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Does anyone know the cost of the Q4 NZ drill. I’m running some numbers on the basis we lost Chudditch.

Finder CEO targeting FID mid year. In his interview he said discussions on rig were now advanced. To FID they need their ref approvals back.

They will need to agree with ANP how the chicken and egg will work. The notice says they need to present a signed rig contract but in reality they won’t be able to sign one of there is uncertainty over title. This may be nativity on Tiimor Leste part and in reality I suspect they will grant an extension on the basis of the final contract pre signing. Finder need this contract too and everyone’s vested interests are aligned. I watched the Finder CEO interview from May where he said the rig contract negotiation was advanced. It now depends on their FID as they need TL to come back on their FDP submissions targeting mid year

We are now at the behest of a finder FID any time. Their CEO gave impression that they had the rig they wanted and were negotiation terms so they may come simultaneously

As I now understand it this came as a surprise for Sunda. However ANP are protecting their regulatory position which could be used against them in other scenarios if they don’t show consistency. ANP still expect progress but equally the licenses is expected to be extended provided the expected progress is made

They have a rig contractor - Finder CEO confirmed that in interview. Not concerned about that. I’m not concerned about helicopters as AB has previously said that has now been resolved. I’m bothered about the chicken and egg situation now created. You wouldn’t sign a rig contract without the extension.

Sunda will need to get assurances from ANP however as clearly they would not be wise to sign a binding rig contract without assurances of a contract extension.

They will did it very difficult not to extend if Sunda can demonstrate the right contract. Finda are extended to FId which will likely come with simultaneous rig contract

ANP probably following their internal rules as technically they Havnt satisfied the conditions. It’s very unlikely that ANP don’t grant an extension given the fact pattern and the reason they couldn’t drill in the first place. Equally Finder due to fully FID and they have to lock in rig pretty quickly.

Immmot too concerned but will provide uncertainty until this is cleared up.

My sense is the government are trying to hurry up the contracting and probably following protocol. The rig should be signed within three months anyway.

I doubt it personally - the facility would need to be as high as 400m. Don’t get me wrong Energean have it coming and I would like nothing more….

I doubt it personally - it would. Ened a significant extension of the shell debt facility

They discussed the possibility of selling renewables in the April presentation - they said that they may be too small for a standalone IPO project at this stage

We will be getting news before 25 June

Can’t add anything on the Kim note terms - however as they have drawn 1.25m subda are bound to convert them at the behest of the notice periods. Sunda are not bound to draw down the others and imo likely won’t.

I think the conversion on the balance will be soon.

Andy alluded to the fact that cash flows from January production onwards given oil prices would cover the payments for the upfront payments this year and final payments next year. My cash flow forecasts support this based on 40usd opex (although Andy confirmed opex is 30usd).

Latest broker note has. New Zealand at a carry value of 24-30usd befire production enhancements. 5m is a crazy valuation but it’s only on paper.

As expected no preemption. However I’m pretty sure they have something else in the pipeline

If all they draw down is 1.25m it’s not a major issue and like I said they will manipulate the book up 5x in due course.

On my cash flow forecasts the company likely won’t need to consider the other loan note tranches. If it does need to raise then they may be able to raise equity at higher valuation.

The stock they have forward sold needs to be bought - remember this. Prepare for the squeeze.

There is manipulation here and I know how they are doing it. However they bit the banana at both ends. Patience.

If they re playing games they will be equally aggressive when the time comes to move

Counterparty risk, they don’t currently know what the liability will be under the current facility which would need extending and they would need to raise again for any down payments . It’s extremely unlikely they would put that many eggs in one basket.