Member Info for ZENGAS

No they can still bid The problem is the bid process if started later in 2025 - won't be decided until April 2026 if it follows the CS process.

I posted this 2 days ago and since then UPL offerred absolutely nothing new other than acknowledging the com,petitive bid process.

" There's no bid round yet for oil/gas blocks that i see other than Petros saying later in 2025 and from the article in question that Petros put up a few days back that has caused the share price drop was for the oil/gas blocks to put out for bid. This includes the block that UPL is after.

The question is - How do you run a fair bid process if you suddenly take one of those carbon sites away and give it to someone without fair bidding ?

Likewise how do you give away an oil block that hasn't been subject to fair bidding ?

What are the other regional /partner companies or international companies left to think - hardly open and above board ?.

The bid round process opens on 24th July today for the 3 carbon sites.

Data review is until 28th November 2024 with bid submission by same date.

Bids are evaluated from 1st Dec 2024 until 31st Jan 2025.

Bid awards are in April 2025.

https://www.petroleumsarawak.com/what-we-do/sarawak-resource-management/sarawak-bid-round-sbr-2024

If SK334 and the other blocks that Petros mentioned 5 days ago for being put up for bid later in 2025 and follow the same timeline process as above then there would unlikely be a bid award until April 2026 for SK334.

UPL appear to be on a very sticky wicket. How do you convince the government to give you exclusivity and not put the block up for fair and open bidding "to all potential investors" as Petros have published and thus creating some potential serious issues for other contenders and potential headaches to government ministers - from other companies (including Sarawakian) that wish to bid in an open/fair process. All at the same time get best bang for your buck for Sarawak and its people.

UPL need to say exactly what is going on to date on the above process other than saying the government is the final authority. They may well get the block but unfortunately may have to take part in the bid process for the government/Petros to demonstrate fairness and wait until any award which on the above timeline could be April 2026.

That's a serious question that needs to be put to them at the agm for explanation. If so the share price will seriously drift and by that timescale would need a lot more funding."

They said nothing new yesterday morning. My beleif is no bid award until April 2026 !

From Jadestones Presentation.

SFA Cluster award 100% interest. 358 km2 in shallow water.

Estimated 15 mmbls 2C.

Producing 5,000 boed in 2022 (shut-in) FPSO went for repair - back to owner and chartered to another operator. Jadestone expect to have it in H2 2026 ).

Intend to subsmit FDP by end of this year.

Potential for significant upside from future infill drilling.

Crude oil commands premium to Brent.

Small field Asset PSC - Simple, strightforward fiscal model.

Revenue Split = Royalty 10%, Government 10%. Jadestone 80% of revenue to cover costs of capex/opex, and usual 38% tax on profits.

https://www.jadestone-energy.com/wp-content/uploads/2024/07/20240726-JSE-Presentation-Puteri-Cluster-Signing-vF.pdf

15/6/24

Longboat's near-term focus remains its Malaysian activities. This includes the farm-out of Block 2A, which contains the world-class Kertang prospect, and finalising negotiations with Petronas on a production sharing contract for several material and undeveloped gas fields capable of near-term development.

17/6/24

"An Area of Mutual Interest ("AMI") in Shallow Water Sarawak was signed earlier this year, between Longboat and another international E&P company active in Malaysia to pursue discovered resource opportunities ("DROs") being offered by PETRONAS.

Longboat is pleased to announce that it has provisionally been granted an award, subject to the successful negotiation of certain key contractual terms, for acreage in shallow water offshore Sarawak containing several material, undeveloped gas fields capable of near-term development. These resources are an important addition to Longboat's growing Asian portfolio."

As we know the Malaysian subsiduary company was set up on 7/4/24 as Topaz Energy, then changed its name to Longboat Energy (DEWA) ltd on the 13/6/24 4 days before they announced it had recieved the award subject to contractural terms.(DEWA being one of the DRO clusters on offer).

