Member Info for filthylucre

Wow. Thanks Eddie. TBH, I can only handle one major gas asset at a time. I’ll. leave the Telegraph boffins to do the lifting. Very exciting times. This is building nicely.

You have to admire the sheer chutzpah and vision of AB. He said he wanted to build a major company in the region and off he goes. I hope the bid is realistic and possibly even very likely. This comes off accompanied by Chuditch funding and strong partnerships, a completely different picture arrives. Plenty to look forward too.

PM Xanana Gusmão appreciates partner BlackRock as the External Fund Manager who has worked together with the Central Bank of Timor-Leste (BCTL) to help invest in the Timor-Leste Petroleum Fund.

The appreciation was expressed during a meeting with BlackRock leaders accompanied by BCTL

Governor Helder Lopes at the Government Palace on Tuesday (08/27/2024). The mandate given to BlackRock by Timor-Leste is to invest in TL's petroleum fund by 12.3% of equity or shares.

BlackRock has been a partner in helping to invest in TL's petroleum fund in the international market.

BlackRock is a partner that helps to invest funds for Timor-Leste's Mineral Fund in the international market through a cooperative agreement established with

BCTL since 2013 to the present. "This service has helped to maintain returns on investment for the Timor-Leste Mineral Fund," said Helder Lopes. BlackRock is an American multinational investment firm headquartered in New York City, established in 1988, originally providing risk management and fixed income asset management, as well as being the world's largest asset manager with $10 trillion in AUM as of January 2022. BlackRock operates globally with

clients in 100 countries. The Deputy Minister of Finance also updated the Prime Minister on the Mineral Fund's performance, stating that the Mineral Fund balance would be $18.6 billion from January to July 2024. It will be allocated or invested in three investment portfolios, including investment in fixed income with a total of $12.5 billion, equity or asset with a total of $5.4 billion, and investment in Timor GAP particularly in buying shares in the Greater Sunrise project.

MPRM Date:27 August 2024.

The Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, spoke at a seminar organized by the Timor-Leste Private Institute and the National Values Communication Forum at the Cristal Superior Institute. Minister Monteiro emphasized the need for the state to manage the natural resources responsibly and equitably, supporting sustainable economic development for the people and the nation. The seminar also discussed strategic changes in the Natural Gas Liquification Plant and the Petrochemical from Betanu to Natarbora, including the possibility of reduced demand in the future due to increased use of renewable energy sources. The Minister assured the audience that production in Bayu Undang will continue with notable adjustments.

Regarding the strategic change from the petroleum industry to Betanu, according to His Excellency Minister Monteiro, this decision is justified by technical, economic, financial, and other factors' feasibility, but it guarantees that although the relocation of the petroleum industry, this project will benefit the whole nation.

Santos could lose control of its Bayu Undan gas project north of Darwin on Friday unless it agrees with the Timor-Leste government to give it a share of the project, according to a letter from the country's minister of petroleum seen by this masthead.

Minister Francisco da Costa Monteiro told Santos it must drop outstanding issues

"not relevant to the transaction... [that] will not be entertained in negotiations for the Timor-Leste state oil and gas company TIMOR GAP to obtain a stake in the project, which has underpinned the nation's revenue for 20 years.

Monteiro said the production-sharing contracts, which give Santos and its partners rights to the project and expire on August 30, were at stake.

"In line with our prior position, no extension will be granted if negotiations are not satisfactorily concluded prior to such

The Bayu Undan gas fields are nearty depleted and

date," he wrote.

Santos is investigating using them to store carbon dioxide from its Barossa development. SUPPLIED

Timor-Leste is seeking a Bayu Undan

stake of more than 10 per cent for no payment, according to a person familiar with the negotiations but not authorised to talk to the media.

The August 19 letter to Santos vice president Vince Santostefano was copied to Timor-Leste Prime Minister Xanana Gusmao and the chief executive of TIMOR

GAP.

One of Timor-Leste's objections is having to seek approval from Australia's Foreign Investment Review Board for the transaction.

