Page 15 - AfrElec Week 39

AsianOil
NEWS IN BRIEF
AsianOil
The NT recorded its highest ever levels of international trade in the year to 2019, reaching $8.1 billion with a 111.5% increase on the previous year, according to NT Government figures. This result was mainly due to recent exports from INPEX’s Ichthys LNG project in Darwin.
The US$34 billion Ichthys LNG Project – one of the world’s largest oil and gas projects – is expected to supply more than 8.9 million tonnes of LNG per year over the next 40 years.
Darwin’s two LNG plants, Ichthys and
the Darwin LNG facility, operated by ConocoPhillips, employ almost 1000 full-time workers with the vast majority being NT-based.
APPEA Chief Executive Andrew McConville said it was impressive to see LNG exports from providing a major economic boost for the Territory.
LNG exports continue to underpin the ongoing growth and strength of Australia’s economy, according to recent Australian Bureau of Statistics (ABS) figures.
“The oil and gas industry has invested more than $350 billion in the economy over the last decade and this investment will deliver decades of growth, exports and jobs for Australia,” Mr McConville said. “However for the LNG sector to continue to thrive and be a key driver of the economy, exploration and development must be fostered not restricted – and industry must continue to have confidence to invest.”
APPEA, September 26, 2019
Oil Search board appoints new managing director
As foreshadowed at the May 2019 Annual Meeting, the Oil Search Board advises that Managing Director, Peter Botten, will retire from Oil Search on 25 August 2020. He will be succeeded as Managing Director by Keiran Wulff on 25 February 2020, when Botten steps down from the Oil Search Board.
Wulff is currently Oil Search’s Executive Vice President, Alaska and President of Oil Search Alaska. He worked at Oil Search from 1993 to 2008, holding several senior technical, operational and executive roles, and re-
joined the Company in 2015. With extensive knowledge and operating experience in Oil Search’s core business units of PNG and Alaska, demonstrated leadership skills and strong and relevant relationships both within Oil Search and with key stakeholders, the Oil Search Board believes that Dr Wulff is the ideal successor to lead the Company through its next phase of growth.
To ensure a smooth transition of responsibilities from Botten to Wulff, Wulff was appointed Chief Executive Officer Designate on
30 September 2019. He will retain his Alaskan responsibilities until mid-December 2019,
to manage the Company’s entry into Front- End Engineering and Design (FEED) for the Pikka Unit development, while also engaging progressively with all stakeholders and being involved in budget and planning matters for 2020 and beyond. He will commence his role as Managing Director and join the Oil Search Board on 25 February 2020. Bruce Dingeman, who is currently Chief Operating Officer of the Alaska Business Unit, will take over Wulff ’s role as President Alaska.
Botten will remain Managing Director of the Company until 25 February 2020 and will continue to be employed by Oil Search until 25 August 2020, focusing primarily on the LNG expansion projects as the co-venturers move towards a Final Investment Decision (FID), as well as assisting in other matters as required. He will be subject to a non-compete clause until August 2021, as outlined in Attachment 1.
OIL SEARCH, October 1, 2019
Vintage signs up
Schlumberger rig for Vali
well
As operator for ATP 2021, Vintage Energy is pleased to announce it has signed a Letter of Intent with Schlumberger to use their SLR- 185 rig to drill Vali-1, which is expected to spud later this calendar year. As announced to the market on 22 May 2019, Vintage
will earn a 50% interest in ATP 2021 from Metgasco through contributing 65% of
the cost of Vali-1 (up to gross cost of $5.3 million), paying for 65% of past exploration costs, and funding up to $70,000 of 2D and 3D reprocessing. Bridgeport (Cooper Basin) is also earning a 25% interest in ATP 2021 from Metgasco Ltd by contributing to the cost of Vali-1.
The Vali structure is a robust anticlinal closure located in the southern part of ATP 2021 in the Queensland Cooper Basin. The
Vali prospect is prospective for gas in Permian aged reservoirs, specifically the Patchawarra Formation. The Toolachee Formation is a secondary objective. These reservoirs are proven as producing reservoirs on the southern flank of the Nappamerri Tough, with over 600 Bcf of gas produced from fields within a 15 to 40 kilometre radius of the proposed Vali-1.
The Vali structure is identified on the
2017 Snowball 3D seismic survey and is approximately three kilometres from Kinta-1, which was drilled in 2005 and intersected gas charged sands in the Patchawarra and Toolachee formations.
VINTAGE ENERGY, October 1, 2019
Vintage updates on Albany well
Vintage Energy provides an update on the Albany-2 well and the side-track of the Albany-1 well, located in the Galilee Basin, as part of the Galilee Basin Deeps JV (GBDJV) with Comet Ridge. Late last week, 4 1⁄2” casing was run in Albany-2 to a measured depth
of 2,599 metres and cemented in place. The upper Lake Galilee reservoir sands and the top section of the thick, lower sand are available for stimulation and testing later this year. Once the casing was run, the rig was moved from Albany-2 to the Albany-1 site over the weekend with the side-track of the Albany-1 well expected to commence over the coming days.
The process for the side-track will consist of re-entering the Albany-1 well bore and undertaking a deviated side-track 128 metres above the Lake Galilee Sandstone target reservoir. The side-track will then drill all the way through the 287 metre target zone, after which casing will be run
in preparation for the stimulation and
flow testing later in the year, which will provide an indication as to the commercial capability of the Albany Field. Condor Energy Services Pty Ltd has been contracted to perform the stimulation of both Albany-1 ST1 and Albany-2 wells.
Albany-1 is located approximately seven kilometres from Albany-2, with both wells appraising the gas potential of the conventional Albany Field over its large 61km2 area. VINTAGE ENERGY, October 1, 2019
TAG closes transaction with Tamarind
TAG Oil is pleased to announce that it has closed its previously announced sale of substantially all of its New Zealand assets to Tamarind Resources.
Following closing of the Transaction, TAG has ~US$30 million in cash and will continue to have exposure to the potential upside from all New Zealand assets sold as follows:
5% gross overriding royalty on production from PMP 38156 (Cheal and Cardiff), PMP 53803 (Sidewinder), PMP 60454 (Supplejack), PEP 51153 (Puka), PEP 57065 (Waitoriki), PMP 60291 (Cheal East) and PEP 54877 (Cheal East).
Up to US$5 million in event specific payments payable on achieving various milestones (first milestone, grant of PMP 60454 (Supplejack) conversion, has already been achieved triggering payment of US$500,000 at closing).
TAG OIL, September 25, 2019
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