I would expect that our fields could be potentially more than capable of that gven their description as being undeveloped, appear to involve a partner and described as material.

Looking forward to the discovered resource numbers.

Worth noting it was an issue with the FPSO servicing the fields and apparently not the fields themselves when shut in at 5k production.

Jadestone believes significant upside and infill drilling opportunities.

Malaysia small fields Cluster award to Jadestone this morning. Previously producing 5000 boepd before shut in in 2022 with an estimated 15 mmboe 2C. It’s near their existing assets and bank has provided a $0.5m guarantee. LBEs time must be soon.

And our reply is due the end of June 2024. Currently documents are being produced and reviewed by both parties.

Hearing dates are being discussed but would be expected to be held in early 2025.

1st July 2024

Sundance Resources Ltd (“Sundance” or “Company”) is pleased provide an update regarding the proceedings between Sundance and the Republic of Congo (“Congo”). Following a mediated discussion that Congo had recently initiated with Sundance, we are pleased to announce the execution of a binding but confidential and conditional settlement agreement (“Conditional Settlement”) between Sundance, Congo Iron SA and Congo (“The Parties”) which is

meant to settle the ongoing and previously announced dispute between The Parties before the International Court of Arbitration of the ICC (“ICC”).

If the cash funds are disbursed as agreed in the Conditional Settlement, then the ICC arbitration will end; conversely, if the funds are not received in due course and for the full amount, then the arbitration will continue undisturbed with the hearing now expected to be held in Paris mid- November this year.

If successful, the Conditional Settlement is intended to occur by no later than the end September 2024. Sundance will further update shareholders as more certainty is achieved.

In line with confidentiality clauses attached to the Conditional Settlement, Sundance is unable to disclose at this stage the quantum of the agreed cash proceeds. However, consistent with Sundance’s communications with all stakeholders, any cash proceeds received by the Company as

a result of its proceedings against Congo will be applied to meet the obligations to Sundance’s litigation funder and secured noteholders as well as returning value for the Company’s shareholders.

https://www.sundanceresources.com.au/irm/pdf/91ff5aab-ed34-463c-b9c4-bc98f1f6bc24/Update-on-Congo-Proceedings.pdf

Cameroon action:

 Sundance and its subsidiary Cam Iron issued a Notice of Dispute with the Government of the Republic of Cameroon (“Cameroon”) as announced on 16 December 2020 to reinforce its legal rights to have a mining permit via a

Presidential implementation decree issued to Cam Iron.

 Negotiations with Cameroon were progressing but following a visit to Cameroon by the Minister of Mines, Congo Pierre Oba and reporting on meetings that he had with senior Cameroon officials and the President of Cameroon

Sundance and Cam Iron decided to commence international arbitration via ICC (Paris) against Cameroon. This was announced on 2 June 2021.

 In March 2022 Sundance was made aware that Cameroon, via the Presidency, was looking to issue the Mbalam permit to a government or other private entity.

 Sundance initiated an emergency injunction via the ICC to prohibit Cameroon taking action on the permit.

 An interim binding order was issued by the Emergency Arbitrator on 1 April 2022 which refrains Cameroon from issuing the Mbalam exploitation permit to any party other than Cam Iron till either the full arbitration against

Cameroon is completed or a full body of arbitrators reconsiders this position.

 On 16 June 2022, Cameroon filed a request to annul the Emergency Arbitrator's interim order of 1 April 2022

(“Request”). This Request was heard by the Emergency Arbitrator on 5 July 2022 in front of legal representatives of Sundance/Cam Iron and Cameroon. On 20 July 2022, the Emergency Arbitrator issued his decision, in which he

declared that “… insofar as the Cameroon Request is admissible, it is without merit and accordingly [the Emergency Arbitrator] denies the Request in its entirety”

 On 5 September 2022 Sundance announced that Cameroon had issued a Presidential decree on 17 August 2022 which issued an exploitation permit over the Mbalam iron ore tenement to an entity named Cameroon Mining

Company SARL. This decree is in direct contradiction to the orders issued by the ICC Emergency Arbitrator.

