Sunda Energy PLC · LSE:SNDA
Sunda Energy — Baron Oil — Corporate Update (January 2022)
24 slides from Sunda Energy's corporate update, Jan 26, 2022
Slide 1: Timor-Leste Chuditch Project Update
Timor-Leste Chuditch Project Update 26 January 2022
Slide 2: Important Notice
IMPORTANT NOTICE The information contained in this document (“Presentation”) has been prepared by Baron Oil Plc (the “Company”). The Company is a UK company quoted on AIM, a market operated by the London Stock Exchange plc. This Presentation has not been fully verified and is subject to material upd
Slide 3: Introduction
Introduction • Focus on Chuditch, offshore Timor-Leste • introductory comments − Jon Ford (Technical Director, Baron) • natural gas and the energy transition in Asia − Andy Yeo (Chief Executive Officer, Baron) • Chuditch update − Andy Butler (Managing Director, SundaGas Banda) • summary − Andy Yeo •
Slide 4: Chuditch at a key stage of evaluation
Chuditch at a key stage of evaluation • Chuditch-1 gas discovery & offset analogous prospects • >500mmboe gross mean prospective resources estimated (SPE PRMS 2018) • Technical studies on schedule • high fidelity 3D seismic reprocessing key • 2023 potential drilling campaign • Routes to commercialis
Slide 5: Gas as the critical ingredient in Asia's energy transition
Gas as the critical ingredient in Asia’s energy transition • Gas provides cost effective and flexible solutions to meet: • relentless demand growth in Asia’s emerging and developed energy markets • the only fuel able to displace extensive coal usage across Asia Principal LNG flows in Asia • Predicte
Slide 6: Introduction to Timor-Leste and its Natural Gas assets
Introduction to Timor-Leste and its Natural Gas assets • Timor-Leste • young, vibrant, open, democratic republic • substantial developmental challenges • Economy dependent on revenues from Bayu Undan gas condensate field • expected to cease production over the next 2 years • national Petroleum Fund
Slide 7: Timor Sea: hub of commercial activity
Timor Sea: hub of commercial activity ● TIMOR GAP acquired 56.56% of Greater Sunrise in 2019 • US$650mm paid to Shell and ConocoPhillips • Woodside 33.44% operator, Osaka Gas 10% partner • Santos acquired ConocoPhillips portfolio and infrastructure for $1,265mm in 2020 • Bayu Undan • extending field
Slide 8: Chuditch in the context of Timor Sea gas fields
Chuditch in the context of Timor Sea gas fields Gas Field Operator Status % CO2 Comment 1st gas (Tcf)1 Late life production, Bayu Undan Santos Producing 0.6 2 6% 2006 future CCS hub minor Sour gas in tight reservoirs. Kelp Deep n/a - 28-34% n/a discovery Appraisal sidetrack failed SundaGas Upside >6
Slide 9: Chuditch technical update
Chuditch technical update • Chuditch gas discovery • covered by the TL-SO-19-16 PSC − 75% SundaGas Banda, operator (wholly owned subsidiary of Baron) − 25% TIMOR GAP Chuditch (state owned, carried to first gas) • Shell operated discovery in 1998 in 65m water • same Jurassic ‘Plover’ reservoirs as al
Slide 10: Chuditch-1 unlocked large gas potential
Chuditch-1 unlocked large gas potential • Chuditch-1 gas well discovered gas at the edge of a large structure Chuditch-1 • well drilled ~130m below crest Discovery Well • 25m gas column encountered • significant gas pay expected up-dip • appraisal well may target >100m gas • High quality reservoir e
Slide 11: 3D PSDM Reprocessing Project - Status
3D PSDM Reprocessing Project - Status • 1,270 km2 of 3D seismic data selected for reprocessing • area chosen based on 2D mapping of Chuditch trend • reprocessing work being carried out by TGS in Woking (UK) • 3D PSDM seismic reprocessing necessarily time-consuming • computationally intensive • multi
Slide 12: Preliminary design for a Chuditch appraisal well
