Page 14 - AsianOil Week 04 2021

AsianOil NEWS IN BRIEF AsianOil

Company’s five-year growth plan.” allocation continued to deliver results in the As previously advised, a primary
BEACH ENERGY, January 27, 2021 fourth quarter. We are embedding sustainable objective of the Phase 2 program is
cost reduction initiatives and enhancing to appraise the Nyanda area for early
Falcon reveals Kyalla to be operations across the Company to drive development following the strong
performance of the Nyanda-4 Coal Seam
improved performance over the longer term.
liquids-rich gas play momentum. During the quarter, the PNG Gas (CSG) well, producing gas at rates
“Our developments are also regaining
approaching 500,000 cubic feet per day
Falcon Oil & Gas is pleased to announce the Parliament passed all remaining amendments during testing in late 20201. Accordingly,
following update on the first gas composition to Acts for Papua LNG fiscal stability. Extensive the Company has drilled two “step out”
data obtained during the 17-hour unassisted assurance reviews were completed for the Pikka wells approximately 2.5km to the north
flow period of the Kyalla 117 N2-1H ST2 Unit Development and the project is ready (Nyanda-7) and south-west (Nyanda-8) of
well (Kyalla 117) in the Beetaloo Sub-basin, to enter front-end engineering and design the Nyanda-4 well2, to guide the delineation
Australia. (FEED) in early 2021. Strong alignment has of an early development area. As announced
The initial analysis of natural gas by gas been achieved with our partner, Repsol, for the on 6 January 2021 the new drilling has
chromatography confirms a liquids-rich gas phased development program which is now confirmed the widespread presence of
stream low in CO2 as follows: C1 = 65.03 targeting first oil in 2025 at 80,000 bopd from a gas-bearing coal seams and significant net
mol%; C2 = 18.72 mol%; C3 = 8.37 mol%; iC4 single well pad. Initial development costs have coal within the Nyanda area, with all three
= 1.29 mol%; nC4 = 2.03 mol%; C5+ = 2.73 more than halved and the breakeven cost of wells intersecting good quality coals with
mol%; CO2 = 0.91 mol%; N2 = 0.92 mol%. supply1 under US$40/bbl makes the project seams of similar thicknesses and depths and
The elevated C3+ gas component of 14.42 resilient to lower oil prices. evidence of open fractures.
mol%, which meets our pre-drill expectations, “Despite the material challenges of 2020, With these encouraging results the
confirms the Lower Kyalla Shale as a liquids- PNG LNG continued to outperform in Company is embarking on production testing
rich gas play. Gas composition data also the fourth quarter, ending the year with its of the wells, commencing with the Nyanda-4
support the view that the Kyalla gas stream highest ever annual production of 8.8 MT. The well being returned to production on 19
will have elevated LPG and condensate yields. North West Moran oil field was also brought January 2021. Gas flows re-commenced
As announced on 19 January 2021, back online during the quarter following immediately at Nyanda-4 with the resumption
longer term measures will be put in place a shut-in due to the 2018 earthquake. The of dewatering. The well is expected to take
to flow back sufficient hydraulic fracture recommencement of production was a some time to recover performance, however
stimulation water to allow the Kyalla 117 to great effort by all involved and resulted rates have been increasing steadily as water
flow continually without assistance. This work in a gross contribution of around 2,500 levels are slowly lowered. As at 6.00am
is expected to commence at the start of the bopd, notwithstanding remote operational (AEST) on 27 January the gas flow rate was
dry season in Q2 2021 and if successful will challenges and COVID-19 travel restrictions.” 57,500 standard cubic feet per day.
allow an extended production test (“EPT”) of OIL SEARCH, January 27, 2021 Nyanda-7 has now also been completed
between 60 and 90 days to commence. for production, and testing commenced on 25
Philip O’Quigley (CEO of Falcon) State Gas updates on Reid’s January. The well is currently being dewatered
commented: “The initial gas composition to lower wellbore pressure and enable the gas
data are very encouraging providing a strong Dome production testing to be produced from the coals.
indication for the liquids rich gas play in the The Services Rig is currently operating
Kyalla formation. We will update the market State Gas is pleased to provide an update at the most recently drilled well, Nyanda-8,
when operations recommence at Kyalla 117 at on production testing activities underway to install the pump to enable dewatering for
the beginning of the dry season in Q2 2021.” during the Phase 2 exploration and appraisal gas production. All three CSG wells in the
FALCON OIL & GAS, January 22, 2021 program at its 100%-owned Reid’s Dome Nyanda area are expected to be dewatering by
Gas Project (PL 231) in the Bowen Basin in early next week.
Oil Search posts quarterly Central Queensland. STATE GAS, January 27, 2021

results

Record annual PNG LNG production rate
of 8.8 MTPA (gross). Total net annual
production of 29.0 mmboe, up 4% from 2019.
Fourth quarter operating revenue of
US$259.5 million, up 37% from Q3 2020.
PNG Parliament passed all remaining
amendments to Acts for Papua LNG fiscal
stability. Pikka project on track for FEED
entry in early 2021, with strong joint venture
alignment.
Managing Director Dr. Keiran Wulff
said “Oil Search has delivered another solid
quarter, resulting in record annual PNG LNG
production against a backdrop of improving
commodity prices.
“Our focus on performance, cost and capital

P14 www. NEWSBASE .com Week 04 28•January•2021