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While we wait…..,

SNDA is pleased to share its new investor factsheet, detailing the Company's world-class Chuditch asset, the attractiveness of operating in Timor-Leste and South East Asia, and Sunda's other growth opportunities in the region.

The factsheet can also be found here: https://lnkd.in/eDx_qa4Y

Https://www.facebook.com/share/15MTqz5LL7/?mibextid=WC7FNe

From the budget debate as reported on Tatoli website.

Currently, an independent study is being conducted which will provide positive results as the report is expected to be out in two to three weeks.

Pretty sure the Chuditch project will feature prominently in the Wood report. Now set for December. At this rate, TL will have turned to renewables before Sunrise is developed. Really important Chuditch moves quickly and we get that certainly of financial backing out there in the public domain. The quagmire that is Greater Sunrise can do its own thing while Sunda ploughs its own path. Very unusual for And Butler to be this quiet at this crucial time.

The Ministry is responding to concerns from opposition party members in the plenary hall of the National Parliament on this second day. They explained that the government is convinced of the technical aspects of the previous studies and now also an independent study carried out trilaterally between the Timor-Leste government, Australian government, and joint venture partners has been accepted and considered as independent. Now, with the maritime border that has been proportionately allocated to TL, we must further increase our confidence to believe that these pipelines will come te TL, which also has political implications in the negotiations. Timor-Leste can advance its principles, and its diversified interests, not only political but also technical and commercial matters that can be the subject of many discussion However, he said that providing that participation would bring Timor-Leste one point now. Currently, an independent study is being conducted which will provide positive results as the report is expected to be out in two to three weeks.

PETROLEUM AND MINERAL

RESOURCES - MPRM OF OVER 47 MILLION APPROVED DURING SPECIAL DEBATE IN NATIONAL PARLIAMENT The budget proposal from the Ministry of Petroleum and Mineral Resources (MPRM) for over 47 million was approved during a special debate in the National Parliament. The government argued that the budget was important to ensure institutional development and human resources training to guarantee the exploration of natural resources and the Greater Sunrise project in Timor-Leste. Regarding the Greater Sunrise project, His Excellency Minister Monteiro stated that the government is convinced, with technical aspects, previous studies, and independent studies from Wood Group Australia and agreements from Timor-Leste, Australia, and the joint venture companies showing promising indications of the project's success in Timor-Leste. Furthermore, Timor-Leste's position is strengthened by the maritime border treaty and its participation in the joint venture company through TIMOR GAP, allowing Timor-Leste to impose its interests in the joint venture negotiation process. Minister Monteiro noted that Timor-Leste is advancing on the schedule for the Greater Sunrise project and plans to begin production in 2032, as the construction of plants would take five years. The government will begin production in 2032, as the construction of plants would take five years. The government will make strategic decisions soon, regarding the so-called fiscal cliff scenario.

https://www.facebook.com/share/p/15ehMHpX1o/?mibextid=WC7FNe

The Wood report is expected this week or next. Woodside will make their decision based on its findings. The Wood report may even group Chuditch alongside Sunrise as a significant factor in assessing the economics of a pipeline. Maybe Greater Sunrise needs us more than we need it.

"Chuditch could move quickly if successfully appraised. If Chuditch expands and gets bigger, a pipeline could be laid connecting it to the undeveloped Greater Sunrise fields operated by Woodside Energy, which enhances the economics.

https://www.laohamutuk.org/Oil/Project/SO-19-16/231121ENBMuch%20bigger%20gas%20discovery%20seen%20offshore%20East%20Timor.pdf

I don’t recall at any point when I bought these shares, Andy Butler signing a piece of paper guaranteeing me a significant return on my investment. To come on here stamping your feet and demanding your money is ridiculous. Disappointment and frustration are normal but everyone knows the best run company with the best will in the world can fail. This is a great investment. I’m very confident it will work. But it may not.

PN approves initial budget-proposal for fiscal year 2025. The National Parliament continues to discuss theproposed 2025 OGE budget.

