Member Info for passiton

Shell and Conoco departed Sunrise ,said leaving after having Darwin refused
in 2002 and FLNG in 2008.

A cut price deal finally agreed to a compensation of $650m combined for the two's
56% of Sunrise, with a loan to Timor Gap , from the Island Petroleum fund

Agreed 2018, signed off 2019, when gas prices much lower

Sunrise 5 tcf plus 250mb condensate.

Chuditch 5 tcf est 3.5 tcf recoverable, how much would a sale bring at
current prices A SHED LOAD.

Even if sold as 3 tcf which is 510 mbo/e at 75% 382.5mbo/e to Boil
at $1 a barrel is $382.5m or £315.5m

At current Boil share base, that is 1.66p per share
£189.4m per 1p

Depends on the format of the JV, how much we retain 5% , 10%, more
what other bits make up the deal, free carry 1 or more appraisal drills
an additional cash element, etc

Much prefer to see an outright SALE of the whole 75%

Wrap Up

Australia, Japan, Korea and China, have all made ovations to their industry leaders
to secure much higher rate Gas/Lng consumption

The Timor sea, has been prolific since the 1970's across Australian and Indonesian waters.

Timor's hardly explored meat in that sandwich, has Bayu, Chuditch , Sunrise and the huge
still Idle KELP 14 tcf estimate.

It's on all of their doorsteps , no longer a question of if, just a case of when and who
takes first mover advantage back into the area. GLA

Shell did have Sunrise and Chuditch , so know exactly what is in play and
might now also be interested in the Islands Gas Infrastructure projects.

Also a couple of months ago, the Australian Government , had Shell, Conoco
Santos and others in for a summit, the upshot being, Australia itself needs more
Gas, want's increased domestic use production BUT would like to maintain its
leading position in the worldwide GAS/LNG Markets.

The conclusion was, they would have to ACQUIRE new projects to meet the demand
Initially increased production from the offshore Queensland fields , would be able
to meet, increasing East coast Cities domestic requirements, while other development
and expansion occurs elsewhere.

With its freshly reported 40 billion profit from 2022, do not rule out a return by Shell

Shell made a statement after being hammered on carbon emissions, in the Hauge.
That resulted in a company statement, moving out of Oil and focus now to be with
Gas and Gas Infrastructure projects of scale, additionally looking to secure future
large scale blue/green gas development holdings.

After yet another , failed JV development meeting in October, Steve Bracks appointed
as mediator (well known to Timor) being acceptable to both sides.

Early mediation, had no effect, both sides still wanting their own plans, the threats continued
with Horta branding Australia and Woodside as corporate bullies, to the worlds press.

Suddenly , Meg and Woodside U-Turn, announcing they will look at BOTH options once more
with a bias, towards the Islands plan.

Horta's lifelong bff ,Gusmao heading to the polls looking to get the band back together, with
a return to being Prime Minister , Gusmao the architect of all things project Tasi Mane from
the beginning, so can be sure of one thing. Beaco Gas/LNG Export facility will be built.

Just a question of WHO , will be the funder/operator of the complex.

The tender put out for Sunrise last November ,had a completion date - By 2030
so the 7 years hits that.

The Sovereign wealth fund, that can reach until 2034 , is with anticipated CUTS to the
budget annually, at current trends and expected funding that date becomes much
earlier, original parliament statement, at current spending and commitments, the
fund would be depleted sometime during 2028-2030

Local NGO Lao Hamutuk, informed the Government a few years ago and many times
since of the financial cliff heading their way, unless they get their house in order.

Original article scathing of the waste by Government of many millions annually, that
could have been used to develop revenues and the other sectors, for many years, vice
ploughing on with major expenditure , on a project that may never happen (Tasi/Beaco)

So , since China visited last June, its been last chance saloon time, to make it happen, as
additionally, a lot of extra funding from worldwide sources, depends on their development
of those non oil and gas , strategic plan 2011-2030 developments, agriculture, tourism etc.

After the China visit , Horta went on the offensive, threatening Australia if they did not turn
Meg's head at Woodside, they would turn to China, a statement Horta said misinterpreted
a couple of weeks later.

Since he has thrown , Middle East, Indonesia, Japan , Korea and even put the begging bowl
out to the USA , during the UN conference.

Can only presume, the constant failure's to get signed off, all due to the
2010 Ministry appeal, which put a hold on any mining by AFCR (Vast) in
Zimbabwe , until the case was resolved, it now has been.

Could all happen very quickly now BUT then again we are talking AP time, lol
GLA

Pathways to mining , have already been established and spoken of as being
signed off soon , on many occasions in the past few years, by vast, ZCDC and
the Ministry, one from the Ministry even had by the end of next month, being
April (a couple of years ago now , lol)

The now dealt with, High Court rulings of 2010, should now also be valid, AFCR
(now vast) licenses valid, Diamonds to be returned and Mining can also resume.
GLA

Tick, Tock, Diamond Vast about to rock. GLA

6th February.
Even the Zimbabwe press , expected it to happen, SOON !

LONDON based mining and resource development company, Vast Resources has hailed President
Emmerson Mnangagwa’s administration for commitment in resolving legacy issues at a time when
the miner’ share price has gone up.

This follows the successful resolution of the firm’s trapped diamonds saga which has dragged on
since 2009.

The gems have been held in the custody of the RBZ since 2010, pending the determination of an
appeal against the High Court’s decision in 2009.

Vast resources began formal legal action in the High Court of Zimbabwe in December 2022
which came to finality this week after production of a
court order bringing the matter to a close.

“The order should allow for the start of a lawful and transparent release into its custody of a
historic parcel of 129,400 carats of rough diamonds, held in safe custody at the RBZ.

