Sunda Energy PLC · LSE:SNDA
Sunda Energy — Timor-Leste Webinar October 2022
25 slides from Sunda Energy's conference presentation, Oct 26, 2022
Slide 1: Timor-Leste, Chuditch
Timor-Leste, Chuditch Project updates, including preliminary seismic interpretation 26 October 2022
Slide 2: Important Notice
IMPORTANT NOTICE The information contained in this document (“Presentation”) has been prepared by Baron Oil Plc (the “Company”) and its wholly owned subsidiaries (together the “Group”). The Company is a company incorporated in England and quoted on AIM, a market operated by the London Stock Exchange
Slide 3: Webinar Highlights - Focus on Timor-Leste
Webinar Highlights - Focus on Timor-Leste • Technical Updates • 3D seismic reprocessing completed • considerable uplift in data quality • interpretation ongoing but indicating … − … 89% increase in estimated Chuditch-1 recoverable gas − … 24% increase in estimated overall on-block recoverable gas −
Slide 4: Chuditch: A key gas asset in a rapidly evolving commercial arena
Chuditch: A key gas asset in a rapidly evolving commercial arena • 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 starts in 2022, conversion to CCS facility • Barossa − FID ta
Slide 5: Background to Chuditch gas
Background to Chuditch gas • TL-SO-19-16 PSC, offshore Timor-Leste • 75% SundaGas Banda UL (wholly owned Baron subsidiary) • 25% TIMOR GAP Chuditch (state owned, carried to first gas) • Chuditch is a key discovery on prolific gas fairway • discovered by Shell in 1998 in 65m water • >25m net gas in e
Slide 6: Chuditch-1 unlocked large gas potential
Chuditch-1 unlocked large gas potential Chuditch-1 discovery well 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% Slide 5
Slide 7: Seismic Reprocessing: What has been achieved?
Seismic Reprocessing: What has been achieved…? The data Shell had available… …and the new 3D PSDM data that enables Chuditch to be imaged Reasonable Impossible Reasonable Consistent Jurassic marker across Chuditch area New interpretation across Chuditch (Gherkin for scale) data to interpret data 199
Slide 8: New Chuditch structures starting to emerge
New Chuditch structures starting to emerge Provisional Plover Reservoir Depth Map (2D & 3D areas) Chuditch-1 Discovery (fully inside 3D) • simplified, robust structure • increased “in-place” gas, good recovery expected Chuditch NE • Chuditch West prospect has merged into field area lead Chuditch SW
Slide 9: Preliminary Resource estimates from 3D PSDM mapping
Preliminary Resource estimates from 3D PSDM mapping Provisional Plover Reservoir Depth Map (2D & 3D areas) • Preliminary 3D interpretation demonstrates… • …increased aggregate gas volumes • …concentration of resources into discovery Chuditch NE • …better definition and lower risk in 2D based leads l
Slide 10: Chuditch: What difference has the new data made?
Chuditch: What difference has the new data made? Chuditch discovery, prospects Chuditch discovery, prospects • Preliminary conclusions are and leads from initial mapping and leads from new mapping highly encouraging… • 3D reprocessing was successful • Chuditch field has materially increased in size…
Slide 11: Preliminary design for a Chuditch appraisal well
Preliminary design for a Chuditch appraisal well • Appraisal drilling anticipated from 2023 onwards • Preliminary well design study completed • original vertical well missed up dip gas zone • well path to be refined on final 3D data • several shallow water surface locations possible • target c.150m
Slide 12: How could Chuditch be developed?