PM Xanana Gusmão and Minister of Petroleum and Mineral Resources answer questions about the proposal and discuss Timor Gap's involvement in Bayu Undan. The government's acquisition of shares in the joint venture is based on an extension request from the company, and Timor Gap's participation allows for data collection and future production projections. A sales and purchase agreement was signed, with

Timor Gap obtaining a 16% interest in the project. Timor Gap's involvement increases the country's scientific and technological capacity in mining and gas production, generating additional revenue. The future of Bayu Undan is also considered, but the emphasis is on the carbon capture and storage (CCS) project.

https://www.facebook.com/share/p/17rpdSGK25/?mibextid=WC7FNe

“the timor-leste government is in the hands of unusual politicians - their focus is for the benefit of the country, more than their own personal gains. i feel qualified to comment, as i have known prime minister xanana gusmao, minister agio pereira and minister francisco da costa, for decades”.

peter ****croft, (strategic advisor to governments)

There is nothing to suggest the TL government are interfering with plans to develop Chuditch. Sunda will not comment whilst negotiations continue with investors and other farmin companies. Private assurances from ANP are a different matter. We simply don’t know the development details.

Part 4

Regarding this matter, Prime Minister Xanana Gusmão said that although the problem with the GS is not easy, the government will not reverse its decision. "There will still be ongoing meetings with Australia, who want to take advantage of this opportunity to bring (the meeting) to Darwin along with other companies, but we will stand firm and say no. We have been firm in our reconciliation commission so far, and therefore, we cannot reverse our decision," said PM Xanana. ^ PM Xanana also informed that he had a meeting with the Australian Minister, Anthony Albanese in Melbourne and also met with him in Laos, and they discussed that whenever we face a problem, they will talk to each other in order to resolve it.I have been waiting, but you said to ask for negotiations, but I cannot promise that everything will go well," said PM Xanana. PM Xanana informed that he has met with the Australian Prime Minister, Anthony Albanese, in Melbourne and also in Laos, and they have discussed about coming to Australia for a visit to sign an agreement.

"If nothing goes wrong, we hope that by the end of this year we will be able to announce that it will be done," said the Government spokesperson.

Part3.

Opposition doubts President of Fretilin Bench, Aniceto Longuinos Guteres, said that the development process of Greater Sunrise, which the government promised during the campaign, has not yet been implemented. "The development of Greater Sunrise, which we ourselves (PM) raised during the 2023 political campaign as our priority, has not yet been included in any fixed plan and calendar to be implemented, so there is no certainty that in ten years, we will be able to get revenue to protect Timor-Leste from risks," said Aniceto in his intervention during the discussion of the 2025 OJE in the PN last Thursday (06/11). In this uncertain situation, with the Bayu Undang field that has not generated revenue for the state coffers, the state cannot avoid fiscal deficits or budget cuts. "What can be done is to postpone or extend the life of the Petroleum Fund to provide a chance for the state to diversify the economy and find alternative sources to support the State General Budget. "However, he added, extending the life of the fund can only happen if the government carries out various reforms, augments domestic revenues, reduces public expenditure through greater efficiency, and increases borrowing from the petroleum fund.

Despite the government's reforms and options, according to him, if year after year money is taken from the Petroleum Fund and budget structures like that of 2025, and spent on infrastructure that is of poor quality and cannot guarantee a return, more money will be spent on recurring expenses to fatten state machinery, and the budget deficit will increase by 7% each year during those years, instead of extending its useful life span, the Petroleum Fund will be exhausted soon, and Timor-Leste will be bankrupt in seven years.

Part 2.

The second phase, he said, is the negotiation process for legal alignment. Because, he explained, the previous Timor Sea Treaty has been changed to the current regime, the Maritime Border Treaty, so legal documents for mining codes, production sharing contracts and fiscal regimes on tax payments and revenue sharing must be negotiated.

"These two processes have not been completed yet. The conceptual study process is still ongoing and the legal alignment negotiation process is also ongoing. We hope that the study can be finalized in two to three weeks, so the negotiation also be finalized. We expect the conclusion at the end of the year, so we have to wait for the implementation phase in the next year," he said.

