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CDF to you actually hold shares? This is no laughing matter.

Everybody’s obviously on the Guinness. Happy St Paddy’s Day. Here’s to the Grand Slam tomorrow.

Timor Resources also proposed the end of the commercial agreement, that TIMOR GAP pay what Timor Resources considers are amounts owed and undertakes to fulfill these payments in the future.
At issue is the interpretation of the rights and obligations of the consortium partners – Timor Resources, TIMOR GAP and subsidiaries – namely regarding the financing of exploration, despite having an identical joint participation in the consortium.
Timor Resources defends that its obligation is limited to the value of its participation in the consortium (50%), up to a maximum of 27.5 million dollars each, in a total value of 55 million dollars (53.2 million euros) .
TIMOR GAP's position is that there is no limit to the value of Timor Resources' obligations vis-à-vis subsidiaries and that in the initial exploration phase the investment rests with Timor Resources.

Meanwhile the dispute between Timor Gap and Australian company Timor Resources rumbles on.
( Interesting that the Timor officials so quick to post everything on Facebook. Don’t talk about this).

Díli, 17 mar 2023 (Lusa)
The case has given rise to an exchange of mutual criticism that Timor Resources now says it intends to take to the Singapore International Arbitration Center (SIAC). “We are preparing a notice of arbitration, in accordance with the SIAC. We hope to have this notice of arbitration presented by March 20”,

The President of the Timorese Republic has already appealed to the Government and the state oil company TIMOR GAP to act with “extreme speed” to resolve the impasse.
“I ask you to see this issue with extreme speed, and with total integrity, without favoritism”, said José Ramos-Horta, in statements to Lusa.
“I am concerned that, if there is no urgent and fair solution, this will discredit Timor-Leste as a destination for investors. Timor-Leste already has a very low rating internationally in terms of the business environment. With this case it will be much more difficult and may even make negotiations on the Greater Sunrise project and bring the gas pipeline to Timor-Leste difficult”, considered the head of state.

Never been one for too much hype but this is going to explode

Jc. Thanks for that. Very positive sounding.
This statement and resumption of Sunrise talks should provide a boost to BOIL and their discussions concerning Chuditch. Need to see some buying now.

Don’t forget Andy presenting Chuditch in late April at BEOS conference, plus
ANPM presenting in June at VR Energy Week

https://www.in-vr.co/global-energy-week

https://www.pesgb.org.uk/events/beos2023-registration/

Dilli 24 Feb
“The development of new oil reserves through the Greater Sunrise project could take five to seven years to materialize”, he anticipated.
Thus, and according to the Government's accounts, if the current expenditure trend continues, the PF “should run out in 2034”.
This is why, in the Law of Great Options which, which the Government expects to take to parliament in early April, foresees “a moderate consolidation of expenditure”, limited to “1.6 billion dollars in ****logous terms”, and other revenue mobilization measures.
These measures, including the introduction of VAT “until 2027”, will allow extending the life of the PF until 2042, which would give “more time for the implementation of the Greater Sunrise project, as well as more time for government policies aimed at economic growth and diversification take effect”

A decision regarding Sunrise would be very welcome.

THE MINISTER OF PETROLY AND MINERALS TIMOR-LESTE AUDIENCE OF THE AMBAIXADOR AUSTRALIA MAI TIMOR-LESTE
Dili, Tuesday, 7 / March / 2023-Minister of Petroleum and Minerals Dr. Victor da Conceicao Soares received the hearing of the Australian Ambassador to Timor-Leste, Mr. Bill Castelo, who was accompanied directly by the new Prime Secretary of the Australian Embassy in Timor-Leste, Ms. Uyen Nguyen.
The hearing took place in the office room of the Office of the Minister of Petroleum and Minerals, with the objective of sharing information on issues related to the petroleum sector and the Greater Sunrise sector.
The hearing was also attended by the Technical Advisor in the Minerals area of the Minister of Petroleum and Minerals as well as the Executive Secretary of the Minister of Petroleum and Minerals.

