Sunda Energy PLC · LSE:SNDA
Sunda Energy — Timor-Leste virtual conference September 2022
17 slides from Sunda Energy's conference presentation, Sep 7, 2022
Slide 1: SundaGas: Asia Pacific LNG Scale Gas Opportunity
SundaGas (Booth #18) Asia Pacific LNG Scale Gas Opportunity: Andy Butler The Chuditch Discovery, Timor-Leste SundaGas Banda UL is a subsidiary of 7 September 2022
Slide 2: Highlights
Highlights ▪ Chuditch is an LNG-scale, shallow water gas discovery on the prolific Plover trend ▪ 3D PSDM reprocessing now complete, interpretation in progress ▪ Initial results indicate: ➢ increased aggregate GIIP of 4̴ .5 TCF ➢ concentration of GIIP into Chuditch-1 discovery ▪ Multiple gas export
Slide 3: Introduction to Timor-Leste and SundaGas
Introduction to Timor-Leste and SundaGas ▪ Timor-Leste is a young, vibrant, open, democratic republic, but with substantial developmental challenges ▪ Economy dependent on revenues from Bayu Undan, about to cease production and convert to a CCS facility ▪ National Petroleum Fund already being drawn
Slide 4: Timor Sea: A hub of commercial gas activity
Timor Sea: A hub of commercial gas activity ▪ TIMOR GAP acquired 56.56% of Greater Sunrise ➢ Ongoing negotiations with operator Woodside ▪ Santos acquired COP assets for $1,265mm Block P ➢ Bayu Undan • Decommissioning in 2022, conversion to CCS facility ➢ Barossa • FID March 2021, first gas 2025 ➢ D
Slide 5: Introduction to Chuditch gas
Introduction to Chuditch gas ▪ Discovery at the heart of Plover trend ▪ Shell drilled Chuditch-1 well in 1998 in 65m water. Gas discovery at c.2900m ▪ Chuditch and adjacent prospects define a gas trend of >60km ▪ LNG-scale prospective resources (discovered and potential) ▪ Good PSC terms / operating
Slide 6: Chuditch – Malita Graben Regional Composite Seismic Tie
Chuditch – Malita Graben Regional Composite Seismic Tie 6
Slide 7: Chuditch adjacent to Malita graben, on spur from Sunrise High
Chuditch adjacent to Malita graben, on spur from Sunrise High Regional Top Plover Formation Depth Regional Petroleum Systems evaluation ▪ Chuditch adjacent to Malita graben, on spur from Sunrise High ▪ Chuditch trend ideally located for gas migration and trapping 7
Slide 8: Chuditch-1 unlocked large gas potential
Chuditch-1 unlocked large gas potential Good quality reservoir in gas interval ✓ Net to Gross (= % reservoir) 89.0% ✓ Ave. Net pay porosity 12.4% (up to 18%) ✓ Ave .Net pay permeability 195mD (up to 1 D) ✓ Gas saturation 85.5% 8
Slide 9: Original Prospective Assessment and 3D PSDM reprocessing
Original Prospective Assessment and 3D PSDM reprocessing ▪ Original 2D based review identified four prospects and leads alongside Chuditch ➢ All at similar same structural level to Chuditch ➢ Gross Pmean prospective resources of 3.4 Tcf + 30 MMbc* ➢ Imaging uncertainty and mapping sensitive to depth
Slide 10: Initial Impressions: PSDM better images faults and Chuditch updip
Initial Impressions: PSDM better images faults and Chuditch updip Wangarlu Darwin PSTM stack (TWT) PSDM Final stack (Depth) Optimised PSDM 4-20o Stack (Depth) +ve acoustic impedance = negative number – displayed black 10
Slide 11: Indicative Gas-in-Place estimates from preliminary PSDM mapping
Indicative Gas-in-Place estimates from preliminary PSDM mapping ▪ Initial interpretation of 3D PSDM is pointing to… ➢concentration of resources into discovery ➢increased aggregate GIIP ➢confirmation of 2D seismic based leads ▪ More 3D would help define Chuditch NE following successful Chuditch appra
Slide 12: Preliminary design for a Chuditch appraisal well
Preliminary design for a Chuditch appraisal well ▪ Appraisal drilling anticipated 2023 ➢ subject to final 3D seismic results ▪ Preliminary well design study completed ▪ Notional deviated trajectory ➢ Shell drilled vertically, but missed up dip gas ➢ surface location near discovery well ➢ avoid poten
Slide 13: Why Chuditch gas could be developed quickly…
Why Chuditch gas could be developed quickly… n/a 3 2,3 3,4 Chuditch ▪ Chuditch has … Chuditch ➢ … a PSC in force Chuditch ➢ … no cross border issues ➢ … multi-TCF gas resources ➢ … excellent reservoirs ➢ … shallow water ➢ … short distance to Bayu Undan 1 Approximations based on latest publicly avail
Slide 14: Where will it go? Potential export options for Chuditch gas
Where will it go? Potential export options for Chuditch gas ▪ Standalone ➢ Floating or Platform LNG (or hybrid) ➢ CNG ? ▪ Pipeline to LNG ➢ Beaço LNG (via Sunrise or direct) ➢ Darwin LNG (via multiple routes) Base case for Chuditch CO2 is export to Bayu Undan, other solutions identified 14
Slide 15: Example Development and Export option: Hybrid FLNG
Example Development and Export option: Hybrid FLNG ▪ Concept: Standalone LNG at Chuditch ➢ in situ gas and condensate processing ➢ Hybrid Floating / Platform LNG ➢ CO2 to Bayu Undan CCS or Chuditch EGR ▪ Opportunity: Expedited development ➢ no long pipelines or border crossings ➢ possibilities to ra
Slide 16: Chuditch and CCS
Chuditch and CCS Strategies for handling CO2 in Chuditch gas ▪ Multiple CCS solutions identified… 1. Export to Bayu Undan CCS 1. Bayu Undan Chuditch 2. Third Party CCS • Facility expected to be operational from 2025 CCS (18% CO2) facilities • Requires 130km pipeline CCS 130km 100’s km CCS 2. Export
Slide 17: Chuditch Gas: Key Messages
Chuditch Gas: Key Messages Principal LNG flows ▪ Significant gas potential in excellent Plover sands in Asia Pacific ▪ 3D reprocessing completed ▪ Targeting appraisal drilling in 2023 ▪ Shallow water development of high value gas ▪ Multiple commercially viable LNG export options ▪ Large working inte
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