 In December 2022, Sundance filed a Memorial of Claim (“Cameroon Memorial”) at the ICC against Cameroon. The

Cameroon Memorial included:

o factual background to the Project and the dispute;

o a detailed statement of the legal basis for each claim brought against Cameroon;

o a number of witness statements; and

o reports from several independent experts covering the value of the Project and demonstrating damages up to $US5.5 billion, depending on the iron ore price used.

However, on 21 January 2023, the Cameroon Minister of Mines, Mr Gabriel Ndoke, died suddenly in mysterious circumstances. This led to Cameroon requesting a delay in the arbitration proceedings. The ICC tribunal has granted a

final extension to Cameroon to file its defence by October 30, 2023. Sundance received a reply to the Cameroon Memorial from Cameroon on 30 October 2023. This is currently being reviewed and our reply is due the end

Basically Sundance Resources got their mining permit expropriated in Dec 2020 by Congo and Cameroon (it straddles the border).

Claiming US $8.7b from Congo and I beleive up to $5.5b from Cameroon via London and the ICC in Paris represented by Clifford Chance for Sundance.

Emergency arbitrators etc and a similar timeline to SAVE.

Congo agreed an out of court undisclosed settllement with Sundance 1st July 2024 and reiterated by Congo 3rd July 2024. Surplus funds woould be paid out to shareholders. No doubt it will come from the mine operations there.

Cameroon still ongoing.

(Gives me a bit more confidence that we could see $3-$400m compensation on our over $1.22 billion claim.)

The principal activity of the Group during the course of the financial year has been advancing legal proceedings in the International Chamber of Commerce in London and Paris. This is a result of the illegal expropriation of the Group’s Nabeba iron ore permit in the Republic of the Congo and the litigation that is now ongoing against the Governments of both Congo and Cameroon.

Congo action:

 It was announced by Sundance on 16 December 2020 and confirmed by a further announcement on 21 December 2020 that the Congo by a Presidential decree on 30 November 2020 had expropriated the Nabeba Mining Permit and

had issued it to an unknown company - Sangha Mining Development Sasu (“Sangha Mining”). This expropriation is considered illegal and against the terms of the legally binding Nabeba mining convention (“Nabeba Convention”)

which had been passed into Congolese law in 2018.

 Sundance issued to Congo a Notice of Dispute and a Notice of Expropriation on 16 December 2020. Sundance is claiming damages of $US8.76B. Sundance is being represented by magic circle law firm Clifford Chance.

 On 27 May 2022, a Memorial of Claim (“Memorial”) was filed at the ICC. The Memorial included:

o factual background to the Project and the dispute;

o a detailed statement of the legal basis for each claim brought against Congo;

o a number of witness statements; and

o reports from several independent experts covering the value of the Mbalam Nabeba Iron Ore Project and demonstrating damages ranging from $US1.5B to $US5.7B, depending on the iron ore price used.

Congo has completed a reply in defence of our Memorial. This was then followed by a reply by Sundance in June 2023. Congo submitted their final reply (“Rejoiner”) in December 2023.

The first ICC hearing was expected to occur in Q2 2024. The death of the President of the tribunal has created uncertainty about the timeline. A new President is now required to be appointed. Sundance requested to keep the

original hearing dates (which were May 2024) but has been informed that this is now not possible. Sundance has requested an early as possible date for the hearing.

Despite saying they are in communication with the state government, the Govt hasn't told them anything new or they'd quote it.

All they've been able to do is quote a 9 month old government statement about 2025 drilling.

UPL then refer to the JTS and state that they have unique advantages over other potential bidders in a competitive bidding process.

