Member Info for Jarv55

Https://www.energynewsbulletin.net/operations/news/4196341/wood-lead-multibillion-dollar-gas-plant-study-east-timor

https://en.tatoli.tl/2024/04/09/wood-australia-kicks-off-work-on-new-concept-study-for-great-sunrise/19/

Jelly there is a filter button if you want to use it.

VT hopefully someone who controls the purse strings better than Wakefield did.

New Chairman appointment can't be far off now.

I will be happy if we can close at 0.065

Looking stronger now VT https://invst.ly/14cuay

Not sure why we trade on Aquis would rather we didn't.

Reggie the old bod have given new investors a very cheap entry price , we should never be down here in the first place. New broom is sweeping clean, we have had more Pr in the last two weeks than in the last 6 months of Yeo. Looking forward to the new bod members coming and controlling the finances a little better.

Boil techs getting ready for a break of the resistance area https://x.com/Jarvy55/status/1778368555446047182

Http://www.anpm.tl/production-sharing-contract-psc-tl-so-22-23-the-psc/

ENI shall acquire 1500 Square kilometers of 3D seismic and 50 Line Kilometers of 2D seismic, and process them in the following year. Subsequently, an exploration well will be drilled in year three with a minimum Total Depth of 2500 m (True Vertical Depth), along with the geochemical and other Geotechnical studies.

Eni not Enit fat fingers

If we hit more gas at Chuditch 2 then it derisks the project. i would expect Enit to be looking closely at us then, seeing as they have the block next door which is in the middle of Chudtich and Sunrise.

Worth reading https://wp-baronoilplc-2020.s3.eu-west-2.amazonaws.com/media/2024/03/BEOS-27-3-24.pdf

Q3: Now, I understand that you’re seeking an additional funding partner for the project, are you happy with the way discussions with potential partners are progressing, and is it true to say that the focus is on funding at the project level rather than through the issue of additional equity in the company?

A3: Well that’s correct, yes, we are very interested to bring in additional partners to participate in the project, to bring additional funding, and a number of discussions going on. Those discussions are in an interesting phase, I obviously can’t say too much in terms of the detail but that’s the situation at the moment and I’m very confident around it.

Am I happy? Yes, I am, I will obviously be truly happy once we’ve concluded some of those discussions, but we are most definitely making good progress at the present time.

With respect to bringing additional equity funds into the group at the corporate level, the plc level, to pay for the funding of the well, I can say unequivocally that that is not the intention and what we are looking to do is bring in funding at the asset level.

So, there isn’t a plan to bring in additional equity money anytime soon, it’s definitely project level investments that we’re looking at.

What is notable with Timor-Gap that as the state oil energy company they’ve had a full carry, they’ve had a 25% interest in the project from the start, that’s pretty material interest. They’ve had a full carry on that interest which means we pay their costs all the way to production so there’s no cost exposure from their point of view which is obviously a nice place to be.

What we’ve recently announced and closed is a transaction where they’ve taken an enhanced participation in the project so they’ve taken a further 15% and that’s a paying interest so they now have skin in the game. So, a government partner with a carried interest is common, one that steps up and actually takes a paying interest, exposes itself to the cost is very uncommon, it’s almost unique. So, we’re very pleased with that deal and it brings strong validation for the project technically, it’s what we are seeing with respect to this asset commercially, they believe it’s a good investment and particularly as validation for what we’re trying to achieve with this project, validation of us as the operating company but speak strongly for the support that they are trying to give to the sector in general and to us in particular in taking the Chuditch asset forward.

So, we’re very pleased with that deal we’re very grateful for Timor-Gap for their continued support and it gives us a very good strong springboard from which we’re moving forward with the asset.

Going forward, our plan, as you say, is to drill a critical appraisal well later this year, that will be a milestone well in which we will be looking to drill to prove the larger resources that we see. It’ll be a significant step out so a significant distance from the original discovery well, around about five kilometres, and that talks to the size of the field, it’s roughly 20 kilometres in length but also the quality of the data and confidence that we have to step out such a long way from the original discovery. Key objective will be to test the producibility of the well through a flow test, which is known as a DST, and that will open the pathway to development of the asset going forward so really the critical milestone that we’ve got in front of us.

We’re making good progress in terms of our preparations, we’ve assembled an excellent drilling team, we are presently acquiring a site survey which we’ve announced previously, which is a physical investigation of the of the location where we plan to drill, to make sure that it’s safe and environmentally okay to do so at that location. So, we’re talking to drilling contractors and making good plans and good progress towards it.

From the directors talk interview

Q2: Now, the company’s strategic focus is obviously on the Chuditch gas project offshore Timor-Leste and the planned drill-in of the appraisal well in Q4 this year. Could you just give us a brief overview of the Chuditch Project, the stage it’s reached now and your partnership with the Timor-Leste state oil and gas company?

A2: So, Chuditch is a large gas field, offshore in the Timor Sea, in Timor-Leste waters, that’s north of Australia and south of the island of Timor, in relatively shallow water. That’s an area with a lot of gas within it, that is now moving forward to development, and that area will increasingly become a key area of focus in Asia Pacific as a gas production centre.

Chuditch itself was discovered by Shell about 25 years ago in, as I say, relatively shallow waters. They discovered gas at a time when there were really no markets for gas in this part of the world, no LNG infrastructure, no pipeline infrastructure, and really with data that made it very difficult to image the field. So, they thought they found something interesting, about 700 billion cubic feet of gas, but were unable to do anything with it.

Roll the clock forward, we’ve now worked the asset considerably, obviously the gas markets in this part of the world have evolved but also technologies have evolved, and so we’ve been able to really throw the book technically at the challenge of imaging the field in the subsurface in which we have successfully done. So, we now can for the first time really image the structure and that leads us to a view of the resource potential for the discovery of about 1.2 trillion cubic feet of gas so that’d be more than 50% increase on the resource that Shell thought that they had when they left. We also see a lot of upside in undrilled features immediately adjacent to the Chuditch field so really a pretty material asset.

From the Allenby brokers note last year

Chuditch JV partners

In our view, a Chuditch appraisal well and subsequent field development will require a

financially and technically strong joint-venture partner given the scale of the project and

the inherent risks involved. The latest company statement provides no hard news on

securing a partner. Baron does, however, refer to Chuditch attracting attention via its

‘active farmout campaigns and presentations’ at industry events. The company has also

pointed out that there are a number of ‘ongoing discussions with third parties regarding

participation in the Chuditch well and future activities’. Baron has a Virtual Dataroom for

the benefit of potentially interested parties.

An interesting development last year wasthe successful bid in the Second Licensing Round

by the Italian major ENI for Block P, located between the Chuditch PSC and the Woodside

operated Greater Sunrise project to the north.

Want this back up before they announce the JV we should never be down here. News due this month

New bod members

Survey

Would like to see Timor Leste start talking about Chuditch and starting to promote it like they do Sunrise.

Https://x.com/Jarvy55/status/1777999382152921134 Last call for your bed and isa's