Meanwhile, the Minister of Petroleum and Mineral Resources (MPRM), Francisco Monteiro promised to accelerate the negotiation process for the GS. "We want to speed up the negotiation process so that we can make a quick decision for the development of Greater Sunrise and bring the pipes to Timor-Leste," said Minister Francisco. He said that the negotiation process is nearing completion in some parts.

Some parts, however, are still in negotiation.

Very long article if you’re up for translation. Just a snippet

November 8

Greater Sunrise negotiation, Timor GAP hopes to conclude in its term/year of 2024 and implement in 2025.

Although doubts have arisen regarding the GreaterSunrise pipeline to Timor-Leste, the Timor-Leste authority responsible for this matter still has confidence that the negotiation process for the pipeline will be successful and beneficial for Timor-Leste. Timor GAP, as part of the independent team,also hopes for a favorable outcome of the

Timor Gap participates in the negotiation process along with the Ministry of Petroleum and Mineral Resources, and the National Petroleum Authority (ANP), He explained about the ongoing negotiation process.

The President of Timor GAP, EP., Rui Maria Alves Soares, reported that there are two phases to this process in the negotiation for the Greater Sunrise (GS) project. The first phase was a study of concepts to consider the option of using a pipeline to transport gas to either Australia or Timor-Leste. "The study was conducted by an independent entity which, in due course, will present th results to project partners. Rui informed journalists at the City 8 Hotel in Manleuana, Kinta (07/11).

Rui expects that within one or two weeks, the ongoing study will be completed and its results presented to the project partners so that they can analyze and propose a concept for the best way to develop the GS field. "The concept will select either to supply gas to Timor-Leste or to Australia, then make a proposal to be presented to the governments of Austra and Timor-Leste for approval. if approved, project partners will implement the plan in stages."

https://www.facebook.com/share/17nrmm3MBG/?mibextid=WC7FNe

Sunda taking a central role in SPE Timor Leste and an ever closer relationship with the petroleum ministry.

https://www.facebook.com/share/p/1AxJHC9B14/?mibextid=WC7FNe

Andy Butler and Colin Murray both in attendance at this event.

MPRM opens the Society of Petroleum Engineers - SPE Timor-Leste Section on November 7th, 2024.

Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, highlights the importance of the establishment of a section of The Society of Petroleum Engineers in Timor-Leste, to promote the discussion and organization of events related to the oil and gas industry.

The SPE Timor-Leste Section receives support from the Ministry of Petroleum and Mineral Resources, TIMOR GAP, F.P., the National Petroleum Authority - ANP, I.P., SundaGas, and Caltech company.

https://www.facebook.com/share/p/1WmKSyc9EE/?mibextid=WC7FNe

Don’t know. They will win the bid. Those are all hypotheticals. Sunda can fill us in when the award comes through. Should be this quarter. But it is long term exploration.

Key Implications:

1. Jurisdictional Complexity:

* The exclusion of Sulu creates a more complex jurisdictional landscape in the region.

* This could lead to potential disputes and delays in the exploration and development of oil and gas resources.

2. Regulatory Framework:

* The differing regulatory frameworks between the national government and the BARMM could create challenges for oil and gas companies operating in the region.

* Companies may need to comply with multiple sets of regulations, potentially increasing costs and administrative burdens.

3. Community Relations and Social Impact:

* Oil and gas exploration and development can have significant social and environmental impacts on local communities. Engaging with communities, particularly in Sulu, as well as in nearby island provinces of Basilan and Tawi-Tawi will require careful consideration of local customs, traditions, and concerns.

4. Investment Climate:

* The political and security landscape in the region can influence investor confidence. Any uncertainty or instability could deter potential investors from participating in oil and gas exploration projects

The consortium are the only applicant.

I asked Sunda what impact Sulu leaving the BARMM autonomous region would have on the bid. They didn’t reply. So, I did my own research.