UPL now acknowledge the bidding process that Petros have mentioned. Petros stated as later in 2025 and if on the same timelines as the others announced yesterday, it would indicate no decision until April 2026.

Debatable how UPL can they determine that they have unique competitive advantages in a bidding process when they don't know who or what companies are also talking to the government and their own individual firepower. My assumption is they would say this to try and calm investors but it's meaningless (imo).

UPL may be ready to commence but thats the government decision now some 8 months after the JTS was submitted and there is absolutely nothing quoted from either the Government or Petros today in that RNS.

UPL have identified 'potential' partners for operatorship ? Surely these 'potential' partners that would like operatorship could just as easily be interested in the bid process as perhaps others may who won't be talking to UPL.

Nothing new that isn't known except they now acknowledge a bidding process that Petros have stated.

Looking forward to meeting shareholders at the agm, well they can't say anything else other than that. But once it's over, i expect it to be a drawn out waiting game with no one having to face shareholders for another year.

I could be wrong and it's only an opinion but i beleive they'll be caught up in a competitive bid process which they have acknowledged as out there.

See what others make of it in the coming weeks but i expect there's buying by some thinking its still a done deal and a combination of a lot of shorts closing to give it the bounce back this morning.

That last article (Jimmys post) from Petros for 3 carbon sites is in the 2024 bid process.

There's no bid round yet for oil/gas blocks that i see other than Petros saying later in 2025 and from the article in question that Petros put up a few days back that has caused the share price drop was for the oil/gas blocks to put out for bid. This includes the block that UPL is after.

The question is - How do you run a fair bid process if you suddenly take one of those carbon sites away and give it to someone without fair bidding ?

Likewise how do you give away an oil block that hasn't been subject to fair bidding ?

What are the other regional /partner companies or international companies left to think - hardly open and above board ?.

The bid round process opens on 24th July today for the 3 carbon sites.

Data review is until 28th November 2024 with bid submission by same date.

Bids are evaluated from 1st Dec 2024 until 31st Jan 2025.

Bid awards are in April 2025.

https://www.petroleumsarawak.com/what-we-do/sarawak-resource-management/sarawak-bid-round-sbr-2024

If SK334 and the other blocks that Petros mentioned 5 days ago for being put up for bid later in 2025 and follow the same timeline process as above then there would unlikely be a bid award until April 2026 for SK334.

UPL appear to be on a very sticky wicket. How do you convince the government to give you exclusivity and not put the block up for fair and open bidding "to all potential investors" as Petros have published and thus creating some potential serious issues for other contenders and potential headaches to government ministers - from other companies (including Sarawakian) that wish to bid in an open/fair process. All at the same time get best bang for your buck for Sarawak and its people.

UPL need to say exactly what is going on to date on the above process other than saying the government is the final authority. They may well get the block but unfortunately may have to take part in the bid process for the government/Petros to demonstrate fairness and wait until any award which on the above timeline could be April 2026.

That's a serious question that needs to be put to them at the agm for explanation. If so the share price will seriously drift and by that timescale would need a lot more funding.

In the adm doc, UPL are saying they only 'understand' that their application 'be looked upon favourably' and again note - 'should they bid for an oil/gas licence.'

They (UPL) are saying bid ? Where is exclusivity mentioned ?

Exactly what Petros have said 3 days ago as in opening the block to all potential bidders in 2025 is not indicating exclusivity.

Could it be read that in light of the application it isn't looked at favourably at this time.

What did the JTS exactly provide Petros with over 6 months ago that led to their news article release 3 days ago ?.

UPLs own adm doc states - "In the event that in the future Petros grants the Group an interest in an oil and gas licence"

Why no mention of it being the government as final authority in the adm doc ?

'Not a chance of that happening' - then why warn that they might not get a licence following the joint technical study ?

Pages 12 and 13 of the adm doc.

"The Group may never acquire any interests in oil and gas licences in Malaysia.