How could Chuditch be developed? Chuditch Engineering Concept Study Chuditch NE • New mapping implies simpler development possible Chuditch • Plateau of c.300 MMscfd of sales gas assumed (i.e., net of CO2 and fuel) to optimise export options ➢ Equivalent to approximately 2.0 MMtpa of LNG • Three cas
Slide 13: Why Chuditch gas can move to fast-track development pathway
Why Chuditch gas can move to fast-track development pathway n/a 3 2,3 3,4 Chuditch • Chuditch uniquely has all of… Chuditch • … a PSC in force; • … no cross-border issues; Chuditch • … host country support; • … multi-TCF gas resources; • … excellent reservoirs; • … shallow water; • … plan for CCS 1
Slide 14: Where will it go? Potential export options for Chuditch gas
Where will it go? Potential export options for Chuditch gas • Pipeline to LNG 1) Beaço LNG (via Sunrise or direct) 2) Darwin LNG (via multiple routes) • Standalone 1) Floating or Platform LNG (or hybrid) 2) CNG possible alternative Chuditch CO2 expected to be re-injected into aquifer or exported to
Slide 15: Fastest Development and Export option: Hybrid FLNG
Fastest Development and Export option: Hybrid FLNG • Opportunity: Expedited development Chuditch Engineering ➢ hybrid Floating / Platform LNG Concept Study ➢ no long pipelines or border crossings ➢ in situ gas and condensate processing ➢ leverage shallow water to place some Chuditch facilities on mo
Slide 16: Competent Person's Report
Competent Person’s Report • ERCE engaged to prepare CPR for Chuditch • highly regarded technical auditor • extensive experience, including in Timor-Leste • independent validation of resources to SPE PRMS standards • Management anticipates assignment of Contingent Resources on Chuditch-1 discovery ER
Slide 17: Committed ESG Initiatives in Timor-Leste
Committed ESG Initiatives in Timor-Leste • Building a reputation in Timor-Leste for commitment to developing partnerships and launching initiatives that assist in capacity building in the energy sector • established a meaningful presence in country • mentoring and training junior local staff • attem
Slide 18: Key Messages
Key Messages • Successful 3D seismic reprocessing programme delivered Principal LNG flows in Asia • Increases Recoverable Resource estimates Pacific • LNG-scale resources • Chuditch-1 discovery de-risked and materially larger • likely commercial post-appraisal drilling • management anticipates Conti
Slide 19: Q&A Session
Q&A Session BARON OIL Plc 0 Km LEGEND Gi Baron Oil interests @ Gas Discovery @ Prospects @ Leads *t Gas Well © Dry Well (80 Seismic Limit Area Reprocessed Original Chuditch Well ‘sw const] F Ee lz o- | eo\ Sikatan-L among Chuditch NE ae) PSC Planned Appraisal Well 2920m Gwe Total Vertical Depth = 30
Slide 20: Appendix
Appendix Supplementary materials and Glossary
Slide 21: Asia's energy transition and the importance of Gas (LNG)
Asia’s energy transition and the importance of Gas (LNG) According to Shell*… ***LNG Prices (JKM)/MMBtu for Delivery • A sustained supply-demand gap for LNG is predicted to emerge from 2025 onwards • Production up from 380 MMtpa to 700 MMtpa by 2040; Asia consumes majority of growth Nov 2022 US$34.3
Slide 22: Summary from Resource Report provided by THREE60 Energy, July 2021
Summary from Resource Report provided by THREE60 Energy, July 2021 Chuditch Gas & Condensate Gross Prospective Resources (previous work) Discovery / P90 P90 P50 P50 P10 P10 Pmean Pmean POSg Prospect / Lead 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
Slide 23: Glossary (continued)
Glossary (continued) ANPM Autoridade Nacional do Petróleo e Minerais, the national petroleum and minerals authority of Timor-Leste 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 Contra
Slide 24: Glossary
Glossary MMBtu Million British Thermal Units MMscfpd Million standard cubic feet of gas per day MMtpa Million tonnes per annum PSDM Pre-stack depth migration The P90, P50 and P10 volumes of the probabilistic Prospective Resource range correspond to the Low, Best and High estimates, which in turn cor
Slide 25: Contact
Contact Andy Yeo - Chief Executive Jon Ford - Technical Director [email protected] Executive office PO Box 404, Hastings TN34 9LF baronoilplc.com