Member Info for Alvernikov

lol

Apparently based on a true story - and John Sullivan doubted that he should use it because he wasn't convinced that it would be funny.

Classic indeed :)

It's strange that the details of yesterday's meeting have only been published on Facebook in Tetun!

You'd have thought that Australia and Timor Leste establishing an agreement to exploit and monetise the Greater Sunrise field would be significant news - but there has been no reaction to it at all.

http://timor-leste.gov.tl/?p=30219&lang=en

Everything is gathering at quite a pace now as one by one the pieces fall into place.

I keep hearing Del boy saying "This time next year we'll be millionaires" :)

The direct translation is crude oil - but I'm sure the agreement will be based on the exploitation of gas and condensate too!

Governance Council 10 March 2022

Paraphrasing the key parts:

Delegations from Timor Leste and Australia met to formulate an agreement regarding the development of the Greater Sunrise field.
On the basis of the existing maritime border treaty, the objective is to manage together the exploitation of crude oil from the Greater Sunrise field for the mutual benefit of Timor Leste and Australia.
The meeting continues a long-standing tradition of cooperation regarding the Timor Sea and the two parties look forward to a further meeting this year.

Should have gone to Specsavers - I read that as 5p up today :)

https://www.energy-pedia.com/news/australia/santos-enters-feed-phase-for-the-proposed-bayu-undan-carbon-capture-and-storage-(ccs)-project-186090

But there has been an obvious, very public complete sea change in the Timor government's approach to their oil and gas acreage. They have to act now. Their petroleum fund will soon evaporate if the Bayu Undan field runs dry in the next couple of years.

The 7 companies that just put in their bid submissions are expecting the go-ahead now, not at some time in the future. "The winner for the bid will be announced on 15 April 2022," said ANPM Timor-Leste, the country's petroleum and mineral regulatory authority."

The Timor government is not acting out some kind of charade - this is actually happening.

To remind ourselves of the potential is not to 'over ramp.' The potential is based on solid facts, not mere speculation.

Attracting "major regional gas players and other potential partners" is BOIL's own declared strategy.

If Chuditch gets re-rated and monetised, I don't really care whether it's a major or a relative minnow that brings things to fruition!

444 MMBOE - that's an awful lot of dough at over $100 a barrel.

I'll be happy with 0.01% of it :)

If not ENI, then someone else for sure - if the 3D Seismic confirms or improves on previous estimates, Chuditch will be far too big to ignore.

From last year: "The Board believes that Baron’s net share of estimated SPE PRMS Mean compliant prospective resources of 2,525 BCF and 23 MMbbl of condensate, equivalent to a total of 444 MMBOE is more than sufficient to attract attention from the major regional gas players and other potential partners."

All systems are go! Dravida Petroleum DMCC, Eni, ETO, HTS Exploration LTD, Santos and Supernova Energy B.V., and Timor-Gap have all submitted bids on the basis that the assets are going to be monetised - and soon!

So, there is nothing to lift the SP in the bid round.

In terms of the Chuditch PSC, we have the results of the 3D Seismic reprocessing to come in H2. Then we have the commencement of the drilling phase in November.

So, unless one of the big boys comes knocking on our door, I don't see any major uplift of the SP any time soon - not this year anyway. But the enormous upside potential remains. We wait...and wait some more...

It would be nice if Timor Gap give us 75% of blocks A and F :)

From BOIL's point of view it couldn't be better, since Timor Leste will naturally want to maximise their state-owned company's opportunities and profits - and Chuditch alone is massive!

No, that's not right at all. Timor Gap is a state-owned company.

This is what you are thinking of:

"SundaGas Timor-Leste (Sahul) Pte. Ltd. (“TLS”), a fully owned subsidiary of Baron, is the parent company of the Timor-Leste subsidiary SundaGas Banda Unipessoal Lda. (“Banda”), which is the Operator of and 75% interest holder in the offshore Timor-Leste TL-SO-19-16 PSC (the “Chuditch PSC” or the “PSC”). The remaining 25% interest is held by a subsidiary of the Timor-Leste state oil company Timor Gap, E.P., whose interest is carried by Banda to development. Banda has entered into an agreement with Spectrum Geo Australia Pty Ltd., a wholly owned subsidiary of TGS-NOPEC Geophysical Company ASA, for the licensing and reprocessing of the 3D seismic data."

A good summary

https://info.tgs.com/timor-leste-license-round-2020#:~:text=The%20Licensing%20Round%20follows%20Timor-Leste%20and%20Australia%20exchanging,bid%20submission%20opening%20date%20is%20January%2024%2C%202022.

Contract signing will be complete by 24 June.

It's all kicking off in this year - but how big a slice is Baron going to have?

Perhaps we did pre-qualify but fail to submit a bid...

Nothing confirmed - it's only what they have bid for:

http://www.tatoli.tl/en/2022/03/05/govt-officially-opens-bid-submission-for-tl-second-licensing-round/

P

That's not asking for much, is it?