Relationships have somewhat soured since paragraph 5. Paragraph 6.
“The current leadership of TIMOR GAP has refused to engage in a constructive settlement process, leaving Timor Resources with no option but to initiate a lengthy and costly legal process to force TIMOR GAP to fulfill its contractual obligations. Although this is a regrettable development, Timor Resources is very confident of a legal decision in our favor”, according to the same note.
A source from Timor Resources told Lusa that the Australian oil company will file the complaint with the Singapore International Arbitration Center (SIAC).

Díli, 07 mar 2023 (Lusa)
Australian oil company rejects accusations by Timorese oil company and moves forward with legal process.
In its submission, Timor Resources state;
“Timor Resources is the only onshore oil and gas operator in Timor-Leste. It is our opinion that TIMOR GAP's complete inability to attract foreign investment capital through expression of interest campaigns in onshore blocks is directly related to the inflexibility of the current leadership”, he maintains.

https://www.facebook.com/100067049134913/posts/pfbid0MW5n9aGFLSEo4fvY5kYUG9SRrnaH27yhDJBg1Lgn6u5sEj1MXyHoMqotGgUwTyehl/?d=n

If you’ve got the time and patience to translate and read, this is an excellent overview of the entire Greater Sunrise project and much more. Only got space for just an interesting snippet, (apologies if it’s been posted before).

Development of the Greater Sunrise Petroleum Field
Mario da Costa - Opinion.

Technical matters are important that the investment in downstream or refinery facilities and LNG plants to be built in TL will not only produce or liquidate gas from the Greater Sunrise field (GS) with the potential of a 8.4 TCF reserve, but also produce other fields located in the Timor Sea identified with the gas reserve namely the Chuditch gas field, the Kelp Deep gas field with the estimated, and the overall em-gas potential in the TL territory. Similarly, other petroleum potential that has been disconsidered are the fields of Jahal, Hunting the Sea, squilla and Krill located at block 11-106, operated by companies Eni, INPEX and TIMOR GAP. It includes more than 65% of the empty, prospective and unconsulted areas, such as Kelp Deep 13 TCF, Chuditch 0.75 Tcf, etc, located in former JPDA. Under the contract the production sharing contract (PSC) in the exclusive area is under exploration. In the exclusive area, 85% are still empty, which means that there is no exploration licence yet.

https://timorpost.com/opiniaun/tp-29194/maneira-atu-dezenvolve-kampu-petroleum-greater-sunrise/

20th of February 2023- Minister of Foreign Affairs and Cooperation Timor Leste, Mrs. Adaljiza Magno, had a Video call with the Australian Special Representative for Greater Sunrise Project, Mr. Steve Bracks.

Venue: Minister’s Office

The Minister of Petroleum and Minerals met with the INPEX company's team

Dili, Tuesday, 14 / February / 2023-Minister of Petroleum and Minerals, Dr. Victor da Conceicao Soares, accompanied by the Chief of Staff of the Minister of Petroleum and Minerals, Mr. Valente Ferreira, M.Sc, President of the Board of Directors of Timor Gap, Engo. Antonio Jose Loiola de Sousa, President of ANPM, Engo. Florentino Mateus Ferreira Soares, along with the Ministry of Petroleum and Minerals team, held meetings with the INPEX Company team, in the Ministry of Petroleum and Minerals meeting room.

The team of the INPEX Company comprises Mr. Tetsu Murayama, the Senior Vice President of the INPEX Company, Mr. Takuya Sugawara, the General Manager of the Business Development Unit for INPEX, Mr. Tomoya Iwaki, the Senior Business Development Advisor for INPEX, Mr. Phil Grainger, the Vice President of Growth for INPEX, who attended the meeting with the aim of presenting directly the interests of the INPEX Company in investing in the oil and gas sector in Timor-Leste.