"The Group has no guarantee that at the completion of the technical study that the Group will obtain an interest in this licence or any other licence in Malaysia.

However, carrying out a technical study in collaboration with a local partner will demonstrate a commitment to the region which the Company understands will be looked upon favourably by the local authorities should the Group bid for an oil and gas licence in Sarawak in the future.

In the event that in the future Petros grants the Group an interest in an oil and gas licence there is a risk that Petronas may contest the validity of that licence or seek to obtain a share of the revenues produced from within the licence area. There is no certainty that any such licence will ever be granted. "

The JTS was completed 28th November 2023 for the PSC.

8 months later UPL are still waiting on it.

If UPL thought they had an exclusive arrangement with the government and Petros are the state partners, why did Petros release that news just 2 days ago on those plans to offer the block to all potential bidders later in 2025. Surely Petros as state entity are aware of all the negotiations never mind the multiple RNSs UPL have issued.

UPL caught on the hop this morning and to be frank can't say anything else other than basically saying it's down to the government as final authority.

Question is, by Petros issuing that update 2 days ago and after 8 months of waiting on a PSC, do Petros know a lot more about the situation than UPL ?

There's always a face saver possibility for UPL where it could be said that the government has decided to delay the granting of a PSC until further technical work is completed ie in line with what Petros have just said 2 days ago.

Well Petros are saying openly what their plans are just 2 days ago and further work required to open the block to all possible bidders in 2025.

It's very much at odds with UPL and they are relying on the government to overrule those plans then that Petros have just announced 2 days ago which is the actual government oil/gas body.

From the adm doc and i hope UPL aren't solely relying on goodwill which they have stated in the adm doc risk warnings - given other companies could have much deeper pockets.

Pages 12 and 13 of the adm doc.

"The Group may never acquire any interests in oil and gas licences in Malaysia.

The Group has no guarantee that at the completion of the technical study that the Group will obtain an interest in this licence or any other licence in Malaysia.

However, carrying out a technical study in collaboration with a local partner will demonstrate a commitment to the region which the Company understands will be looked upon favourably by the local authorities should the Group bid for an oil and gas licence in Sarawak in the future.

In the event that in the future Petros grants the Group an interest in an oil and gas licence there is a risk that Petronas may contest the validity of that licence or seek to obtain a share of the revenues produced from within the licence area. There is no certainty that any such licence will ever be granted. "

17-6-24

Further to its announcement on 17 May 2024, the Company advises ......... is working towards publishing an AIM Admission Document in Q3 2024.

A further update on transaction progress, and associated matters, is expected to be made within the next six weeks.

By next Monday a further update ?

10 weeks remaining of Q3.

After this article and todays RNS that UPL are in communication (could that be inferred as no discussions on the psc award now ?), they need to make some open and concrete commentary on that article. Seriously i hope they are in better grasp of communications etc with what the government has been doing and saying given the absolute shambles in dealing with a bogus bid and a week to establish such while the share price ran away to silly levels and m/cap.

UPL have continually emphasised final stages and as someone else posted, the same story about expected shortly has been trundled out for months.

This article from Petros saying it will be available to all interested investors clearly signals UPL are not as sure of themselves as they think and is nowhere near being close to a done deal. They want more seismic and FTG before it will be offered to all interested investors. Not good at all. Some serious explaining needed.

I see they released this RNS after this article appeared from Petros. Not only do i not expect any drilling before 2025 as i had said a number of times - (even UPL allowed this to creep into their most recent commentary) but more seismic and FTG needed 'before' they will offer this block to 'ALL interested investors'.

REJUVENATING AND UNLOCKING SARAWAK’S ONSHORE HYDROCARBON POTENTIAL

Date: 20 July 2024

Another focus is Block SK334, located near Limbang & Lawas in Northern Sarawak with total area spanning around 6,685 sq km (Figure 1). A total of 450 line km of 2D seismic data were acquired over Limbang area in 2016 while the rest of Block 334 acreages have no seismic data coverage. The block is covered by first generation of Full Tensor Gravity (FTG) data acquired in 2015.