The Bayu Undan gas field and platform lie in Timor-Leste waters, but the 500-kilometre pipeline to the Darwin LNG plant is almost all within Australia's juris-diction. Exports stopped in late 2023 due to falling production, and now small volumes are sold in the domestic Northern Territory market.

If the production-sharing contracts expire, their terms require Santos and its partners to begin decommissioning Bayu Undan's infrastructure at a cost of more than SUS1 billion ($1.5 billion), according to the person familiar with the negotiations.

Production from Bayu Undan has declined more slowly than expected. It is understood Santos has received six extensions to the contracts since 2020.

Expiry of the contracts could jeopardise Santos' plans to use the near-empty Bay Undan fields to store carbon from its Barossa gas field, which contains high levels

- 18 per cent - of carbon dioxide.

In 2022, the Barossa project committed an extra $918 million for an additional offshore pipeline to allow connection to Bayu Undan. Santos plans to start instal lation before mid-2025, according to a June submission to the offshore energy regulator NOPSEMA.

A Santos spokeswoman said the Bayu Undan joint venture had also spent 562 mil lion on carbon storage design.

She said Santos was working with the Australian and Timor-Leste governments t establish a regulatory and fiscal framework for carbon storage.

"Santos... look forward to continuing to provide jobs and much-needed tax revenue to the Timor-Leste economy f

Spotlight on Timor-Leste’s Energy Frontier: Sunda Energy and the Road to Chuditch-2

In 1998, during Timor-Leste’s early stages of energy exploration, the Chuditch gas field was discovered in the Timor Sea. Although it showed immense promise, the timing and resources needed to develop the project weren’t yet in place.

⏩ Fast forward to today—Timor-Leste is ready to revisit that opportunity. So, what’s different now?

Today, with 2.4 trillion cubic feet (TCF) of recoverable gas, Chuditch-2 is set to fuel more than just economic growth. Imagine new schools, improved roads, modern hospitals, and reliable energy lighting up homes across the country. This project is not simply about drilling for gas; it’s about shaping the future and improving the quality of life for everyday Timorese. It represents a chance to build lasting infrastructure that will support families, businesses, and a thriving, self-sustaining nation.

🔍 As we watch the progress unfold, one thing is clear: Timor-Leste is moving forward with confidence, no longer just exploring possibilities but actively seizing them. What will Chuditch-2 mean for the future of this dynamic nation? Time will reveal the full impact, but without a doubt, this is a story worth following.

https://www.linkedin.com/posts/the-energy-circle_timorleste-chuditch2-energyexploration-activity-7234001784720039936-BEaV?utm_source=share&utm_medium=member_ios

Timor-Leste lays down ultimatum to Santos on gas project negotiations.

Santos could lose control of its Bayu Undan gas project north of Darwin on Friday unless it agrees with the Timor-Leste government to give it a share of the project, according to a letter from the country's minister of petroleum seen by this masthead.

https://amp.smh.com.au/business/companies/timor-leste-lays-down-ultimatum-to-santos-on-gas-project-negotiations-20240825-p5k55j.html

[Santos and its Bayu-Undan joint venture partners have signed a Memorandum of Understanding (MoU) with Timor-Leste’s national oil company, TIMOR GAP, to explore partnership opportunities for the proposed Bayu-Undan carbon capture and storage (CCS) project offshore Timor-Leste]

MD, off course the deals have to be finalised. But it’s our job as investors to preempt news, to evaluate what we think is going to happen and to get in early before the news is released. That’s how I see it. Personally speaking, the energy minister talking about both companies drilling Chuditch after his meeting gets a big smiley face from me. I’m convinced this deal is in the bag. AB moving to secure drilling services also tells me a lot. Nothing certain but as an investor it looks very promising and very exciting. The risks are real enough. If everything was in the bag, it would be very simple but pretty useless in making a killing. The posts which contain useful and encouraging and sometimes very real information on TL and their plans, I also think help a lot.

