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dr andy butler, baron's ceo, has given a video interview on the ************* platform which is available at https://www.di rectorstalkinterviews.com/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240. in this interview, dr andy butler discusses baron's updated financial strategy, emphasising the goal of securing project-level funding without diluting equity at the plc level.
Info on the second well they are hoping to drill https://www.youtube.com/watch?v=Q7ht8YhV7vs
Irrespective of how long before news it may well be that Andy Butler has, in his words, "Some very interesting discussions regarding funding....", decided that it is now time to put possible options of those funding discussions to financial astute people who can cover all the fine detail and ramifications be it contractual, legislatory, regulatory or conditional.
The new BOD appear to also have previous extensive experience in deal making and with Andy Butler in tow will give quite a formidable team going to the 'negotiating table' and yes, maybe, that time is now upon us.
atb.
Worth a listen https://www.youtube.com/watch?v=KJ8cJxJhMIE
I reckon we'll hear something in the next week or so. :D
OK. If so, I add asap!
I would think the those on the bod are in a closed period at the moment.
It would be nice to see our new directors show that they believe in the company with some substantial share purchases in the market.
Would expect some big news on the JV front quickly under the new leadership team. They ain't messing about!!
VT we should never of placed where we did. Yeo and Wakefield orchestrated that, but any way that is the past, we are in a much a better place now with the new bod coming in, the increase in PR and the new presentations on the website. They certainly aren't hanging around directors changed on the website already, onwards and upwards.
Chris Timor Gap is state owned for the government to have 40% ownership in Chuditch will bring a lot of benefits and cut through a lot of red tape. They will not only be working to get the funding together they will also be working to create jobs which is what the government need to create as they have a lot of youngsters in TL.
If you know, you know, if you don’t, then your name is SANTIAGO
😂👌🏻
Some heavy hitters appointed today. Board completely refreshed. Out with the old dross thanks to shareholder activism
And page 87
NATURAL GAS
Timor-Leste has access to vast reserves of gas in the Timor Sea. The availability of natural gas for electricity generation has the potential to provide much cheaper and cleaner fuel than liquid fuels. In environmental terms, for the same amount of electricity produced, the carbon emissions from natural gas-generated electricity are considerably lower than from diesel-generated electricity. A feasibility study will be carried out to assess the long-term prospects of attracting gas processing facilities to Timor-Leste👍
China BRI level 2 funding , coming to an Island near you SOON ! 🤔
Agreed Jarv,
AB has mentioned several times that Timor Gap having “skin in the game” with a paying interest is not the norm.
To me this is a vital point. They are willing this on. Can only be a hugely positive thing when it comes to funding, planning and licenses.
Unlike Yeo ho ho and co, he will be savvy to , any raise being on success , news flow and a much higher price range, placings are good if done correctly, with a rising price after each success, not falling death spiral price on success with bucket shop wonga's, the ultra lazy mans way.🙄
As at 31 December 2023 the Company had an available cash position of £3.65 million + £3m raised Feb 12th + £260k in retail wrap offer 16th Feb. So thats a total of £6.9m, minus 200k to £300k for broker fees thats circa £6.5m + $1m of back costs from Timor Gap Farm-Up paid within 30 days of that completing so not less than £7m in cash. The Bank Guarantee for $1m is an extra i've not included. Baron is loaded with cash right now.
27th March 2024 - in Andy Butlers first RNS as CEO & Interview he stated that drill funding will be at the asset and project level and has ruled out any equity component at the PLC level. This is all on the record. Listen to interview from 7 mins 42 secs, here is the link to it:
tinyurl.com/2c4nncxu
27th March 2024 RNS:
https://www.lse.co.uk/rns/BOIL/update-on-chuditch-psc-operations-and-ir-materials-c142zcnilhrxgwf.html
Here's a nice confidence in the plan statement by TL , I give you page 86 of the TL Strategic Development Plan SDP 2011-30
The National Electricity Grid will provide a reliable energy supply to support the development and of further major infrastructure projects. It will also provide the flexibility to convert to the more environmentally friendly fuel source of natural gas once a DOMESTIC SUPPLY BECOMES AVAILABLE.
(Not external imports already available forever but DOMESTIC GAS when available)
They plan to build on the phase I grid built by China BRI level 1 , now upgraded to level 2 funding, that will bring Metinaro and a need for that DOMESTIC supply
Let me see who has Domestic local gas supply coming available , Chuditch first , not sunrise.........GLALTH 😉👍
Nothing is ever guaranteed however I am sure Ab will do his very best not to dilute us too much and remember he has just under 3% of the company, so it is in his own interests to get funding through giving away a percentage of the Chuditch asset at project level.
now read the last line very carefully.
dr andy butler, baron's ceo, has given a video interview on the ************* platform which is available at https://www.***************************/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240. in this interview, dr andy butler discusses baron's updated financial strategy, emphasising the goal of securing project-level funding without diluting equity at the plc level.
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 GAP 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.
Drill costs approx £25million
Timor Gaps costs towards the drill are about £6.25 million
Baron Oil raised £2.7 million from the brokers.
£0.26 mill was raised from rex
So about £2.9 mill left after brokers take their fees
They had cash of £3.65 mill in December so let us say £3mill left after the bod get paid off.
There is a deposit of about 802k for the Psc we will ignore that and say that is for wages for the next couple of years.
Taking all that into consideration they would need about £12.8 mill lets say costs rise by the time the drill and round it up to £15mill.
We know costs came in under what they estimated on the survey due to them sharing them with another company.
They could share more costs if Eni decide to share the Valaris 247 rig.
It wouldn’t take much for say a couple of partners to come in and take a percentage of the asset at project level or for the Timor Leste government to loan them the cash.
China - Portuguese-speaking countries (PSCs).
This year's conference not only addressed the key areas of economic and trade cooperation between China and PSCs in the next three years but also underscored Macao's crucial role as a commercial and trade service platform. On Monday, the participating states SIGNED the Strategic Plan for Economic and Trade Cooperation (2024-2027).
Nine PSCs, including Angola, Brazil, Cabo Verde, Guinea-Bissau, Equatorial Guinea, Mozambique, Portugal, Sao Tome and Principe, and TIMOR-LESTE, joined the forum
Deputy PM Lay on Friday was given full signatory powers for the event, by the TL Parliament, due to PM Gusmao being in Europe until today.
instead of talking complete make it up *******s, try putting half a brain cells thought and effort into explaining why, given all the information to hand, millions on the books , drill to be non equity jv/other funding, so why pray tell us all why mr knowssweetfcukallfromaholeintheground, ab having said all that, why ?
do you even have a scooby doo , how jv agreements work, normal is , like for us to not give away a x% for large cash and or a free ride drill, if a lesser light, we get more cash , if an upper wanting to take control , they will pay the bills , free ride and all those millions on the books, will do for quite sometime.
until we sell the rest for more cash or have to pay our way to production, if not just reducing to an over riding royalty for production.
the only reason ab might consider a placing , is if he's got another big asset waiting in the wings and has to move on it or lose it but would not expect such moves until jv cash has rolled in and non equity funding for the drill in place, soon find out, he said looking to have done in q2 , we are in q2 (apr-june) 🥳💥💥💥
Because the company is doing great??