Preliminary design for a Chuditch appraisal well • Appraisal drilling anticipated 2023 • subject to final results of 3D seismic reprocessing • Preliminary well design study completed • Notional deviated trajectory • Shell drilled vertically to avoid fault, but missed potential updip gas zone • surfa
Slide 13: Multiple potential export options for Chuditch gas
Multiple potential export options for Chuditch gas • Pipeline to LNG A. Beaço LNG via Greater Sunrise B. Darwin LNG via multiple pathways • Standalone solutions C. Floating LNG D. Fixed Platform LNG E. CNG • Assume CO2 disposal at Bayu Undan or other CCS hub sites Slide 12
Slide 14: Gas export option A: to future Timor-Leste (Beaço) LNG
Gas export option A: to future Timor-Leste (Beaço) LNG • Concept: Pipeline gas to Timor-Leste LNG • via Greater Sunrise to Beaço LNG • possible alternative direct pipeline to Timor • CO2 pipeline to Bayu Undan or other CCS hub • Opportunity: Timor-Leste only solution • government understood to be ke
Slide 15: Gas export option B: different paths to Darwin LNG
Gas export option B: different paths to Darwin LNG • Concept: Export to Darwin LNG, Australia • direct export via new pipeline; or • indirect via emerging Barossa/Evans Shoal infrastructure • CO2 sent to Bayu Undan or other CCS hub directly, or indirectly via Darwin • Opportunity: Darwin LNG Expansi
Slide 16: Gas export option C: standalone Floating LNG (FLNG)
Gas export option C: standalone Floating LNG (FLNG) • Concept: Floating LNG export at Chuditch • no pipelines to other fields or cross border • in situ gas and condensate processing • carriers offload LNG & liquids for delivery • direct access to international markets • CO2 pipeline to Bayu Undan or
Slide 17: Gas export option D: standalone Fixed Platform LNG (PLNG)
Gas export option D: standalone Fixed Platform LNG (PLNG) • Concept: Platform LNG export • modular platform with separate liquefaction, storage and personnel units • in situ gas and condensate processing • carriers offload LNG & liquids for delivery • CO2 pipeline to Bayu Undan or other CCS hub • Op
Slide 18: Gas export option E: standalone Compressed Natural Gas (CNG)
Gas export option E: standalone Compressed Natural Gas (CNG) • Concept: Compress gas at facility • conventional platform development • compress gas by 99% for direct shipment • separate offloading of liquids • CO2 pipeline to Bayu Undan or other CCS hub • Opportunity: Simpler cheaper gas export • CN
Slide 19: Strategies for handling CO2 in Chuditch gas
Strategies for handling CO2 in Chuditch gas 2. Within Chuditch PSC • Chuditch gas has 18% CO2 (similar to Barossa) a. EGR Possible import • expect to separate and store at appropriate CCS site b. Sikatan CCS of third-party CO2 • Multiple possible CCS locations identified… 0 – 50 km 1. Export to plan
Slide 20: Summary
Summary • Substantial gas discovery on a proven trend with upside • Seismic reprocessing and other studies progressing well • final 3D PSDM on track for delivery in Q2 2022 • Q4 2022 decision point for high impact drilling in 2023 • Multiple export solutions for gas identified • not dependent on any
Slide 21: Appendix
Appendix Supplementary materials and Glossary
Slide 22: Chuditch Gas and Condensate Gross Hydrocarbon Resources
Chuditch Gas and Condensate Gross Hydrocarbon Resources P90 P90 P50 P50 P10 P10 Pmean Pmean Prospect / Lead POSg gas cond gas cond gas cond gas cond Chuditch-1 457 1.1 713 3.3 1,077 8.4 729 3.9 100% Chuditch West 163 0.5 405 3.1 987 12.4 483 4.8 51% Chuditch SW 193 0.6 482 3.7 1,174 14.7 575 5.8 40%
Slide 23: Glossary
Glossary bcpd Barrels of condensate per day Bscf or Bcf Billion standard cubic feet of natural gas CCS Carbon capture & storage Chuditch or Chuditch PSC Production Sharing Contract for offshore petroleum operations in Timor-Leste, contract area TL-SO-19-16 CNG Compressed natural gas Quantities of pe
Slide 24: Contact
Contact Andy Yeo - Chief Executive Jon Ford - Technical Director info@baronoilplc.com Executive office PO Box 404, Hastings TN34 9LF baronoilplc.com