RE: RNS ?13 Sep 2021 14:09
For the past 20 months this has been suspended at zero value on 3 things
No activity by the Island having rejected 2004 Darwin plan by Shell at Woodside facilities
2009 rejected Shell FLNG super barge production for an on Island industry they talked
about since 2001 Beaco Tasi Mane which was rejected by the Industry players
The Island do not have the funds to do the project so need outside assistance to the tune
of back then $16 Billion all in
For all gas discoveries apart from Bayu already developed by Santos feeding Conoco Phillips
already built pipeline to Darwin there has been no path to sales and monetisation
On the first we now have movement even if it is not the one most of us would have wanted a
revamp of the old rejected plan , studies done then and all thought possible including the
challenging geology of the pipeline across the Timor Trench to the South Coast facility if
built
Earlier this year Australia agreed a revenues taxation deal giving further concessions to the
Island Sunrise was as part of the 2018 agreement 50/50 and Australia agreed not to issue
a new license their side of the border and syphon it all off, this year it set in place a deal for
70/30 Darwin/FLNG or 80/20% if Tasi built both % in favour of the Island
So the first step has been taken they are talking again after years of impasse, can be no
certainty they will agree this time hence still uncertainty remains
on the second can they find a Funder for the probably now nearer $20 Billion Island project
on the key one for Baron have they done enough in the background to attract a return of the
Majors and upper tier players that left and bring forth a staggering JV or cash take out for
Baron's 75%
Sunrise had over $400 Million spent on its development prior to being frozen care and maint
Chuditch by Shell's own mapping and seismic in the 90's they said could be as big or bigger
as the Allenby report states we own 75% of a WORLD CLASS asset
An offer to take us out for $1 a boe would be worth near $500 million for our 75% and here we
are at sub £10 million market cap as many have said the only way is UP UP UP
Ten bags now on anticipation , multi bags of that on true value with a player capable of moving
this world class asset to production, still expect if the big boys return they will want the vast
majority or all of the asset and Baron will be minted for years to come for its other and the new
assets that war chest will bring
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