Sunda Energy PLC · LSE:SNDA
Sunda Energy — Baron Oil — Proactive One2One Investor Forum (June 2024)
21 slides from Sunda Energy's conference presentation, Jun 19, 2024
Slide 1: Building an Asian Gas Champion
Building an Asian Gas Champion Proactive One2One Investor Forum 19 June 2024 www.baronoilplc.com
Slide 2: Important Notice & Disclaimer
Important Notice & Disclaimer 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 London Stock Exchange plc. This Presentation has not been fully verified and is subject to mat
Slide 3: Introducing Baron Oil
Introducing Baron Oil ▪ London AIM-listed E&P Company (BOIL.L) Principal LNG flows in Asia Pacific ▪ Focus on SE Asia, principally Timor-Leste ▪ Operates as SundaGas in country ▪ New board and executive in 2024 Domestic & relatively minor ▪ New name to be Sunda Energy* (SNDA.L) LNG flows not shown *
Slide 4: Why SE Asia?
Why SE Asia? Strategy: Capture and mature material gas assets with robust commercialisation options Why SE Asia? ✓ Robust energy demand growth ✓ Gas is a key transition fuel ✓ Strong government alignment ✓ Material anchor asset in Timor-Leste Singapore ✓ Established operating platform ✓ Excellent ne
Slide 5: SE Asia and Gas
SE Asia and Gas SE Asia Gas Production and Demand PJ SE Asia expectations: • GDP growth to continue to underpin energy demand • GDP of 4 SE Asia economies to grow >3x by 2050 (Indonesia, Malaysia, Philippines & Vietnam) • 186% increase expected in gas demand by 2050 Source: The Role of Natural Gas i
Slide 6: Gas is a Key Transition Fuel in Asia
Gas is a Key Transition Fuel in Asia New and existing coal-fired power plants SE Asia fuel for electricity generation PJ Energy Demand and Air Quality in Beijing Demand (Bn m3 equiv.) Unhealthy Days* * Air Quality index with PM 2.5 > 150 µg/m3 Source: Asia Pacific Energy Research Centre (https://ape
Slide 7: Introducing Timor-Leste: Unique Operating Environment and Partnerships
Introducing Timor-Leste: Unique Operating Environment and Partnerships Farm-Up Deal between SundaGas 1 and TIMOR GAP 2 Young, dynamic, democratic republic, with major development challenges 80% Paying costs • Economy dependent on Bayu Undan revenues Share (now depleted) and Petroleum Fund 20% costs
Slide 8: Timor-Leste: Offshore Gas Projects
Timor-Leste: Offshore Gas Projects • Late-Life: Bayu Undan (Santos) • Largely depleted; likely conversion to CCS facility • Pre-Development: Sunrise (Woodside) • Ongoing negotiations between JV and governments • Appraisal: Chuditch (Baron 60%) • Now Timor-Leste 2nd largest field, appraisal planned •
Slide 9: Chuditch PSC Technical Summary
Chuditch PSC Technical Summary • Chuditch PSC (Baron 60%, TIMOR GAP 40%) • Chuditch gas field discovered by Shell in 1998 • 68m water depth, gas encountered at 2,890m subsea • SundaGas (now Baron) signed new PSC end 2019 • Reprocessed 3D seismic images field for first time • Contingent Pmean discove
Slide 10: New data finally unveils Chuditch
New data finally unveils Chuditch W Chuditch-1 Appraisal location E Top Cretaceous Wangarlu Depth Lr Wangarlu seal Darwin Good quality reservoir in gas interval Top Plover Chuditch-1 GWC 2920m • Net to Gross 89.0% Plover • Ave. Net pay porosity 12.4% reservoir • Ave. Net pay permeability 195mD • Gas
Slide 11: Significant Additional Volumes Expected Along Chuditch Ridge
Significant Additional Volumes Expected Along Chuditch Ridge Greater Sunrise Chuditch NE Eni Block P Bayu Undan (same scale) gas Chuditch migration Chuditch-1 Chuditch SW Quokka Chuditch Top Plover Fm. Top Plover Fm. Depth Depth (m) (closure isopachs above spill) Chuditch-1 Pmean Contingent Resource
Slide 12: Chuditch Appraisal Plan
Chuditch Appraisal Plan • Plan to drill and test end 2024 / start 2025 • Appraisal 5.1 km from discovery, in 68m water • 149m gas column expected (vs. 30m at Chuditch-1) • Drill team assembled; site survey completed Slide 11
Slide 13: Example Chuditch Field Development Concept
Example Chuditch Field Development Concept Indicative Gas Production Profile* Chuditch Engineering Concept Study Chuditch NE • Simple phased development concept Chuditch • Long term plateau >300 MMscfd gas can deliver reliable feedstock to LNG facility ➢ Equivalent to >2.0+ MMtpa of LNG • Export via
Slide 14: Timor Sea Developments and Chuditch Example Export Scenarios
Timor Sea Developments and Chuditch Example Export Scenarios Timor Sea gas fields, key players and infrastructure Standalone LNG facilities Pipeline to third party LNG facilities Illustrative ideas only. Concept Select will follow Slide 13 appraisal drilling, working with TIMOR GAP and ANP
Slide 15: Social Responsibility Initiatives in Timor-Leste
Social Responsibility Initiatives in Timor-Leste • Focus on initiatives that assist capacity building in Timor-Leste ✓ established meaningful country presence ✓ mentoring and training junior local staff ✓ maximising local content to extent possible ✓ knowledge sharing with universities ✓ student int
Slide 16: Baron Oil: Company Overview
Baron Oil: Company Overview TICKER: BOIL.L Market Value: £26m* DIRECTORS AND MANAGEMENT Gerry Aherne Independent Non-Executive Chairman Dr Andy Butler Chief Executive Officer Dr John Chessher Independent Non-Executive Director Keith Bush Independent Non-Executive Director Rob Collins Chief Financial
Slide 17: Baron and Chuditch: Summary Headlines
Baron and Chuditch: Summary Headlines • Baron transitioning to become an Asian gas player • Focus on gas assets that can supply Asia-Pacific energy markets • Change of name to Sunda Energy plc to reflect Asian strategy • Chuditch Gas • Key asset for Timor-Leste and Baron • >3 Tcf of combined conting
Slide 18: Thank You
SUNDA ENERGY |
Slide 19: Glossary
Glossary Term Definition Denotes the low estimate qualifying as Contingent Resources. Reflects a volume estimate that there is a 90% probability that the quantities actually recovered 1C will equal or exceed the estimate Denotes the low estimate qualifying as Prospective Resources. Reflects a volume
Slide 20: Backup: TL-SO-19-16 PSC Commitment Summary
Backup: TL-SO-19-16 PSC Commitment Summary Contract Years Phases Main Commitments Signed 8 Nov 2019 • Years 1 & 2 (Phase One Firm) commitments fulfilled Effective 19 Dec 2019 ✓ • Seismic Reprocessing 1,000 km2 of 3D PSDM 1 Seismic Reprocessing Phase One Firm 19 Dec 2021 ✓ Final 3D PSDM seismic data
Slide 21: Timor-Leste Offshore PSC Fiscal Terms
Timor-Leste Offshore PSC Fiscal Terms • Timor-Leste PSC Fiscal Terms • 5% Royalty • 100% cost recovery, no annual limits ✓ Exploration and Appraisal costs ✓ Capital development costs ✓ Operating costs (including decommissioning pool) ✓ Uplift at (11% + LTBR) • 60% Contractor : 40% State Profit Split
Baron Oil — Proactive One2One Investor Forum (June 2024) on 6ix