Member Info for passiton

said before and say it again , things moving 10 bags but an early mover coming with a
fingers crossed hope someone will fund the island scheme this time opening sales of
gas (currently none that's why no value added to Baron so far)
Any hint of that monetisation down the road and forget 10 bags that will in itself multi bag

Baron playing catch up still 3.5 near 600mboe
Shell 90's over 5 tcf 850mbo with a lot of upside

Sunrise 8 tcf valued at $50 Billion plus 250mbo condensate $15 Billion

So how much is Chuditch back in play worth fag packet calculators out guys
clue tens of billions current market cap struggle to pass £10 million

All looking good so far all flags routine trading all the big seller delayed trades on Friday
7 x flagged P LRGS XLON None so far likewise 4 x large buys ECHO XOFF nil today

Fingers and toes crossed they have both finished and normal supply and demand can
move us up to a much fairer market capital for our assets pending the next new flow

https://www.upstreamonline.com/exclusive/timor-leste-eyes-new-dawn-for-sunrise-lng/2-1-1063555

https://www.upstreamonline.com/opinion/opinion-petroleum-success-could-raise-spirits-in-timor-leste/2-1-1064171

https://www.naturalgasworld.com/santos-oil-search-finalise-a21bn-merger-deal-91957

Should get an rns soon Chuditch mentioned in the new rehash of the old rejected plan
to develop an on Island facility for Gas/LNG exports
Also Santos just grew and they have a deal in place with NYSE listed ENI to look for more assets
in the region and a carbon capture facility at Bayu (main reservoir depleted) filling the empty
space with carbon removed from hydrocarbons now what price if that JV want to JV with us or
take us out

doubt that might get something but if they are doing a new study it will take
months if not a year like last time to complete and present to the world and
hopefully this time get a FUNDER

Best we can hope for is sector players take a chance it will happen this time
as for 20 years its been we are going to build it , so no change until that sales
route becomes available which it seem the locals are still digging the heels in
with the its all ours and comes to the Island EVENTUALLY

While they have talked about it Shell could have FLNG both Sunrise , Chuditch and
anything else that could have been discovered in the past 20 years with the ISLAND
with zero outlay / loan payback for build $18 billion and probably another $30-$50
billion sitting in their bank account

haha fingers crossed that 0836 trade is we are done take it up to 37
on its way to 1.2

Friday looked like 7 large delayed sells flagged P LRGS XLON
4 buyer large £807k worth ECHO XOFF

the rest just routine every day xlon xlon and the eceu xoff which are always ultra low
1p to a couple of hundred quid (think that might be the fee free site)

Shaa now that's bizarre
last Friday 7 large huge delayed flagged LRGS XLON XLON and 4 real time big buys flagged
ECHO XOFF this morning so far all routine xlon xlon apart from

0836 37 shares for 12p ECHO XOFF ??????????

No leak Five
Its in the press links below the Island talking the talk on the previously rejected Tasi Mane LNG
on the Island , they have talked about it for 20 years
They are now back in talks to move both Sunrise and Tasi forwards with another go at studies
which this time include adding Chuditch and Kelp to the economics for Tasi

The same question still remains as has been in place can they find someone to FUND IT
was estimated $16-$20 Billion for all project elements onshore and the pipeline to it
was hoping the boost they would give the bid round was to give the operators carte blanche
to process however they could until (still years away) Tasi Built

We should now rise on the anticipation of the deadlock being broken on a 20 year impasse
most of the area was in force majure under the JPDA (disputed area) until 2018 agreement

previous occurrences
2001 Shell the then operator planned to pipe Gas to Darwin from Sunrise to be processed at
partner Woodside (in build) LNG facilities from 2004 to be sold on to Partner Conoco Phillips
customers in the USA and Osaka Japan - REJECTED its ours it will be done on the island

2008 Shell soon to be the departing operator invented the FLNG Super-Barge for on site
processing of up to 26 wellheads and 4 million tons per annum LNG. Woodside ditched
the plans for their own facilities in Darwin for Shells Barge as it was much much cheaper
and cost effective - The Island REJECTED its ours and coming to the Island

Shell which also operated Chuditch under an Australian license and its jv partner within
the consortium Conoco Phillips frustrated departed Woodside stated happy to stay and
look after offshore operations but had no interest in paying for building and operating
the onshore project

Project offered far and wide - REJECTED by the regional players and China BRI as not
economically viable and the pipeline across the Timor Trench extremely geologically
challenging but deemed possible at great expense

We now wait for a funder for the project again or all gas remains has it has been for 20
years stranded and worthless as Woodside books Sunrise on them at $0 when that
changes then we might see 100 bags but for now 1p remains a stiff target

https://www.laohamutuk.org/Oil/TasiMane/SSB/EIA/TMP-EN-REP5_SEIA_Vol1%20Main%20Report%20Part%20A.pdf

Above the 363 page (go straight to page 47 all index etc 1-46) report they did back in 2012 for the environment
assessment etc for the Tasi Mane onshore project Woodside also conducted it's own report and summary was
the pipeline is geologically challenging but could be done at great expense

The project was offered to all in the region all declined including the china belt and road initiative nobody
wanted to stump up the up to $18 Billion entire project back then and Shell and Connoco departed with
Woodside declining but stating would happily remain on site for offshore operations

https://laohamutuk.org/Oil/TasiMane/Beacu/LHNPC-LNG17Mar2015en.pdf

local independant in 2015

So the new assessment is ding ding round 2 Chuditch and Kelp where both known back then
and by Shells assessment much bigger than the catch up being played by Baron so far they
had over 5 tcf with much upside on other leads on the wider license