Previously, the Minister of Petroleum and Minerals committed together with the President of ANPM, had meetings with the team of the INPEX Company in Japan, and the INPEX party presented the activities and projects of Global exploration of INPEX, and the INPEX future plan on the potential to invest in the petroleum sector in Timor-Leste, and the team of the Minister of Petroleum and Minerals also presented to INPEX Timor-Leste's strategic plan on the potential of exploration of petroleum in the Timor Sea and its relationship with the development of the South Coast Industry, and the potential of cooperation between Timor-Leste, INPEX and GAP in the future.

Government changes statutes of national oil company to accelerate company growth

Dili, 15 Feb 2023 (Lusa) – The Timorese Government today approved amendments to the statutes of the national oil company, TIMOR GAP, to reinforce the strategic vision and accelerate the company’s growth, extending its subordination to the Government.
“The aim of this amendment is to bring TIMOR GAP's statutes into line with the current context, and to adapt TIMOR GAP's objectives and structuring principles (…) to a strategic vision of accelerating the company's growth in the medium and long term, so as to to attract investment opportunities in the sectors of oil, natural gas and any other hydrocarbons and their derivatives in Timor-Leste”, explains the Government in a statement.
Among the planned changes, the Government highlights the “subordination of the company to the powers of guardianship and supervision of the respective minister and the alignment of its activities with the guidelines and objectives of the Government”.
It also provides for the “possibility of participation by Timor Gap in any oil operations, namely those carried out within the scope of the treaty that establishes the maritime boundaries in the Timor Sea and in the special regime of Greater Sunrise”.
“Eleven years after its founding, TIMOR GAP has identified new areas of intervention and defined new strategic objectives, in line with the Government’s expectations and guidelines for the development of the oil, natural gas and any other hydrocarbon and derivative sectors” , refers to the preamble of the diploma, which Lusa had access to.
“Thus, TIMOR GAP intends to assume a new strategic role as a public company and support the Government's objectives of positioning itself at regional level as a reference in the area of ??carbon capture, natural gas and hydrogen storage”, he notes.

Apologies Passiton. Got that completely wrong.

August 2022
Foreign Affairs Minister Penny Wong will visit East Timor this week and encourage its political leaders to resolve a stand-off with Australian energy giant Woodside over the potential development of a gas project in the Timor Sea.
The Albanese government believes the development of the Greater Sunrise gas and condensate field, located 150 kilometres from East Timor and 450 kilometres from Darwin, is crucial to East Timor’s economic viability and regional stability, sources said.

PM Albanese has a stridently green agenda. He’s making life difficult for Australian gas producers. If anything, he would be encouraging TL not to develop Greater Sunrise. Even financial incentives not to do so. I wouldn’t read too much into this visit. The Greater Sunrise decision however is a big deal. Hopefully resolved soon. Horta should learn to keep his mouth shut. Let’s hope Sundagas have found a way through this morass.

Would really like to hear BOIL’s take on the way forward with Chuditch and Sundagas. That’s what we’re anxiously waiting for. It could look much better on the ground than I (we) think. Hopefully very positive.

Agree entirely. Woodside and the consortium have done the decent thing. They will expect TL to provide the fundING if it goes to TL.
Horta would drop O&G tomorrow if given enough cash. I do wonder. Any potential buyer of Chuditch needs stable, thrust worthy partners in government. Get a PSC with Woodside and start things moving.

I am. Hopefully BOIL will place a warm and reassuring RNS on my lap any day now.
I find it extraordinary and disingenuous for TL to appoint a neutral third party to decide on a pipeline route and then refuse to confirm they will abide by the decision if it doesn’t go their way. This is third world antics and doesn’t engender trustworthiness.
The elections could mean new Timor Gap (our partners) personnel and new petroleum officials calling the shots. Disruptive. I hope Sundagas have the autonomy to make their own calls on Chuditch. They certainly talk a good talk. FInd out real soon. It’s still a great block and lots to look forward too. Fickle investors appear to be exiting.