PETROS will be conducting a blockwide de-risking activity in SK334 by reprocessing all the existing seismic data which is scheduled to be completed in Q1 2025. A feasibility study on the application of e-FTG in Block SK334 is also currently being assessed.

Upon completion of the feasibility study in Aug 2024, a full e-FTG survey over Block SK334 is envisaged in second half of 2025. It is necessary to acquire the e-FTG survey over the entire SK334 block in order to have a wider comprehensive dataset (full tensor, gravity, magnetic and LIDAR) which will be processed, interpreted and integrated with seismic and other geological data. Given that e-FTG will provide high quality data with speed and wide coverage, the results will enable design and cost optimisation of future seismic acquisition plans.

PETROS has also recently completed the northern onshore Sarawak geological field work. The integration of the collected geological samples and analysis from the field data is part of our effort to improve the geological understanding of the petroleum system in SK334.

PETROS is confident that with the additional high-quality datasets gathered, we will possess far better geological understanding to mature a technically robust prospect to drill in SK334. This will then enable PETROS to offer Block SK334 for competitive bidding to all interested investors.

Full article

https://www.petroleumsarawak.com/news-media/news-and-events/2024/20-jul-2024-rejuvenating-and-unlocking-sarawaks-onshore-hydrocarbon-potential

I posted this back at the end of June on the other bb. Since then a power holdings company and 2 others formed. If some of these things work out there's no reason why we shouldn't have a significant cash pile and debt free that could give a one of special dividend. Also if S.Sudan comes in it should along with other assets deliver significant FCF as well for renewables.The FCap note dated 4/1/22 doesn't seem to have made any allowances for any increase in revenue from new gas contracts that kicked in since then.

They have a net $570.7m for Accugas and $391m for the Stubb Creek and Uquo 2P = $961.7m as per my post (2929).

By comparrison to the CPR valuation it has $398m for the 2P reseves and $552.5m for Accugas NET to Save = $950.5m net

There is only a difference between the broker note and the CPR by + $11.7m in favour of the broker note.

Seems to me that there is no valuation upside from that price of $60-$65/b oil used and no extra gas contracts that kicked off with increased supplys in mid 22.

Another thing i noticed in the broker note was that with the 22,500 bopd acquisition of Petronas/Exxon in Chad - we were to be net cash positive in 2025 barely 6-12 months from now based on $70/b oil in 2023, and $65/b in 2024.

The effective date of the Chad SPAs were 1/1/21 which were announced on 13/12/21.

So about 4 years to 2025 to be net cash positive (net debt free). Oil prices have also been substantially higher than forecast . With Chads action, that threw that forecast into disarray.

The S. Sudan SPA was announced on 12/12/22 and you would assume that this had been some time in the making and i would have thought the effective date would have been 1/1/22.

Provided it goes through, and If that's the case re the effective date then i would think this should leave us net cash positive (net debt free) in 2026 (1 year later than the FinnCap note) solely from the S.Sudan/Nigeria producing assets regardless of anything awarded re Chad.

Therefore any compensation from Chad could leave us sitting on a major cash pile.

So my tuppence worth is a few variations on where we are/could be

If South Sudan goes through - we should be net debt free in 2 years (regardless of Chad).

If South Sudan goes through and we gain up to a third of Chad compensation - we should be debt free and possibly have $300m-$400m cash.

If South Sudan doesn't go through - we need Chad 25% compensation to leave us net debt free.

If neither S.Sudan or Chad work out - then we need about 3 more years combined with the Sipec Acquistion to leave us net debt free.

That's not taking into account say a sale or farm in for Niger re net debt reduction.

Not taking into account a further oil asset that does go through.

Not taking into account much greater Nigerian gas sales given our spare capacity.