RE: Trade Invest30 Jan 2023 08:44
Jarvy55, [30/01/2023 08:07]
On 8 November 2019, TIMOR GAP CHUDITCH,
through its wholly owned subsidiary TIMOR GAP Chuditch Unipessoal, Lda., and its joint venture partner,
SundaGas Banda Unipessoal, Lda., signed a PSC for the TL-SO-19-16 (PSC 19-16) contract area with ANPM, acting on behalf of the Ministry of Petroleum and Minerals, with the purpose to begin appraisal of the Chuditch gas discovery field and exploration of adjacent prospective areas within Chuditch discovery eld. e Joint Operation Agreement was signed between TIMOR GAP CHUDITCH Unipessoal, Lda., and SundaGas Banda Unipessoal, Lda. on 27 November 2019, and became effective on19 December 2019 upon approval from ANPM. The above PSC is entered into and granted pursuant to the provisions set forth in the Petroleum Activities Law No. 1/2019, of 18 January, First Amendment to the Law
No. 13/2005, of 2 September, being awarded by the Government, through direct negotiation, to the joint venture
partnership composed by TIMOR GAP, holding a 25% participative interest, and SundaGas, holding a 75% participative interest, whilst assuming the Operatorship of the Contract. SundaGas is a Singapore-based E&P company, focused on exploring and developing gas opportunities across the greater Southeast Asia region.
With the ratification and entry into force of the Permanent Maritime Boundary Treaty in 2019, the block contract area situated in the south of the former JPDA, is now under Timor-Leste exclusive maritime jurisdiction.
Located approximately 185km south of Timor-Leste, the PSC TL-SO-19-16 covers approximately 3,571.49 km2,
in water depths of 50-100 meters, and encompasses the Chuditch-1 gas discovery, which was discovered by Shell
in 1998. the Chuditch field has 25m gas column with a good to excellent reservoir quality with a water depth of
around 70m. e reservoir target for the Chuditch field is approximately 2900m from the seabed. Initial discovery
by Shell presented that the field is estimated to contain 0.6 – 1.6 Tcf of gas with minor CO2.
Both Parties have committed to a seven-year Exploration Work Programme with the Minimum Exploration
Work Requirements stipulated as following: Initial Period (Years 1-3) envisages seismic reprocessing (pre-stack
depth migration) of 800 km² of 3D seismic data and a 2000 kilometers line of 2D seismic data, review of hydrocarbon potential of the entire contract area (geological and geophysical studies) and one appraisal well, subject
to positive seismic reprocessing result that supports the presence of a significant structure associated with the
Chuditch discovery; Second Period (Years 4 and 5) includes post-well evaluation study and drilling of one (1)
exploration well, and development scenario planning forChuditch discovery; and third Period (Years 6 and 7)
comprises geological and geophysical studies, development scenario planning, and drilling of two (2) exploration or appraisal wells.
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