Didn’t you read what I posted regarding reserves and production ? Posts do move the sp on occasion. Obviously only a small number and so far we have been unable to maintain any spike due to profit taking. If you think there is a problem in operational activities, we would have known about it. AB isn’t hiding anything. I’m wearing rose tinted glasses based on what I’ve heard. The share price will react in time. If not. I’m wrong and I should have sold. We know the risks.

AB meeting the senior accounts manager of Schlumberger in Dilli a few weeks back hasn’t gone unnoticed. Hopefully rig news very soon.

I think things are very rosy. Too rosy in fact. Very tempted to buy some more. Why is the sp not moving? It could be simply down to this , “Only stocks with production and reserves are doing well in this market. The market doesn’t want to hear about a company until it has found the resource.” I hope not. The future looks very exciting and AB is doing an incredible job.

Do things posted on here move the sp? Most definitely, yes. I can think of quite a few instances. Got to keep the board on its toes. Waiting game but things are moving very quickly. So, plenty to look forward too.

PS. On the subject of factual, not fake news, I asked the company, were they OK with the sharing of social media postings (specifically the Pacific LNG FB post). The reply was pretty much, no problem, keep them coming.

Eddie, I hear what you’re saying and off course facts are the only thing that matter in the end. However, while those facts play out, some good natured speculation (within reason) does no harm and makes for some interesting conversation. And conversation and ideas is what bulletin boards are all about. I enjoy ideas bouncing around, some of which contain a lot of substance and have ( in fact) turned out to be true. This board gets it right. Most of the time.

Valaris fleet status report (July 29) has the 247 available from Q1 2025. Hopefully we can take that spot in the coming weeks.

https://s23.q4cdn.com/956522167/files/doc_downloads/2024/07292024-Fleet-Status-Report_FINAL.pdf

Ramos-Horta visit to Beijing pushes against US pressure, omits Greater Sunrise (Aug 7, 2024)

On 29 July, 2024, Dr José Ramos-Horta, President of the Democratic Republic of Timor-Leste met in Beijing with Chinese People’s Republic President Xi Jinping to upgrade the relationship between the two countries to “Comprehensive Strategic Partnership”. On the one hand Ramos Horta punctured Canberra fears of a Timor-Leste – China Security Agreement, but on the other, the Timorese leader firmly rejected US and Australian pressure about the status of Taiwan.

The glaring omission from the official communiqué by the two leaders was any commitment by China to assist with the development of the Greater Sunrise Gas Fields and its associated Tasi Mane onshore Liquid Natural Gas and petroleum installations on the south coast of Timor Leste. This project is the top priority of the Gusmão government, which needs huge financial support to get the project up. Woodside has opposed the processing of the gas in Timor-Leste.

https://johnmenadue.com/ramos-horta-visit-to-beijing-pushes-against-us-pressure-omits-greater-sunrise/?fbclid=IwZXh0bgNhZW0CMTEAAR3cjg1RRIWFrJGz3VEARUfl_frORBMldRtBTo1m9Kx2q0HL0f60IBRO7OU_aem_bY2NitJGvpovyiRxZRRvEQ

To quote our good friend Carlo Civelli (Clarion Finanz AG) from 2015, Only stocks with production and reserves are doing well in this market. The market doesn’t want to hear about a company until it has found the resource.

In the past, stocks would move when the company announced it was putting a drill rig on the property. Unfortunately that is no longer the case, but it certainly means that companies today have to do a lot more intelligent work to attract investing money.

I like to be an early investor with all the risks attached to it, but I’m also a long-term investor. I’m not afraid to put my money where my mouth is, take risks and help the companies along through the ups and downs that are inevitable in this market.

I got involved a couple of years ago. I brought in the same management that I had on my holding company, Pacific LNG Operations Ltd., which was very active in Papua New Guinea and sold nicely last year. Terra Nova is run by acting CEO Henry Aldorf. I want to have a separate drilling fund where we fund these companies that we believe in, and we fund then either the company or we invest directly in the asset.

