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Looks like the Valaris 247 could be our rig, a rig contract announcement is due per RNS. Slide clearly states:
"Subsequent slot available to Sundagas"
"Sundagas Chuditch (40days)"
https://x.com/AiMTrades1/status/1769645799296696662?t=RZka7J19gOeV-l-ZoZdJmA&s=35
Source link:
https://www.facebook.com/photo/?fbid=3043831915748405&set=a.738275799637373
Ties in with recent RNS statement:
"The Directors also consider that the Farm-Up allows for early engagement to secure a drilling slot"
Yes but I think some one mentioned on here we have to have funding in situ to guarantee the slot ? So in principal it seems like we are pencilled in subject to funding ?
Is the way I am understanding it ?
I added 2 mil today avg down somewhat and believ me onwards and upwards or pot simmering now
GLA
Baron is preparing for operations to drill and flow test the Chuditch-2 appraisal well in late 2024, subject to the availability of a rig, drilling services and the completion of drill finance. In this respect, discussions are underway to secure a rig slot and on 12 February 2024 the Company announced that it had entered into contracts to conduct a site survey at the planned drilling location for the Chuditch-2 appraisal well. Contract Year 3 of the PSC, which commences on 19 June 2024, includes a commitment to drill an appraisal well by 18 June 2025.
The Chuditch-2 appraisal well location represents a significant updip step-out, which is 4.8km from the Chuditch-1 discovery well drilled by Shell in 1998.
Baron's key objectives from the Chuditch-2 appraisal well include:
· prognosing a potential 133 metre gas column, versus a 30 metre column at the original Chuditch-1 location
· validating gas resource estimates
· performing a production flow test (drill stem test) to enable future field development planning
Advanced well planning in relation to the Chuditch-2 appraisal well is underway. Baron is also evaluating potential gas development and export options.
Baron's current activities in relation to advancing the Chuditch project include:
· Discussions with rig owners
· Identifying potential logistical synergies with regional operators
· Progressing the environmental approvals process
· Preparing to conduct a site survey at the proposed Chuditch-2 appraisal well location
· Commencing the procurement process for long lead items
· Updating of the well design and costs
· Recruiting for key posts, including Well Operations, Health, Safety and Environmental and Procurement
· Ongoing discussions with Farm-Out and other potential funding partners, as part of the Farm-Out campaign
Key anticipated milestones
The Board anticipates the following key milestones for the Chuditch project in 2024:
· Site survey at the proposed Chuditch-2 appraisal well location in the first quarter of 2024
· Completion of drill funding and securing a rig slot in the second quarter of 2024
· Obtaining the required environmental and drilling approvals in the third quarter of 2024
· Well mobilisation, well spud and drilling results in the fourth quarter of 2024
We have the deposit to lock in the rig following the placing on 15th February "These funds are expected to be applied principally towards a rig deposit, the drilling project team, a site survey, certain long lead items and a bank guarantee"
Keep an eye for an announcement any moment on a rig contract.
Tradedesk I am expecting the survey announcement first. The the appoint ment of the new bod members.
Site survey results should any day now, the rig contract will be on the heels of that. Of course new bod appointments expected to, maybe an announcement on that this week.
Jarv
AB only recently added to the bod , now CEO, so really its two out and AB +1 to come in for the mo, would not back against it being Colin Murray , the other man always in the news with Training TL personnel and like AB also an active member of Seapex and its associated organisations.
The main guys at Sundagas mostly came from Mitra, broke free to set up Sundagas themselves, rewarded for work with the Island from 2016, with the Nov 2019 Non tender award under the new TL License (prev oz). Mitra had previously gained the license from Shell under the OZ license, before all fell silent 2010-2019 award.
Now the focus is all on Chuditch, do not think he will have far to look for his new SG/Boil BOD's 🤔
Investment company Boil, badly funded others doing all the physical and development work (Sundagas/others) now the guys doing that work in charge of their own destiny, why look beyond his own current, very experienced team, who will be basically doing all the operational side as planned.🤔
VT,I would not be surprised if the exit of AY may bring about a change in Boil’s policy of get it sold as soon as possible.I wonder if Andy Butler may have different ideas.Obviously after meeting AY,Horta thought what a waste of space the ceo was and suggested he should go.I don’t expect any share price movement yet,but I think we may have some surprises in the future
MD
Did Mitra previously have the licence? I though Minza Oil & Gas previously had it (and had a deal with Flex LNG that fell through?)
agree md, the outgoing bod focus was asset investment never going to production and revenues etc, now a set of oil and gas experts in control (expecting ab to add more of his ex mitra , sundagas team) that focus could now transform to an oil and gas company , with a focus on asian assets, through all phases, not just what has been early invest and sell on.
ab and his team, have a lot of issues to correct before that can become a reality, so do not expect any early changes on that score, focus now firmly on chuditch until at least q1 2025.
