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From Floyd’s post used Google translate. He says all approval in 2 weeks. Better than I would have expected. Enjoy the moment JAKARTA - Arcandra Tahar, Deputy Minister of Energy and Mineral Resources (ESDM) revealed, in the next two weeks there will be an additional six oil and gas (oil and gas) production and exploration blocks that divert the contract scheme from Cost Recovery to PSC. Gross Split. The six blocks are Bluy Duyung, Muralim Block, Tanjung Enim Block, North Arafura Block, Bungamas Block and Sebatik Block. "Two more weeks will change two and yesterday the meeting will have 4 that will change (from the cost recovery scheme to gross split). So until mid-February there will be 6 blocks using gross split schemes, so the total blocks using gross split schemes will be 42 block, "Arcandra said on Friday (11/1). The six blocks that will shift the scheme of the contract in the near future are Duyung Block - Conrad, Muralim Block, Tanjung Enim Block - Dart Energy, North Arafura Block - Madura Oil, Bungamas Block - Bunga Mas International, Blok Sebatik - Energy Star. "The Tanjung Enim block is the first unconventional oil and gas block that will use a gross split scheme with splits tailored to existing Ministerial Regulations, around 16% if I am not mistaken. The POD and PSC insha Allah we will approve like ENI, POD and PSC we approve 1 month. And I ask 090219, it's done, "explained Arcandra. Arcandra revealed that the reason they transferred their contracts to gross split was to consider the benefits of using gross split schemes, namely, efficient, uncomplicated, simple and more secure processes, where the parameters of incentive distribution were clear and measurable. "For these reasons they transferred their contracts to gross splits," said Arcandra. With the increase of six blocks that divert the scheme to become gross split, the total oil and gas blocks that use the gross split scheme are 42 blocks. According to Arcandra, this shows that since its implementation in 2017, the gross split Production Sharing Contract (PSC) scheme has had a positive impact on the development of oil and gas investment in Indonesia. The government is optimistic that the positive trend of upstream oil and gas continues with the implementation of oil and gas blocks offered, both new blocks and termination blocks.
Good chat all. Didn’t think to check the ESDM website nice work Floyd. What is the ESDM website? Looks official now.
Good point but if anything is in the public domain they have to make the decision not me. All BOD have a legal obligation to keep the market informed. Some take it seriously and some do not. I believe Simon is one who takes his disclosure obligations very seriously.
Boom. You said you checked out the Petromindo site before. Can you have a look again to see if they have an update on BM. Thanks. FB
Thanks Boom. Was pleased to find the approval. Don’t think the contractor name will change, we will have interest in the company which is the same. Probably best to have local company as the headliner. Wonder if Simon has to release an RNS now since the govt has released the news?
Hi all. Was searching the internet and found this article released yesterday by the Energy Minister announcing that 6 blocks have been granted in the the gross split program and BUNGA MAS is listed as one of the 6. This is huge for us all. Don’t think the govt would release such an article if there was any doubt. Hopefully Simon will update is soonest as it is already in the public domain. https://www.cnbcindonesia.com/news/20190111162544-4-50253/awal-tahun-enam-blok-migas-ramai-ramai-hijrah-ke-gross-split I am now convinced and excited that Bunga Mas is now ours. Probabaly some paperwork required but it looks like the extension is a done deal. Interested in hearing your thoughts all. FB
Bloody Corrective text. Bunga Mas not Bungalow Mas.
Hi all. Was searching the internet and found this article released yesterday by the Energy Minister announcing that 6 blocks have been granted in the the gross split program and BUNGA MAS is listed as one of the 6. This is huge for us all. Don’t think the govt would release such an article if there was any doubt. Hopefully Simon will update is soonest as it is already in the public domain. https://www.cnbcindonesia.com/news/20190111162544-4-50253/awal-tahun-enam-blok-migas-ramai-ramai-hijrah-ke-gross-split I am now convinced and excited that Bunga Mas is now ours. Probabaly some paperwork required but it looks like the extension is a done deal. Interested in hearing your thoughts all. FB
Hi all. Just listened to Simon speaking with Justin in Vox. I thought it was excellent. Cautiously optimistic and professional. Looks like Coulter is on track for a spud soon. 58% chance of success and 20 mmbls potential. If you haven’t had time to listen you probably should as it is probability one of the best podcasts I have heard from any CEO. Well done Simon. FB
Welcome to the new members to the board. Yes we agree that this is a good punt going forward. The reasons are pretty straight forward 1. Drilling in the North Sea pending 2. Asset acquisition expected in Indonesia 3. Experienced BOD 4. CEO just purchased a large block. As good as it gets. Boom, did I forget anything important? Good luck to all DYOR. FB
Hi all. Hope everyone had a good break over Christmas. I think we may have overlooked the importance that Simon bought a big whack of stock almost tripling his holdings on market . Boom, you are the most informed and upbeat on the stock and I think Simons move has justified your optimism. . Rock on ADL. FB
Sorry. Autocorrect. “Shouldn’t be a conflict”.
Yes. I thought so too. Have a look at Big Star and let me know if you see what I saw. They seem to be looking into the US which should be a conflict but they don’t state where they are looking. It smells a bit to me. FB
Hi all. I was surfing the internet on the ADL BOD and came up with Big Star Energy listed in Australia. One of ADL executive directors is also the executive Chairman on Big Star. Don’t like any Executive wearing 2 hats. Not sure if this is a good thing or a conflict situation. Bet BMD would see it as a conflict but maybe there is a potential partnership for ADL in the future. Thought? FB
Nope. Doing well. Wouldn’t say it is a rant just putting some thoughts down on the board. When Boom talks about the upside is that a rant? Nope The facts are clear, no news, no new investors, no turnover, sp 40% below last CR. If news comes so will a new CR, which I am ok with for a good deal but at this low price we are going to see a billion pieces of paper out there. Glad to take criticism if any of these facts are incorrect.
Oh my. ADL trades only 10k this week. The worst week of trading in the companies history. No one wants in and no one can get out. The chatrooms are quiet. Mgmt is not talking and no one is listening. Trying to find something positive to say but just can’t find it. Hope SIMON is feeling the pressure as the rest of us are. Pathetic.
Jace. You are saying you don’t believe the the twitter group are honest? Can’t believe why any sane investor would read that rubbish. I reckon Simon and the rest of the board of clowns must be panicking. SP in the toilet, deals pending, need to raise funds, what could possibly go wrong. The risk is that the investors have moved on to something else and even if they do a deal in INDO it may be too little too late. His idea of only releasing an RNS when something material happens is ok however it also can indicate that nothing material is happening. Time will tell
More bad news and delays when the CEO starts to double talk. More technical evaluations a signal for nothing is happening. This is not a good day. We traded less than 2000 quid of stock today. Mmmmm
Enough said
Well all. The investor sentiment has gone negative and interest has vanished. Simons presentation had no impact at all. He does speak well but he has not added any new updates for 6 months. Even if they do announce something I believe the investor sentiment and support will not return. As we are 40% below last placing price it will be difficult for them to raise funds without a deep discount. And if we do get Bunga Mas then they will have to raise again. I am sorry all but I think this is too little too late. The undertaker is in its way. No one more disappointed that I. FB