Ministry of Finance 15 August 2024

MPRM Minister Presents 2025 State Budget to Budget Review Commission His Excellency, the Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, accompanied by senior officials of the regulating institutions such as TIMOR GAP, E.P., ANP, I.P., Murak Rai, E.P., ANM, I.P., IGTL, I.P., and the EITI Secretariat, presented the 2025 State Budget to the Budget Review Commission.

The MPRM's priority program is the Greater Sunrise project, which includes the construction of a pipeline to Natarbora, the development of a liquefied natural gas plant, petrochemical industry and Strategic Investment.

https://www.facebook.com/share/p/eVJpi51NoXEAitdn/?mibextid=WC7FNe

Dilli 15/8/2024

The Ministry of Petroleum and Mineral Resources (MPRM) prioritizes the development of oil and gas refineries in Timor-Leste (TL) to support the country's economy. According to the Ministry of Petroleum and Mineral Resources (MPRM), Francisco da Costa Monteiro said that in 2025 the MPRM will prioritize the Greater Sunrise field, which is the first priority of the ministry in the IX Government, and can also be said to be for the state and the people of TL."Our policy is to develop refineries in Timor-Leste for a better and vibrant economy to support our country's social economy," said the Ministrv of Petroleum Francisco da Costa Monteiro to journalists at the Ministry of Finance, Aitarak Laran, Thursday (15/08/2024). The government informs that the development of Greater Sunrise will be done in phases, starting from the initial phase, which is now in the negotiation phase, then moving on to the detailed study phase, followed by some feasibility studies. Then, in 2027 and 2028, when entering the construction phase, another budget will be needed. But today's presentation does not necessarily require funding from the Petroleum Fund (FP), as there is already a strategy to bring investments from outside the country, which can also be developed without needing to take money from the FP. On the other hand, Veteran Ete-Uco Guterres said regarding the development of refineries in TL, he still has confidence in the IX Government led by Executive Chief Kay Rala Xanana Gusmão, which has a policy of developing refineries in TL. He hopes that with the programs of the IX government, the development of refineries in TL will be achieved, thus providing jobs for Timorese people and supporting the country.

This is a previous post on Chinese intentions. It seems now they are taking it forward.

𝐌𝐏𝐑𝐌 𝐚𝐧𝐝 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐬𝐭𝐬 𝐂𝐨𝐧𝐝𝐮𝐜𝐭 𝐅𝐢𝐞𝐥𝐝 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐠𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐋𝐍𝐆 𝐏𝐥𝐚𝐧𝐭 𝐢𝐧 𝐍𝐚𝐭𝐚𝐫𝐛𝐨𝐫𝐚

𝐍𝐚𝐭𝐚𝐫𝐛𝐨𝐫𝐚, 𝐌𝐚𝐧𝐚𝐭𝐮𝐭𝐨 - 𝐉𝐮𝐥𝐲 𝟏𝟔, 𝟐𝟎𝟐𝟒

His Excellency, the Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, together with a team of Chinese LNG plant specialists, conducted a field investigation in Natarbora, Manatuto.

The visit aimed to conduct a thorough assessment and gather critical data for the development of a potential LNG plant in the region. The Chinese specialists, known for their expertise in LNG technology and infrastructure, collaborated closely with local authorities and technical teams to evaluate the site’s suitability and to understand the logistical and environmental aspects of the project.

This marks an important step in the ongoing efforts on the Tasi Mane project development, particularly focusing on the development of the LNG plant, refinery, and petrochemical facilities in Natarbora.

Minister Monteiro highlighted the importance of this collaboration, emphasizing the potential economic benefits and job creation that the LNG plant could bring to Timor-Leste. He expressed his gratitude for the Chinese team's dedication and their interest to advancing Timor-Leste's energy infrastructure.

The Ministry of Petroleum and Mineral Resources remains committed to fostering international partnerships and leveraging global expertise to drive forward Timor-Leste's economic growth and development.

Nice find Kylie.