Ann: Acquisition of discoverd oil fields offshore - Timor Leste, page-27

Time is far better off being put towards researching the new acquisitions than arguing. I've spent three days trawling the interwebs and found the PSC's back to the 1990's, all the drill and appraisal history, articles, Woodside data, Santos announcements, ENI announcements, reports, ENI insider commentary, Decommissioning reports, NOGA history and investigation, Timor gaps reports, local articles, Kuda and Jahal flow rate reports, exploration timeline back to 96', surrounding exploration drill information and much more. I have 1000's of pages of information already.

I'm now confident I know why ENI and Inpex sold. Kitan production stopped flowing early, well before expected, which stopped the tie-back of Kuda and Jahal. Woodside's Northern Endeavour ceased production in July 2015 and had no intention to use a 180,000bbl/day FPSO to suck up oil from Kuda or Jahal which would give probably 10,000bbl/day, plus is was an absolute rust-bucket (I've been there). ENI drilled for a 200mmbbl target on the block in 2019 which would have unlocked the entire play and tie-back. ENI's rationale was to develop multi-hundred million barrel projects, not 20 million. Covid hit and they rationalised all non-core assets. Finder picked up the four oil fields cheap inside the dead market.

Looking at the investor presentation, Petrovac identified viable development options for Kuda and Jahal, a conventional multi well and fpso design or an "innovative new technologies approach". Eagle eyes would spot on LinkedIn a company called Pivotree commented on FDR's announcement post, seemingly on a first name basis with FDR team and inferred they knew FDR had been working on this acquisition for a while. What do they do? They have a new technology combining a single wellhead and mooring into one system, allowing for low capex single oil well to FPSO exploitation in sub 500m BSL depth stranded oil fields. Just so happens our fields are 450m BSL depth.

Here's a 2022 research article from the Journal of Petroleum Science and Engineering with results showing that this type of sequential single well production in small stranded fields can provide significant commercial value versus parallel multi-small field production.
https://www.sciencedirect.com/science/article/pii/S0920410522007884#sec6

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/121415-east-timors-kitan-condensate-no-longer-available-as-field-reaches-end-of-life
https://www.offshore-technology.com/projects/laminaria/?cf-view
https://www.industry.gov.au/sites/default/files/2020-08/review-of-circumstances-that-led-to-the-administration-of-noga-executive-summary-and-recommendations.pdf
https://www.upstreamonline.com/finance/eni-halts-sale-of-australia-assets-reports-say/2-1-939649
https://www.offshore-energy.biz/eni-stops-australian-assets-sale-amid-lack-of-satisfactory-bids/
https://hotcopper.com.au/threads/ann-investor-presentation-acquisition-of-discovered-oil-fields.8138547/
https://www.timorgap.com/wp-content/uploads/2019/07/AR19_English_with_Financial.pdf (s. 2.2)
https://www.linkedin.com/company/finder-energy/posts/?feedView=all
https://pivotree.com.au/faq/
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Energy-and-Resources/gx-er-timor-leste-oil-and-gas-guide.pdf

Lot's of risk still but the more I research, the more confident I am that we scored big here. Will be tuning into the investor conference tomorrow