Member Info for filthylucre

Absolutely no doubt the ERCE report will be excellent and confirm/enhance the value of Chuditch. Investors will also be hoping/expecting positive noises regarding next steps with a nod to interested parties. Not forgetting Dunrobin.
I hope it’s enough to satisfy the high expectations of many of those waiting.
It has to be very good.

The biggest issue. Funding.

Victor Soares ANPM
Asked whether Timor-Leste would accept a possible result of the study if it indicated that Darwin's option was the best for the country, Soares admitted that it was "a difficult question", referring TIMOR GAP to comment.
He also declined to provide details on the investment costs for Timor-Leste, insisting, however, that politically, the executive does not want to use the Petroleum Fund to finance the project.
“On investment capital, it is up to the companies and the consortium to define. The Government's position is that we will not invest or use the Petroleum Fund in the Greater Sunrise issue. It has to be defined technically, commercially and economically, and resort to financial institutions in accordance with good practices in the oil sector”, he said.
Victor Soares said that, in parallel with the question of the concept of development, it is “crucial to conclude with the Australian Government and the consortium the legal framework of the project”, including special regime, production sharing contract and other documents.

Some caution. Though I still think this is a step forward and positive for Sundagas and Cuditch.

Dili, Feb 6, 2023 (Lusa) – The Timorese President today recommended “prudence” to the Government not to make commitments regarding the Greater Sunrise project, taking into account that Timor-Leste will enter an electoral cycle that will result in a new executive.
“I alert the Government to the fact that we have elections in sight, very soon and that it would be convenient not to assume commitments without taking into account that we have an electoral calendar and that there may be a new Government and a new administration of TIMOR GAP and the sector ”, said José Ramos-Horta to Lusa.
"Any consultation has to be exploratory, without assuming definitive commitments, leaving that to the next Government", he said.
Ramos-Horta reacted after the consortium for the Greater Sunrise project, in the Timor Sea, announced that it would compare the options for a gas pipeline to Timor-Leste or to Australia and identify the most beneficial one for the Timorese.
José Ramos-Horta considers the decision "a demonstration of good faith" by the management of Woodside and the other partners, who are available "to find a technically reliable option, and at the same time that it is commercially the best".

Following the commercial discovery of the Greater Sunrise gas and condensate field in 1974, and more than twenty (20) years discussing the Greater Sunrise gas and condensate field located in the joint area between RDTL and Australia, there was no certainty with regards to development concept options to develop the Greater Sunrise field. This is due to the different views of the government of the Republic Democratic of Timor-Leste (RDTL) and Australia, as well as of the Operator Woodside and TIMOR GAP on the development concept and the pipeline route to deliver the gas from the Sunrise fields.

Today, 6th of February 2023, TIMOR GAP, E.P. hereby announces that the VIII Constitutional Government of RDTL, led by H.E. the Prime Minister General Taur Matan Ruak, through TIMOR GAP’s Greater Sunrise Negotiation Team have managed to overcome these challenges and obstacles faced during the negotiation process with the Sunrise Joint Venture (SJV) partners, which consist of TIMOR GAP, Woodside and Osaka Gas, as the SJV agreed to select a reputable third-party consultant, specialized in this field, to conduct the concept select study. The results of the study will provide a credible source of information to SJV to select the development concept of the Greater Sunrise gas and condensate field, with a strong focus on bringing the gas pipeline to RDTL and developing the LNG Plant in RDTL. It is expected that the study will be completed within maximum 6 months.

This is a significant step for the people and State of RDTL.
Victory to the heroes and martyrs of our homeland of RDTL!!
Victory to the people and State of RDTL now and in the future!!
The victory is certain, it is only a matter of time!!

https://bit.ly/3RDNcyW

Has to benefit Chuditch. Might give our share price an uplift.

The permanent maritime boundary agreement between Timor-Leste and Australia stipulates that the Greater Sunrise, a shared resource, located 150 kilometers from Timor-Leste and 450 kilometers from Darwin, will have to be divided, with 70% of the revenues going to Timor -East in the case of a pipeline to the country, or 80% if the processing is in Darwin.

