Technical Overview and Development Status of the Prolific M. Jurassic Plover Formation Gas Fairway: Timor-Leste, Australia and Indonesia

Technical Overview and Development Status of the Prolific M. Jurassic Plover Formation Gas Fairway: Timor-Leste, Australia and Indonesia

18 June 2024

Andy Butler

CEO, Baron Oil Plc

Before Sunrise, Jaco Island

SundaGas Banda is a subsidiary of

Introducing Baron Oil

• London AIM-listed E&P Company (BOIL.L)
• Focus on SE Asia, principally Timor-Leste
• Operates as SundaGas in country
• New board and executive in 2024
• New name to be Sunda Energy*

Principal

LNG flows

in Asia

Pacific

* Subject to shareholder approval at AGM on 21 June	Domestic & relatively minor LNG flows not shown	2

Timor Sea: A prolific Asia Pacific gas development fairway

Dili

			Indonesia
			Greater	Abadi
	Timor-Leste	Sunrise
	Evans
			Shoal
				Barossa
Indonesia	Laminaria -		Chuditch
Corallina &
	Buffalo Kitan	Bayu
	Elang	Undan		1,250m
				0m
Northern			Australia
Bonaparte
Basin outline
				-3,000m

Principal

LNG flows

in Asia

Pacific

Regional Topography / Bathymetry - GEBCO Public Domain Grid	Domestic & relatively minor LNG flows not shown	3

North Bonaparte Basin: Structure and Stratigraphy

Dili

Darwin Shelf

Londonderry
High	Petrel Sub-Basin

Seal

Darwin

Top Plover

Source and

Seal

After Earl 2004

4

North Bonaparte Basin - Regional Seismic Transect (TWT)

Timor fold &	Timor Trough	Greater Sunrise	Sahul High	Chuditch
NW thrust belt	foredeep
	3000m			3000m

Complex folding	Granitic
& thrusting	Basement

Malita Graben

(>12km fill)	SE
Neogene

Cretaceous

Wangarlu Fm

• Plover Fm. (Fluvio-deltaic to shallow marine) is principal reservoir and source
• • Upper Jurassic rifting along Malita Graben trend, with thick graben fill
  • Thick Lower Cretaceous sag shales form regionally extensive seals, with soft linkage of faults
  • Tertiary interval comprises mixed mudstones and carbonates

NW part seismic image from: Discover Geoscience 2019. Hydrocarbon Prospectivity Review of the Timor-Leste Continental Shelf Area. Timor Leste Oil and Gas Summit 2019

5

Hydrocarbon Occurrences in Plover Fm

Sunrise: 220m column - fault limit to NWTroubadour: 120m relief - full-to-spill5Tcf gas + 220mmbc, wet gas CO2<5%

Kelp High

No shows

Abadi

250m relief, full-to-spill

11.5 Tcf + 188 MMbc dry gas, 9% CO2

Large gas filled structures

➢ Full to spill; columns > 200m

➢ > 30 Tcf recoverable sales gas

➢ Dry gas on graben trend, wet

Chuditch

160m relief, full-to-spill

Blackwood

100m relief, full-to-spill

dry gas 30-35% CO2

Barossa

212m relief - full-to-spill

4.5Tcf gas + 35 MMbc

dry gas, CO2 18%

Evans Shoal

300m relief, full-to-spill

c.8Tcf gas-in place dry gas, c.30% CO2

gas in Bayu Undan / Sunrise

➢ Higher CO2 within graben

➢ Residual oil columns suggest

early liquids migration

displaced by later gas charge

Bayu-Undan

200m relief, full-to-spill3Tcf gas + 336mmbc/lpg wet gas, CO2 6%

1.2 Tcf + >2 Tcf Prospective dry gas 18% CO2

Heron / Heron South

250m relief, full-to-spill

Tight, dry gas, 25-35% CO2

Contour Interval 100 m

6

Petroleum Systems Analysis: Key Conclusions

Sunrise

Evans Shoal

Block P

Chuditch

• Plover reservoir also the source of gas
• Gas and liquids are generated along the Malita Graben and locally east of Sunrise
• Relationship between CO2 and drier gas
• Mantle-derivedCO2 from Malita Graben
• Later migration phases caused dry gas and CO2 along North Malita Graben trend
• Gas has not reached the Kelp area owing to structural configuration
• Chuditch (& Block P) on Sunrise migration pathway from Malita Graben

7

Abadi Field: Structural Setting, Reservoir and Seal

Top Plover

GWC

Abadi

Ref: Barber et al., Petroleum Geoscience 2004; Nagura et al., IPA 2003	8

Greater Sunrise: Structural Setting, Reservoir and Seal

TWT

N	Sunrise-2	Sunrise-1	Troubadour-1

Sunrise- Troubadour

Composite 2D

Seismic (TWT)

S

Greater

Sunrise

Ref: Longley et al., AAPG 2000; Nagura et al., IPA 2003; SundaGas interpretation	9

Bayu-Undan Field: Structural Setting, Reservoir and Seal

N	Hingtip-1	Undan-1	Undan-3	Bayu-1

TWT

Lr Wangarlu

seal

Elang / Plover

reservoir

S

Top Reservoir Depth Structure

Bayu-Undan Type Log

-2,950m

Depth SS

GWC (3,109m)

-3,200m

Bayu-Undan	Bayu-Undan Composite 2D Seismic (TWT)

Ref: Karri et al., SPWLA 2019; after Santos, 2020; SundaGas interpretation	10