The stones will be independently cleaned and valued for the purpose of selling through a
tender process.

https://www.newzimbabwe.com/uk-based-vast-resources-commends-zim-govt-as-share-shoots-on-diamond-row-deal/

Probably declining new spreads, resident poster and TR1 main spread Rob
on Boil, his through IG, he often tips, no longer , or recommencing taking
spreads on the share. GLA

The geoscience event all this week, has all the heavy hitters doing the
main presentations, likewise the Australian 2023 conference 15-17th.

Both mention stall's available for companies to do their own promotions

Found ANPM and Woodside at the AOG on the main listing, so probably secured
a spot well in advance, to be included on the promo pages.

These events have long been advertised on SEAPEX , so as we know our Sundagas
crew , heavily involved in seapex (Butler/Murray) so has to be a possibility one of
them could make their way to the event, even if its just to do a bit of networking.

ANPM good to have them present, Australia's premier event and they will brief all
things Timor, with lashings of optimism and over enthusiasm as they usually do, lol

Woodside have a stand, they announced planned expansion a while ago, after absorbing
BHP and its assets, also Browse and Chuditch mentioned as probable next in line to be
developed from its PF.

Curious BHP on the Geoscience event guest list, as said Woodside took them over a little
while ago, so that could be the Woodside boys, who with Amazon assistance, did the
entire Sunrise license 3d seismic in HALF A DAY, so that could be a biggy for the wider
industry.

Mark ? , the Director at the time, stated he challenged them to bring it down from 6
months to 1-2 years, depending on scope , to 12 weeks. He also admitted after their
success, he was blagging and would have been delighted with any major reduction.

He was stunned by what they did achieve and went on to say Woodside projects could
now save 1-2 years in their development process, with the seismic advances made.

More chances for showcasing Chuditch and the psdm seismic used to develop.

On behalf of the Organising Committee we invite you take part in the 4th Australasian Exploration
Geoscience Conference (AEGC 2023).

The conference will be held from Monday 13 – Saturday 18 March 2023, at the Brisbane Convention
and Exhibition Centre (BCEC) and sponsorship & exhibition opportunities are now available.

https://2023.aegc.com.au/

and

Australia Oil & Gas (AOG Energy 2023) 15-17th March , where Timor's ANPM
and Woodside on the guest list.

https://aogexpo.com.au/exhibitor-directory/?category=Exploration+%26+Production

https://aogexpo.com.au/

Event Includes presentations on

Subsea & Marine Services & Technology

Drilling, Well Completion & Downhole Technology

Think someone is massaging the books, lol, those are part of the Santos set
up at Barossa and Bayu ?

The participants in the Barossa project are Santos (50% and operator),
SK E&S (37.5%) and JERA (12.5%).

That has the OLD consortium listed, Shell and Conoco left years ago,
for several years it has been

Woodside 34 , Osaka 10 and Timor Gap 56% roughly for Sunrise

Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by
soaring energy prices and bigger volumes.

It represents a 46.5% rise for the state-owned company, compared with last year.

It is the latest energy firm to report record profits, after energy prices spiked following Russia's
full-scale invasion of Ukraine in February 2022.

America's Exxon Mobil made $55.7bn, and Britain's Shell reported $39.9bn.

Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by
soaring energy prices and bigger volumes.

It represents a 46.5% rise for the state-owned company, compared with last year.

It is the latest energy firm to report record profits, after energy prices spiked following Russia's
full-scale invasion of Ukraine in February 2022.

America's Exxon Mobil made $55.7bn, and Britain's Shell reported $39.9bn.

Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by
soaring energy prices and bigger volumes.

It represents a 46.5% rise for the state-owned company, compared with last year.

It is the latest energy firm to report record profits, after energy prices spiked following Russia's
full-scale invasion of Ukraine in February 2022.

America's Exxon Mobil made $55.7bn, and Britain's Shell reported $39.9bn.

Who knows CDF
have always thought since , the Gas/LNG IMPORT station was stripped away
from the Beaco South Coast sunrise/pipeline project, to now be in the North
at Metinaro, with the Island having 20 years of NOTHING at Sunrise will be
permitted , even when they held zero percent of it, it will come to Beaco, that
Metinaro and its earlier supply fits ideally with Sundagas plan to FPSO.

The statement in Parliament, was the switching of the 3 power stations to gas
by 2025 (now to be fed and 90 day storage from Metinaro not Beaco) would
save the Island millions per annum , over rising Diesel imports.

Would seem to defeat the objective, if they are not planning to use Sunrise (Beaco)
tenders for 2030, to not use the only other thing ready to go , for that energy security
plan , conversions to Gas by 2025 much earlier, a deadline that has probably slipped
a little but could still be achieved, by a bigger player fast tracking Chuditch on either
a JV or Takeover.

Why switch now and use more expensive Imports, when a long term deal could be
struck with its Timor Gap NOC and its NEW partner/s

/s as on dev, Chuditch upside will probably rank it, at least as big as Sunrise and it
started off as a consortium of 3 Majors plus Japans Osaka city gas.

Spanners in the theory, the Island itself in its 2021 new studies for Beaco and Pipeline
HUB from Sunrise, stated the model was based on using , Chuditch , Sunrise and Kelp
all with coordinated development, to all feed , multi strings at Beaco.

Obs , Chuditch can't do both projects yet, in theory could in the future, FSPO/Metinaro
then when Beaco ready, increase production levels through the Sunrise HUB ?

As posted before, no end of companies, production paths in the game but as always, it
will be the Island that says yes or no as it suits them.

The Majors consortium had a PSC , the Island nothing but territorial rights and they
refused them both Darwin and FLNG, we still need to see evidence the Island will
honour a PSC.

And another more of a FO than a FOMOF, lol