aherne (Non-Exec Chair since April 2024)
  • Andy Butler (CEO since March 2024)
  • John Chessher (Ind. Non-Exec since April 2024)
  • Rob Collins (CFO since April 2024)
• Focussed approach to investor relations
• Departed North Sea, focusing on SE Asia
• • P2478 relinquished / UK 33rd Round unsuccessful
• Proposed new company name Sunda Energy*

* Subject to shareholder approval at AGM on 21 June	Slide 2

Why SE Asia?

Singapore

Baron office

Existing Asset

Strategy:

Dili

Chuditch

Capture and mature material gas assets with robust commercialisation options

Why SE Asia?

• Robust energy demand growth
• Gas is a key transition fuel
• Strong government alignment
• Material anchor asset in Timor-Leste
• Established operating platform
• Excellent networks and reputation
• Extensive regional knowledge
• Limited competition
• Clear opportunity pipeline

Slide 3

Baron Oil Highlights in 2023-24:Timor-Leste Operations

• PSC TL-SO-19-16 (Chuditch)
• • Commenced preparations for Chuditch-2 appraisal well
  • In-housedrill team assembled
  • Completion of site survey
  • Progressing approvals processes
  • Equipment and services tendering (ongoing)
  • Extensive drill funding discussions (ongoing)
• PSC / Joint Venture
• • Farm-Upenhanced participating interest to TIMOR GAP
  • Entered PSC Contract Year 3
  • Hosted President Ramos-Horta on his visit to UK
• SE Asia New Business
• • Commenced initiative to target other high value gas assets

Slide 4

Chuditch Appraisal Plan

• Plan to drill and test by early 2025
• Appraisal 5.1 km from discovery, in 68m water
• 149m gas column expected (vs. 30m at Chuditch-1)
• Drill team assembled; site survey completed

Slide 5

Social Responsibility Initiatives in Timor-Leste

• Focus on initiatives that assist capacity building in Timor-Leste
• • established meaningful country presence
  • mentoring and training junior local staff
  • maximising local content to extent possible
  • knowledge sharing with universities
  • student internship programme
  • sponsor SPE Timor-Leste student chapter
  • preparing CSR plan for local schools

Slide 6

Thank You