António de Sousa, president of TIMOR GAP, expressed satisfaction with what he considers to have been the contribution of the efforts of the Timorese oil company to the achievement of the long-awaited objective of developing Greater Sunrise.

“This way forward is a significant commitment to our partners, to the aspirations of those who made sacrifices to achieve independence for the Democratic Republic of Timor-Leste, and to the future of our people and Timor-Leste. It offers a clearer path to prosperity, equality, peace, stability and sustainability for current and future generations,” he said, quoted in the statement.
Meg O'Neill, head of Woodside, said the development of new technologies and the growing demand for safe and reliable LNG meant that the time was right to accelerate the selection of the development concept.
"It is important that we continue to study ways to develop the Greater Sunrise fields using the latest technologies, evaluating, for example, modular LNG, which did not exist in the past", he said.
“Against a context of global geopolitical instability and constrained energy supply chains, there is an opportunity for the Sunrise consortium to significantly advance this regionally important project”, he underlined.
For Yo Otsuka, managing director of Osaka Gas Australia, it is important to evaluate and compare the development concept from a technical and commercial point of view to select the best option for the success of the project.
Parallel to the definition of the project's development concept, the consortium is also making progress in negotiating other elements of the project, including a new Production Sharing Contract, petroleum mining code and associated agreements with the Governments of Timor-Leste and the Australia, “which upon completion will provide the necessary fiscal and regulatory certainty for development to proceed”.

SUNRISE JOINT VENTURE TO UNDERTAKE CONCEPT SELECT WITH A STRONG FOCUS ON DELIVERY OF GAS TO TIMOR-LESTE
The Sunrise Joint Venture (SJV), comprising TIMOR GAP (56.56%). Operator Woodside Energy (33.44%). and Osaka Gas Australia (10.00%), hereby jointly affirms its commitment to undertake a concept select program for the development of the Greater Sunrise fields.
The SUV will consider all of the key issues for delivering the gas, for processing and LNG sales, to Timor-Leste compared to delivering the gas to Australia.
The studies will incorporate and update previous work by utilising the latest technologies and cost estimates while also considering the socio-economic, capacity building, safety, environmental, strategic and security benefits of the various options. The studies will include evaluation of which option provides the most meaningful benefit for the people of Timor-Leste. The SJV is aiming to complete the concept select program expeditiously given the benefits that could flow from developing the Sunrise fields.
TIMOR GAP President and CEO Antonio de Sousa said he was pleased that TIMOR GAP's efforts have substantially contributed towards realising the long-awaited goal of developing Greater Sunrise.
"This path forward is a significant commitment to out stakeholders, to the aspirations of those who made sacrifices to achieve independence for the Democratic Republic of Timor-Leste, and to the future of our people and Timor-Leste. It offers a clearer path to prosperity, equality, peace, stability, and sustainability for current and future generations," he said.
Woodside Energy CEO Meg O'Neill said the development of new technologies and growing demand for safe and reliable LNG meant it was the right time to bring forward the concept select program.
*It is important we continue to look at ways to develop the Greater Sunrise fields using the latest technologies by evaluating, for example, modular LNG, that did not exist in the past. Against a backdrop of global geopolitical instability and constrained energy supply chains, there is an opportunity for the Sunrise Joint Venture to significantly advance this regionally important project," she said.
Osaka Gas Australia Managing Director Yo Otsuka said it was important to assess and compare the development concept from both technical and commercial points of view to select the best option for the success of the Sunrise project.
In parallel to the concept select program, the SUV is progressing the negotiation of the new Production Sharing Contract, Petroleum Mining Code and associated agreements with the Timor-Leste and Australian Goverments, which upon finalisation will provide the fiscal and regulatory certainty required for a development to proceed.

Sousa's team met with the University of Texas' Bureau of Economic Geology.

