Member Info for passiton

A lot of consideration being made, about the impact of old methods, water and
waste management and its affect on the indigenous peoples in the lithium areas.

Looks like DLE has the support, if they can prove it works and is as suspected more
environmentally friendly etc.

Wonder if that's the reported , recent trips and discussions, time for YLB/Clon JV to
deliver. GLA

From reading across other press, it would seem, the 6 that were whittled down to
4 companies, that did not include us, last year, are all in the old methods group, new
licenses , to be issued, still remain outstanding, do Bolivia keep pushing it back. due
to wanting the DLE as the preferred option ?

We and state company YLB are the DLE developers, it would appear.

New technology
Proponents of DLE place hope in the new methods, but without a successful, fully operating plant,
it’s difficult to say whether it can live up to the hype. As a result, sustainability with DLE remains
poorly defined, according to researchers at the British Geological Survey.

https://news.mongabay.com/2022/12/bolivia-looks-to-opaque-methods-firms-to-build-lithium-powerhouse/

Translates to, they need to build the DLE plant ASAP and prove the concept.

That's timely, just did a google for FPSO, came across a company called YINSON, they have just
announced, building an additional 3 FPSO platforms, they have operations worldwide, including
nearby , in Singapore, Malaysia, Vietnam and Indonesia, by the time they are built, they will be
looking for a home and Chuditch could be ready to use one.

scroll down for map of operations

https://www.yinson.com/

https://www.yinson.com/highlights/HR-Asia-Awards-2022/

Yinson Singapore and Malaysia recognised once again as one of the Best Companies to Work for in Asia

Andy, sounded confident, when he said looking to get CPR in January, ERCE should be
on target, if that was what they told him provisionally. They also did work for Timor in
support of the 50k square kilometre bid round and the CPR for Sunrise, very familiar
with the local geology.

Just legacy history in the local press today Fish

Singapore: East Timor President Jose Ramos-Horta has called on the Australian government to
finally release secret documents relating to the Indonesian invasion and occupation of the south
east-Asian nation.

Kupang, East Nusa Tenggara (ANTARA) - The Public Works and Public Housing Minister has launched
the construction of 2,100 housing units for former East Timor fighters residing in Kupang District,
East Nusa Tenggara Province.

Round our shores, Shouston must be using the finest Lug or Rag worms
to reel you in so easily.

Particularly good for in the South those talking Pollocks and elsewhere
can't be resisted by Cod 'swallop

Timor in its own conference 2021 valued Sunrise at $65 Billion and more.
Gas prices have rocketed since.

We all know, what its worth to the developer and Timor long term
We know they loaned Timor Gap $650m to get 56% of Sunrise at pre rise price bargain
What we all would like to know, is what 75% of Chuditch's 3.5 Tcf v 5.5 of Sunrise will
come up with in the much higher price environment, prices have more than doubled.

Give it a low baseline of 50c, its still multiples of current position, every cent after that
a bonus, expect 1p and get 3p happy days, expect 5p and get 1p , not so much. GLA

The whole concept of Metinaro, is for the Island security, LNG and more, with a
plan for much earlier than Beaco/Sunrise, that is the arena that I hope, Boil our
partner Timor Gap and potential suitors are talking over with the Ministry, a deal
to suit them all, supply Metinaro, excess production to world markets.

Just need that CPR released, to get the real negotiations ironed out.

When released , our baseline, will be reserves x NPV10 of the current poo per barrel.
That is where negotiations should start, its then down to Andy to get us the best deal
for the overall license, throw in some for the known upside, Quokka etc, while they
try to go lower, unless as posted, many cash flush after 2021/22, might not bother
haggling, big asset, going rate, deal done.

https://www.seapex.org/council-members/

1st Vice President – Programmes - Andy Butler, andy.butler@sundagas.com

https://www.seapex.org/

Not on it anymore, last time I looked that 2022 PLATINUM sponsor was labelled Exxon

Note:
Contact Andy Butler andy.butler@sundagas.com if you are interested in presenting future talk for SEAPEX.

https://www.seapex.org/category/regional-meetings-events/

Andy meeting all the right people, in some good venues.

