Member Info for passiton

slap my maths, 2.45 1 2.25
£5.65m

Another small North Sea sale today by UOG

audited mid-case 2C gross contingent resource estimate of 6.3 mmbbls and 23.3Bcf (10.2 mmboe)

Consideration comprises:

Initial cash payment of £2.45 million to United (c.US$3 million) at completion.

An additional £1.0 million to be paid to United upon approval of an FDP (expected late 2023)
for Block 15/18e.

Contingent bonus payments of up to £2.25 million upon reaching gross production thresholds
from the field of three, four and five million barrels.

Dunrobin, could give Upland 35mbo+ for its holding. Expected 100 mbo+ field

Field 16.5 mbo/e total £7.5 m, in this case linked to production.

Boil, at previous estimates for Dunrobin of over 100 mbo, would hold double that.
£15m+ heading to Boil's balance sheet, in whatever form, a good start, with the
much, much larger Chuditch JV or sale to come. (75% of 3.5 tcf 595mbo/e)

Another small North Sea sale today by UOG

audited mid-case 2C gross contingent resource estimate of 6.3 mmbbls and 23.3Bcf (10.2 mmboe)

Consideration comprises:

Initial cash payment of £2.45 million to United (c.US$3 million) at completion.

An additional £1.0 million to be paid to United upon approval of an FDP (expected late 2023)
for Block 15/18e.

Contingent bonus payments of up to £2.25 million upon reaching gross production thresholds
from the field of three, four and five million barrels.

Dunrobin, could give Boil 35mbo+ for its holding. Expected 100 mbo+ field

Santos/ENI could change the whole picture, if they can get Timor onside, being more
central and could also be used for Australia waters to the East, take Chuditch for it's
replacement hub, feed Sunrise , Kelp, new finds in area's R and P, plus the Australian
waters Barossa etc to it and give Timor a generous cut of all the action, alongside the
cut they will get from the Darwin-Bayu carbon capture JV.

Santos/ENI, would have the same issue, we want Darwin, you want but the sheer scale
of economics from many fields, not just Timor waters, might give them an extra advantage
in brokering a deal, that Woodside have failed to make happen, with just one field, for two
decades.

Was not planned to go by the same pipe, the old pipe , is to become the waste
pipe from Darwin, with a planned new hub and pipeline from Barossa, now dead
in the water, unless they bypass the tiwi islands, with another hub and pipeline
to Darwin.

Santos , latest said the pipeline 2 is still going to be built to Darwin, at a cost of
around 300m, with their current Darwin-Bayu becoming the focal point of their
carbon capture program.

Shells original concept, was its own hub from Sunrise to Darwin, Santos could take
Chuditch and do the same for its new hub, or Sunrise for that matter but not likely
as the locals are now set in stone, Sunrise Hub to Island Refinery, or Woodside can
sling their hook, they will replace them.

Over to Meg, defrost or depart.

Throw another Meg on the barbie

Kelp lays idle, with an estimate of 14 tcf, discovered by Mobil , same year as
Shell discovery drilled Chuditch.

Make that 3 , Timor announced in September 2021 , the new studies to be done
The basis of those studies , coordinated development of CHUDITCH, Kelp and
Sunrise, all together to feed Beaco on commission.

They already said it, while we were saying we are going to FPSO, Kelp as big as
both Chuditch and Sunrise put together, could have 30 TCF between them on
development.

That plan should float more than just China's boat, if/when funding to build secured.

China were interested in the past but pulled out due to the Timor Gap , lack of cooperation
would not provide the data they asked for etc, plus false figures, that was cited on the ex
ceo by the new Minister and ceo of Timor Gap when they took over.

Little doubt China would be interested but the new studies have not been released either
even Horta in an interview while in the USA, said that would be helpful.

Filthylucre, posted the other day, Gusmao rattle out of the pram, basically calling the current
people in charge , useless and unfit for purpose, so are the new officials at Timor Gap, playing
the same game, saying all rosy in the garden but not giving the details, to interested parties.

What is not a double standard, they held zero percent and held the holders to ransom
now claiming they have the biggest stake , so that should be, the be all and end all.

That's the words we all want to see from Timor themselves Davies, the 3 majors
that had Sunrise , had a PSC , Timor held zero percent and twice blocked them.

That single measure , would clear things up and encourage players to return, as
seen with the failed bid round, the sector , still do not trust them, what better
signal, that to announce they have green lighted Chuditch FPSO plans and also
hoping for a sweetener , we also have the contract to supply Metinaro, in the
future.

See what happens soon, none of the new licenses in the bid round have been signed off.
Presume all were waiting on the expected Sunrise PSC, sorted by end of 2022, which both
sides had repeated multiple times. Stop date extended from June/July and the latest by
end of February. Something has to give.

That funds , probably another loan to Timor Gap from the Fund, to be paid back
just like the one advanced for $650m to get the Shell and Conoco Phillips holding
they currently have.

Playing double standards again, they held nothing, when they stopped the consortium
from developing in 2001 and 2009, that prompted many to depart.

The misunderstanding, one of Horta's favourite words this past few months, might just
be they have removed the , you must have, it goes to Timor in the PSC negotiations,
then its back to, as the others have kept saying, once the PSC is finalised, the rest will
follow (which ever way it goes and flows)

At least they are back to the table, with luck , our own future will become clear, long
before, they sort themselves out , or Gusmoa wins the PM election by May.

Almost forgot , came across this earlier forgot to post, from nearly 3 years ago.
Don't rule Korea out of anything, this was when they moved in , including taking
a stale in Darwin itself.

https://www.lngindustry.com/liquid-natural-gas/12032020/santos-sells-darwin-lng-and-bayu-undan-stake-to-sk-es/

Thought I better bang them out quickly Fish , mostly dated today
tomorrow they are fish and chip wrappers and history.

Have a great weekend, late on parade Monday, off to Ireland for the W/E

WTO membership process could be completed within the next two months

Fits with Filthylucre and was it Kylie posts earlier.

Previously the world bank team held a technical meeting with the Investment and Export promotion
agency IP (TradeInvestor Timor-Leste) with aim of hearing Trade Invest-s perspective on Timor-Leste
accession to the WTO

After provisional yes to ASEAN membership pushed through by Indonesian PM, looks like the
entry into the WTO , also almost in the bag.

https://en.tatoli.tl/2023/01/13/mcae-assumes-tl-will-meet-the-criteria-of-wto-in-early-2023/11/

UN Resident Balogun, stressed that the UN will draw resources from development partners both
from Timor-Leste and abroad, to bring LARGE SCALE INVESTMENT into the country.