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From 40mins 20 secs - Butler discusses route to markets for Chuditch, not contingent on Sunrise at all.
https://www.youtube.com/live/PpW7FJfHxGk?si=2HExcOKuu3EjyuFy
Bayu Undan belongs to Timor Leste and was developed and delivered $billions, being further developed (over 70% complete) as a ccs now and will be ready to go in 2025
Listen to Butlers interview towards the end yesterday "funding partners interested to participate in this project and so absolutely they'll be quite a lot of additional news..." we are on the cusp and its due to complete this quarter per RNS.
We are on track per Butlers interview yesterday, Chuditch JV is expected this quarter. Multiple projects exist with partnerships already made so absolutely Chuditch is happening now
Bayu Undan partners - Santos 43.4%, SK E&S with 25%, Inpex on 11.4%, Eni holding 11%, Japan's Jera with 6.1% and Tokyo Gas on 3.1%
Barossa partners - Santos 50%, SK E&S (37.5%) and JERA (12.5%)
Evans Shoal partners - Eni 65%, Petronas (25%) and Osaka Gas (10%)
Greater Sunrise partners - TIMOR GAP 56.56%, Woodside (33.44%) and Osaka Gas (10%)
Nice bit of consolidation today. Volume will ebb and flow. We can't expect an up day every day thats not how markets work. We've traded over 25bn shares since the raise, that is the entire market cap of the company. More importantly we've broken out of a two month range where we were held by the overhang which is greatly diminished if not entirely gone. There are no large placing sells now, the book looks free to move up. As i've said repeatedly it pays hugely to accumulate a big position at these levels. We will be heading into double figures in the coming sessions. Don't look a gift horse in the mouth.
The revenues illustrate how big this asset is on just one satelite. Our share will likely get bought out way before FID, if we hit commercial flow rates in Q4 any major we partner with will want our free carry at any cost as we don't bring anything to them or a consortium of majors. We'll be talking several hundred million $'s to make way, serious boom time at this point.
As at 31 December 2023 the Company had an available cash position of approximately £3.65 million + £3m raised Feb 12th + £260k in retail wrap offer 16th Feb. So thats a total of £6.9m, take off 200k to £300k for broker fees thats circa £6.5m + $1m of back costs from Timor Gap paid within 30 days of that completing so your talking not less than £7m in cash. The Bank Guarantee for $1m is an extra i've not included. We are loaded with cash right now.
Timor Gap Farm up is worth $8.5m to us, subtract that of the $31m. We need $22.5m for remainiing fund drill, we have 60% of the asset to farm down 30% to 40% and have ourselves a free carry of 30%-20%
Marc Howson, Head of Asia at Welligence Energy Analytics "Chuditch could supply around 300 million cf per day of feed gas into a 2 million tonnes per year FLNG vessel"
"Welligence expects Asian LNG prices to exceed US$9/MMbtu, which, supported by Chuditch's location close to several LNG-importing markets, incentivises the development."
Annual revenue from feed gas would be approximately $985.5M/ year
BOIL working interest 60% = $591 .3M per annum in revenues from Chuditch-2
If we retain 30% = $295.65M per annum to BOIL
If we retain 20% = $197.1M per annum to BOIL
If we retain 10% = $98.55M per annum to BOIL
New drilling location picked for next well on gas field offshore Timor-Leste
https://www.offshore-energy.biz/new-drilling-location-picked-for-next-well-on-gas-field-offshore-timor-leste/
Well another good volume day, not much stock left now before we head up into the 0.07s & 0.08s before kicking on. We've traded over 26bn since the raise thats more than the entire mkt cap of the company and x4 times placing. Hard to believe it tagged 0.175 only 2 months back, once we're back over 0.10 I see us making a sprint for that. It has to trade the other side of 0.20 to be on parity with the sector.
Butler is really on it, theres been more comms from him in a few weeks since he became ceo than in Yeo's entire tenure - can only imagine where the share price and valuation would have been now if the latter had been made to walk last year, hence an excellent opportunity to make life changing returns now. We can check off the Technical Site Survey thats in the bag now. We have some major milestones ahead of us now:
- Rig Contract
- Farm-Out
- Further Board Apts
- Environmentals
- Rig Mobilisation
- Well Spud
- Flow test result
Up trend established. Market is loading in anticipation now. Well site finalised, an even bigger gas column 149m v 133m to go at. Long lead items have commenced.
Marc Howson, Head of Asia at Welligence Energy Analytics "Chuditch could supply around 300 million cf per day of feed gas into a 2 million tonnes per year FLNG vessel"
Annual revenue from feed gas would be approximately $985.5M/ year. An absolute beast of a Teir 1 project.
Rig Contract and JV/Partnership news next
Marc Howson, Head of Asia at Welligence Energy Analytics, told Energy News that "Chuditch could supply around 300 million cf per day of feed gas into a 2 million tonnes per year FLNG vessel"
Welligence expects Asian LNG prices to exceed US$9/MMbtu in 2030, which, supported by Chuditch's location close to several LNG-importing markets, incentivises the development.
To calculate the annual revenue, we first need to find the total volume of gas in cubic feet per year:
300 million cubic feet/day * 365 days = 109.5 billion cubic feet/year
Then, convert the volume to MMbtu (million British thermal units) using the conversion factor. Assuming the gas has a typical heating value of around 1,000 Btu per cubic foot:
109.5 billion cubic feet/year * 1,000 Btu/cubic foot = 109.5 trillion Btu/year
Next, convert MMbtu to MMBtu (million million British thermal units):
109.5 trillion Btu/year / 1,000,000 = 109.5 million MMBtu/year
Now, to find the annual revenue, multiply the volume of gas by the price per MMBtu:
109.5 million MMBtu/year * $9/MMBtu = $985.5 million/year
So, the annual revenue from the feedgas would be approximately $985.5 million.