So today is no different to yesterday and last week all now hangs on can they get a funder at
the end of the process to pay for a long dreamed of on the island project talked about for
20 years and still may never be built

The fact they are at least back at the table and talking should peak some interest but do not
expect the fireworks to come immediately current status near 600mboe a take out at a mere
$1 a boe is $450m over 4pps for a project that could be worth over $50-80 billion longterm
to the Majors
I say Majors as Sunrise started life as Shell , Conoco Phillips , Woodside and Osaka Gas our
Chuditch will require the same calibre to be developed to the scale required, they put in
over $400m at Sunrise before worked stopped years ago

https://www.upstreamonline.com/exclusive/timor-leste-eyes-new-dawn-for-sunrise-lng/2-1-1063555

https://www.upstreamonline.com/opinion/opinion-petroleum-success-could-raise-spirits-in-timor-leste/2-1-1064171

https://www.naturalgasworld.com/santos-oil-search-finalise-a21bn-merger-deal-91957

Would expect something to drop on the Islands trying to push the same old rejected project
forwards again that should start the ball rolling

no need to run a mile it will rise but as said the lack of a path to monetise is the same after
todays announcement as its been for years a non existent facility that may or may not be
built
We can get 10 bags on the latest spin on the same tale but if it was clear and not uncertain
100 bags would be the order of the day and asset with a potential worth of $60-80 billion
that we own 75% of and look at our market cap , simply because of the no sales available
until it is built or they let operators do their thing with long existing pipelines to Australia
or FLNG which could all have been done for years that is why we are so undervalued
currently
A real bit of change news would be Woodside changing the value of $0 for sunrise currently
on its books for the same reason, when valued at over 60 billion in operation

seismic will only confirm two things know since the 90's Chuditch is the real thing
and its a huge reservoir
Woodside did their entire license not just drill area in a few hours in a single day
with the help of Amazon if its so critical why take 6 months to a year for part of the
license
As said going through the motions of first period requirements hoping a suitor will
arrive and make them all multi millionaires

If they knew what they where doing they would have let Shell FLNG in 2009 and have
and extra $15 billion in their fund to build their pipeline dream and take everything
else to the Island

Sherpa's should be breaking camp for the next climb after the weekend Benny
then its still down to the Island to encourage Majors to fast track to the summit

They are not going to give us £750m to go away when nothing has changed still
we will build it one decade or another maybe !

yes but the calibre of partner or take out for such a big asset will not stump up a fortune
if nothing has changed since they left and it has not
Sundagas arrived on the Island in 2016 and out of the blue got awarded Chuditch in 2019
probably as a reward for helping set up their own industry and co hosted the first two
oil and gas conferences etc they immediately offered it to Baron as a 100% RTO they could
not raise the money and only took 33% / 25% license , taken the rest since march raise

They are just going through the motions and the seismic is just a part of the first period
requirements a Major can do it in a day now, they have not really developed anything
in the mid nineties Shell had Chuditch confirmed on seismic and had mapped over 5 tcf
(850moe) around the discovery drill area alone and mapped further leads on the other
side of the license that Baron have not even looked at and are 3.5 tcf only

The industry know how prolific the region is but will remain wary due to the history
of not being able to do anything with the gas due to the islands pipeline dreams

They are still looking to make an agreement to move things forwards
They will still need to find $16 Billion to fund the Island project
Doubts remain about the geology for a pipeline across the Timor Trench

The we are fully committed statement cuts no ice as I wish I had a Baron share for every
time they have said it and not followed through with any action just a cut them off at the
knees Darwin now NO , on site Shell FLNG NO , we will process it here

Without that action it is difficult to see us having the rerate or deal we should get for such
a huge asset as earlier the difference between a 10 bagger and a 50-100 bagger

There was also a Cabinet meeting on Wednesday and an Emergency Meeting of the council
of ministers (Cabinet) yesterday minutes pending publication on government website so
plenty going on this and next week

Sunrise Woodside operator Osaka Gas and the island loaned Timor Gap 650 million to buy
out Shell and Conoco 56 odd % when they left frustrated by the lack of any progress when
they where ready to produce at Darwin (Woodside lng fac) from 2004 and the offered FLNG
Super barge production in 2008/09? the Island has always dug its heels in with no its ours
it will be processed here
and another 10 years later still no facilities and discussing viability again then will still have
the WHO is going to fund it , they can't
and all this after the Sunrise original agreement 50/50 split was also sweetened by Australia
with a 70/30 split in favour of the Island if processed in Australia and 80/20 to the Island if
they ever build Tasi
Not a lot more ground Australia can give or are they hoping Australia will also stump up the
billions in project funding as part of that new agreement , someone has to ?

filthy agree have always suspected if it moves and the Majors return we will be taken out
the question is the deal , if the path to monetisation is still in the air we will not get anywhere
near as much as uncertainty for many more years will remain
The difference is will we 10 bag or 50-100 bag on a more fitting deal for the size of the asset

Government meetings schedule

September 10th – Final assessment by the CROP (Political Budgetary Committee)
------------------------CROP finalises all sectors budgets for 2022 (Today)

September 15th - Meeting of the council of ministers (Cabinet meeting)

September 17th – Council of Ministers approves the 2022 General State Budget Bill
------------------------Meeting chaired by president to sign off and present to Parliament

October 1st – Handing over of the 2022 General State Budget to the National Parliament

More news should flow as will include the oil and gas sector budget our partner last year
allocated $71m wonder what the allocation for 2022 will be ? state owned NOC Timor Gap