"We need an updated reservoir study that goes back to raw data, all the way back 48 years ... so that we drill it properly and extract the maximum hydrocarbons that God left us."

https://efile.fara.gov/docs/7120-Informational-Materials-20221230-1.pdf

5 days ago
After a week in Timor-Leste we are having a great visit this week to the Perth Core Library in Australia. This is a collaborative multidisciplinary project between TIMOR GAP, E.P. and the Bureau of Economic Geology. The study is focusing on offshore gas reservoirs in the Greater Sunrise Field. Fascinating datasets and depositional system, and huge importance to the new country of Timor-Leste. Glad to be a part of this project!
[The Bureau provides advisory, educational, technical, and informational services related to the resources and geology of Texas, the nation, and the world]

??í????, ?????????????? -??????????, ???? ???? ?????????????? ???????? - The Minister of Oil and Minerals, Dr. Victor da Conceição, participated in the final presentation on the feasibility study of the jetty (port) project for the Suai Supply Base, at the Sunrise Meeting Room, Timor Gap building, Floor 3, Timor Plaza.

The project was presented by the Project Director, Mr. Patrick McCallum, and the Project Director, Mr. Colin, Berthing and Navigation, Sr. David, through a virtual videoconference accompanied directly by the Minister of Petroleum and Minerals, Dr. Victor da Conceição, by the Chairman of the Board of Directors of Timor Gap, Eng. António José Loiola de Sousa together with the Executive of TIMOR GAP.

The purpose of the Jetty (port) Project for the Suai Supply Base is to prepare the facilities to support offshore supply vessels, onshore exploration, the Fishing Industry, support Naval de Timor-Leste, and other activities. who need support from the aforementioned facilities.
https://www.facebook.com/100083517152703/posts/pfbid02Khmc8JndN6W48D3dtTNiDAoTcb8RQKbEBADBpSv8bNTugeULCXBB9eF9C1byG7Ssl/?d=n

The interview where Soares talks about Greater Sunrise and a pipeline to Timor.
Still no confirmation. Yet.
https://m.youtube.com/watch?v=iffTnLRcCEw&feature=share&fbclid=IwAR3UsAnutnpEYB22alZDQkgdDHfwYQz0LtMzrdFceyExDTRUScoW-DkE9ZY&fs=e&s=cl

Just noticed the FB post has only had two likes after two hours which is odd if it really does indicate a breakthrough.
Need official announcement. Would be fantastic news.

Astral Pro.
That sounds like a breakthrough. Hopefully not poor translation or simply Timorese wishful thinking. Maybe we will hear something very soon. A PSC would be a game changer for offshore gas exploration.
Thanks for the translation. Fingers crossed.

The company described their “continuing efforts to attract additional industry partners”.
Therefore showcasing it at conferences. No problem with that but to listen to some posters, a deal is in the bag or very close to it. Get the impression it isn’t. More time. Not a big issue, if it turns out positive in the end. We will soon know.

Our day is coming.
Maybe tomorrow.

Apologies. If it makes you feel better, I lost a fortune on Gold Oil getting it wrong.
I like the BOIL team. Have confidence in them. What makes me nervous is the overblown expectations which cannot be delivered right now. That’s only my interpretation. I need somebody do convince me that my doubts are misplaced and this is going to explode any day now. That’s what I want to happen. I profess no knowledge of oil and gas or investing. Just what I read and hear.

I agree. I would be over the moon to be wrong but I am tired of waiting.
I found the Chuditch information update on their website sobering and a little worrying. Hopefully I’m way too pessimistic. However, I get the impression a hell of a lot haven’t even read it and just spout hyperbolic nonsense. Chuditch has frightening potential to make us a load of dosh. Just need a breakthrough announcement.

OK. It’s just the expectation and hype will hammer the share price with people expecting news of a buyer on Chuditch. If they were knee deep in talks with a prospective buyer, would they be showcasing the block in 3 months time? I think many hurdles to get past. Lack of a route to market being number 1. CPR is important and should be good but a lot of hype and crap being pushed on twitter.

CDF1, maybe you can help me out. BOIL have said on their website they will be promoting the Chuditch block at future energy conferences in order to garner interest. We know one is pencilled in for end of April. Extra 3D seismics, costly and time consuming will also be required. Still no agreement between ANPM and Woodside which could provide reassurance on infrastructure most companies would rely on. Doesn’t all this point to a probable future licence extension?