question now is will they be looking to sell only , not jv dunrobin, to fund future operations and that change of direction
from early stage investments, to an asian all stage, oil and gas company?🤔
only thing for certain, things should start perking up , on the back of ab's appointment, as posted before, when brought sundagas to the singapore market , was straight in with a 22m singapore bank loan as part of the ipo, not layer after layer of poorly , dropping price confetti , small snail paced raises and development ,like the not remotely missed departing directors.
on success and progress, placings a good thing and should easily be done, at a rising price, all numbnuts ever managed was announcing success and progress hand in hand with another ***** slap and bend over to lth's
the epitome of poor management and lazy cfo , with bucket shop confetti wonga's on speed dial. 🙄
You could be right actually, so long ago and the original articles I posted 3-4 years ago ,now seem to have disappeared into the ether, perhaps getting Mitra and its Sundagas overlapped with Minza and Shell departure.
Exceptionally old head and even I have the occasional brain fart 😂🤣😂 do remember who ever it was proposed FLNG with a Norwegian partner that was from 2009/10 one of the mags, Energyvoice , Offshore mag, one of the Industry mainstream publications. 😉🙄
I thought you have only been a member here since November '23 HFB, I mean VisitTimor.
Only thing certain is Shell move it on to which ever it was, who also proposed to FLNG (never happened all know why) and fell off the listings going from OZ license , to reappearing in Nov 2019 as the bid round showcase non tender award to Sundagas for services rendered , developing their industry since 2016.
Shell FLNG , M? FLNG, Sundagas FPSO, all have pretty much adopted the same style of development for Chuditch, the only thing that has changed is , Timor Leste NOW have a NOC our partner (built by AB/Sundagas team, that has recently upped its game, with a commitment to fund further Chuditch development via the farm up, no longer an eternal free carry for them.
Can only take that, as an as yet unspoken Government approval of Sundagas plans, as they own and fund TG in full, with annual budget allowances and loans to be paid back to the SPW Fund, when they eventually get some production revenues of note, the largest loan being the $650m compensation to Shell and Conoco Phillips for their combined 56%
of Sunrise.
Recent declaration by TL Gov also for TG to do whatever it takes , to advance the onshore discoveries with OZ Timor Resources, so all indications, they are now prepared to pay their way on that one also.
Evidence continues to grow, they as we have all known for some time, need to compromise and get things moving now,
even if Sunrise is settled, its still many years away.
The TL Strategic Development plan SDP 2011-2030 , was for the development of all the other sectors in preparation for the end of Oil and Gas revenues, well those Kitan oil and Bayu gas, have been cashed in , depleted and gone and it's an awful long way to 2030/31 (latest Sun/Beaco tenders)
Chuditch could be once more like the bid round , be the showcase and key to their immediate fortunes bringing together plans for , National plans for Electricity and Gas/Lng fired (3) power stations (conversions from Diesel) , the Northern plan Metinaro Petroleum Import Terminal PIT, including TL Gas/LNG Import facilities and 90-120 day domestic security tank farm. PM Rauk targeted for 2025/26.
Fid Metinaro Feb 2023 , to be by end of 2023 or IN Q1 at the latest (NOW), Someone has to supply it, Chuditch offtake?
Sunrise years away and PIT pulled from original Southern project plans to co-locate at Beaco, to Metinaro near the capital Dili and 2 of the 3 Island power stations up on the North Coast. 🤔
What a year that would be
Drill finance secured
JV , I could crush a grape, with a Maj/Tier1
Metinaro Pit FID
Chuditch leaked in TG annual report as probable offtake partner for the PIT
Sunrise HUB to Beaco to go ahead
CH-2 drilled and confirmed as 3-5 times thicker reservoir than CH-1 location
Massive resource upgrade
Sundagas sold for a humongous war chest to Boil
Andy , he's a good lad, give 25% Dividend to Shareholders
Andy winks and RNA's , he's got 3 new large assets, he's had his eye on for a while😉
Ding Ding rounds 2 , 3 and 4
Oh if only Carlsberg did a year in Boils life..............😂
I wouldn't be surprised if Mitra were chatting to ANP about Chuditch and then, when there was a falling out, they flipped the discussions onto Sundagas
Exciting times ahead and great research from people inn this group.
Well done to those who contributed positively.
The site survey results, the rig, the appointments, the JV for the drill and a possible sell are all things in the immediate.
AB has a desire to support TL and is passionate about his role.
A busy man who has much skin in BOIL.
I got a good feeling bout today
Bargain_Seeker
Just wait for some news!
Just noting the stock float is really tightening with the MMs quoting much higher for bigger buys recently.
Bargain-S
Go back and read your posts-they are all guesses and silly ramps with no substance
25,510,000,000 shares in issue 😂🤣😂