The two BOD have a lot of experience and connections between them and off the
top of my head , can't remember the organisation but one is a senior figure in the
regional , presentations and conferences, sponsors include the likes of Exxon and
Chevron, will have a look, its in the notes somewhere.

It's why, we now need Andy to look around, which he probably already has done, his
comment at the presentation, at a suitable price, seems he and the BOD , already have
a figure in mind. He also knows the upper echelons of the industry, are flush with cash
from all the published 2021 and 2022 huge profit figures, released by many.

In Andy we trust, we have no other choice, give him time to rns , the price is right. GLA

It in most cases is as simple as that, majority of deals in the sector, are done by
the NPV 10 Valuation of listed recoverable reserves, hence why the CPR is so
important, its the basis on which suitors will value our asset.

Top end is always the USA, recent deals onshore deals, have been from $4 to $8
a barrel, offshore higher risk, so would be less than those rates, where Timor fits
in the grand scheme of things, is a big unknown.

The NPV10 is the basis but it does not end with that alone, companies then apply
other negative factors in some cases, location (war zone etc) geology etc.

While the USA enjoys the premium rates, others do not but would hope, our BOD
can get a dollar or two, of the current USA rate.

The placing is done, its a cln (usually result in spirals but not always) all will depend
when each tranche taken and the vwap for the period they request, with a minimum
conversion price at 0.10p

Share performs with expected follow up news, sp should rise and the conversions at
a higher price each tranche, all the experienced members of the board, will be well
aware, does not always pan out that way, the key thing now is he backs this up, with
positive news flow, JA has a history of long periods of radio silence, hope he has finally
got his act together , if so its only up, up and away, if not, the experienced here, will all
know only to well, what happens next.

Apologies for the syntax , that last one was one lump originally.

Only thing you wait on at that time of day , is the US PI's the big players can access London from earlier,
NYSE opening hours 0930-0100am UK time, the Pi's and lesser lights , less than us, a mere 0930-1600 EST.
Additional pre and post open markets, the big boys over there get 04:30-20:00 EST 09:30 UK time, premium
account holders can access UK from around 11:30, the rest have to wait until 13:30/14:30 UK depending on
seasonal clock.

UK market open 06:30-21:00 , we only get 08:00-16:30

That's what the real lth here are holding for Miker, the big end game,
which might even pay a one off special dividend.

It's happened to small cap Oil and Gas Investment companies , like Boil before,
it will happen again, let's clench them cheeks and pray Boil adds it's name to
that list.

MD
do not think those agreements anything to do with Sunrise/Woodside etc
the Import facility was originally planned to also be at Beaco on the South
Coast, now it is not, its Metinaro in the North

We could FPSO fast track to fit the bill to supply it, the PIT FID 2023, so probably
now looking at 2025/26 before built and connected up to the power stations.

Timelines, Timor still have Sunrise/Beaco 2030, again does not fit, we must be
first in line for the other project, Boil have a plan for 2028 but, a bigger player
be it Santos , return of Shell , China company, could do it a whole lot quicker.

Still fancy Andy's sale at the right price, is nearing, on the back of the independent
CPR being published.

Who knows CDF
but it should give us a lift, especially if some sale proceeds imminent, while we
wait to see what the bigger Chuditch provides by way of JV or Sale.

The fact is , our valuation for the two assets, is way below what it should be,
for 75% of Chuditch around 450mbo/e plus Dunrobin that could give us an
additional 35mbo +. Best part of 500mbo/e. Give it away at 50c a barrel, that's
$250m or £204m or 1.08p per share.

All down to our board, to now broker a better deal than a 50c fire sale, especially
Chuditch, known asset developed by a Major, both them and Boil have seismic
giving additional leads down the Southern edge of the license and Boil's new lead
Quokka, the deal will be based on the CPR

But both parties, will be well aware of the upside at Chuditch, all in for free, for as
Andy put it, a realistic offer for the rest