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Yes PB all last year we waited for the seismic, SG where supposed to be getting the
3d to reprocess long before the TGS all singing all dancing 2D cubed thing was
announced by TGS and Timor GAP (noc our partner currently)
We now know the Local industry is back on after all the years of impasse, the coalition
U turn on refineries will please Australia , to them it will be like loosing every battle all
the legal / concessions Timor Leste getting 100% control of a lot of the area
BUT winning the war, they now will it looks like if the coalition government holds, ya know
politic, Australia will be getting what they wanted in the first place, control of all the
production, they and industry partners spent billions building the new huge Darwin LNG
and refinery complex
A lot of that was on the back of expecting to process all of the Gas from both sides of the
JPDA and in particular the large fields already discovered like Greater Sunrise just to the
North East of us and the new large potential development fields like at the time Shell
(our Chuditch license) and Conoco Phillips USA , who held stakes in G.Sunrise also until
the who hah and departure.
We might not have to wait until the 3d arrives, if that TGS whole 50,000km squared 2d
they did last summer , is out there for the license round bidders and data room promised
last year is now up and running, they will already be looking at data that also crosses
our license
Also the ultimate prize would be now things are moving again , knowing what is there as
they discovered it Shell might just move early to get a high percentage of their ball back
GLA :))
Looking at the Macro view,when you have a huge asset then somehow,someone will find a way to exploit it.
We hold a huge asset which we acquired for peanuts. It will be to our considerable advantage in what could be very short order.
Just watch
TGS on their website last year also stated , initial deliverables July 2020 and the full
area seismic to be available for bidders by October 2020
The original license round was due to close mid October, the TL Gov announced an
extension to the round to give bidders more time, original awards where to be in
January (so pending)
Back then we also hoped our SG might be in line to pick up something in the new
round as heavily involved in the organisational events and promotions of Timor
Leste assisting arranging previous events etc
yep we just need the news that lights the blue touch paper, we have had the asset indirectly
for a while now increased holding from 25% to 64% and our equity holding of SundaGas to
85%
as also said WHY NOW , back in 2019 when they got the license awarded 75% with the other 25%
to Timor Gap the local NOC, relatives (nepotism lol) immediately in talks and we looked to
RTO 100% of SG but failed to secure funding and made the 33.3% SG AQ , license 25%
Figures in recent RNA messages have been revised to concentrate on the immediate area of the
Chuditch 1 discovery well
The figures in the SHELL presentation , they held the license until local politics between TL and OZ
on the disputed JPDA in the offshore region and reports OZ ripping them off , ground all to a halt
things are now moving again , with 2 recent drill programs announced , one being London Listed
Adv - Advance's Buffalo oil field
When the majors and tier one's like Shell and Conoco Phillips departed, SG and others took advantage
bit like Arty with Atomic stole in lol
The original Chuditch figures from shell the discovery Chuditch, plus Chud North/more and the leads
to the South West of the license (suspected oil/condensate) where staggering
The North East Chuditch discovery area having a combined 5.73 TCF = 974 mboe
plus the leads to the South
The terms of the license dictate if we prove seismic/other that Chuditch in play it calls for
and immediate upgrade to advance an exploration drill
We know the 3d is now being done by TGS and expected later in the year
Last year TGS did a 50,000 sqaure KM 2d seismic over the entire region as part of the
new license round for bidders to view in a data room
24th March Boil announce taking most of SG
25th March originally announced as the 3rd Timor Leste Oil and Gas conference (this time online)
was expanded to a two day event 25/26th
During this SundaGas a lead presentation on Chuditch
BUT more interesting on the CGG website one of their presentations was to brief the new high
quality seismic and the potential revealed (must be TGS's 2020 survey ?)
If so then that data is out their for industry players to view with the 3d to be still added once
processed
TGS announced last summer that the seismic would be new with old 2d and the 3d also to be
put together in their new tech 2D CUBED display presentation GLA
:))
Hopefully it will keep us entertained for the next few years lol
Many have crossed over , wonder how that happened LOL
:))
for the cross sharers if you have not seen looks like movement soon Nigeria
(posted a few and Mkb a nice one also)
Thanks guys, volume is on the other ticker, where my buy was showing.
Hopefully BOIL will keep us entertained for a month or so.
PS - are you in ADV @hfb. I am doing research into it today. Seems a good opportunity like COPL.
Great research and posts @hfb
Welcome @shaa
Great posts over the weekend bags. Buyers are back volumes picking up. I smell a blue day today. GLA
Morning Shaa. Welcome to COPL mark 2
ADV not flying just done its share consolidation and placing at a higher level
to fund the new AQ, drilling redevelopment of the old Buffalo Oil field
drilling later this year- early oil so should boom as it progresses
:))
ADV. flying today due to acquisition in Timor leste... hopefully we go the same way...