Member Info for Kerosene75

Ian12, i think you hit the nail on the head.

I'd agree a favourable loan agreement would add significant value to the current sp. My concern is that on the evidence of the last cln deal we don't seem to be an attractive option for organisations to lend to us.

We were led to believe that there were several options available to us, but on reflection it's difficult to believe that. The last deal seemed to be rushed, last minute and the only option on the table. In the long run it might be a blessing that we got out of it, but in the immediate aftermath our sp paid a heavy price.

My concern now is, at what cost to the long term shareholders, will the next loan arrangement be? The sp is in a much worse position and I can only imagine our options are limited.

Im not fear mongering, these are genuine concerns, and I think our relatively new new CFO, Rob Collins hasn't covered himself in glory since his introduction and its time now for him to step up.

I don't think anyone can make an accurate potential share price valuation until funding for the Chuditch-2 drill is finalised.

The price that long term shareholders might pay to secure funding for the h1 2026 project is what concerns me most.

The last rns was welcome, it suggests relations between Timor Gap and Sunda Energy may not be as frayed as we might have feared, news from the Phillipines has been imminent for almost 12 months now.

So last weeks rns was vague without any concrete news or confirmed timetable of events for the market to invest in.

The Santos takeover saga, news on Greater Sunrise and the Philippine licenses in coming months will probably and hopefully have greater impact on our sp.

But for significant sp improvement we need news on rig hire and funding.

The most recent rns already covered this.

That would be an ideal scenario cdf1, and stranger things have happened. I'd be delighted with 0.3p without having to drill. Probably wishful thinking though.

Cdf1. It's time for Andy Butler to show some action rather than to date empty promises. Originally we were meant to drill in q3 2024, it's now going to be May 2026, at best.

He led us to believe finance wouldn't be an issue and that there were lots of interested investors, yet we iended up with a horrendous cln deal, which seemed rushed, panicky and the only option on the table, from the outside looking in. We have managed to free ourselves from it, but with a severely depleted share price as a result, which could limit our chances of securing funding going forward.

The fear among many is that securing funding with the sp at this current price, will mean that the long term shareholders will suffer greatly when finance for the Chuditch-2 drill is confirmed.

We are in a precarious situation, and I like others I'm sure, will take what Andy Butler has to say with a pinch of salt, it's time for him to show action and leadership which unfortunately to date he has been found wanting.

Valaris who own a fleet of rigs, have a diary online which shows the majority of their stock hired out for 12 months +.

If Sunda Energy and Timor Gap are serious, funding and rig hire would need to nailed down this year, if not I can see the drill being delayed further.

That is certainly encouraging.

Moonfrog: I don't think anyone could blame you for being sceptical at this stage. If I had to put my mortgage on a drill h2 2026 yes or no, id probably pick no. Hopefully things improve ASAP.

My strategy to date has been to wait for the drill results before deciding to sell or hold. But my concern now, is if we drill and raise finance at what cost will it be to the shareholders, and the long term shareholders in particular.

What level of dilution are we likely to absorb. Judging by the previous cln deal, quite a hefty one, and if anything we are in a more precarious situation now.

At the minute we just have to sit tight and hope things work out, today's rns hasn't really told us much but if they are serious about drilling in May/June 2026 we would need finance and rig hire sorted this year.

Definitely a bit of reassurance that relations between Timor Gap and Sunda Energy are still positive. Funding for Chuditch probably still the biggest concern and id assume needs to be resolved before rig hire can be secured.

Phillipines is probably a bit too long term of a project for me but any potential spike in sp from anywhere is welcome.

My plan has always been to wait for drill results before selling. Unfortunately another 10 months to go.

The helicopter fiasco wasn't the only concerning episode, the cln funding which looked rushed, a bad deal for us shareholders and in hindsight probably the only deal on the table, despite Butler giving the impression prior to that, that there was various options available to Sunda.

So id take what Andy says with a pinch of salt at this stage, his, it's all rosy in the garden approach is starting to wear a bit thin and he has got a relatively easy ride considering the mess we are in. Trying to secure funding with the sp in its current position leaves us shareholders very vulnerable.

I admire your optimism cdf1, I'm just a touch sceptical at present.

Yeah, it feels like we need a bolt from the blue to kick-start things. Hard to see where it's going to come from giving the history of repeated missed deadlines etc.

Before the last debacle over the helicopters, the drill had already been delayed 2 or 3 times.

I'd guess it will be towards the end of the year before we will hear news on funding. If we are to drill in May or June 2026 id imagine the rig would need to be booked 5 or 6 months in advance. I think we will have a quiet 2 or 3 months ahead of us.

It would be ideal if we were part of a masterplan to develop the whole region but it's probably wishful thinking on my behalf.

It looks like the engineer who jumped ship from Sunda to Finder around 5 or 6 months ago knew what was coming down the line. Probably the 1st red flag of the disastrous last few months.

Impossible is probably a bit extreme alright. But if we look at the cln deal conducted by Sunda it wouldn't leave much room for optimism going forward unfortunately. If anything Butlers hands are tied tighter with the ridiculously low so.

I'm not convinced Butler will secure funding with the sp at these levels without diluting us to hell. A sale is probably our get out of jail card.