Page 11 - AsianOil Week 44

AsianOil
NEWS IN BRIEF
AsianOil
Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).
TOTAL, October 30, 2019
Sonoro Energy commences
operations, advances
Selat Panjang oil and gas
concession in Indonesia
Sonoro Energy, through a wholly owned subsidiary company Zamatra Bakau Straits, along with its Indonesian co-venturer, announce that it is in the process of assuming full operations of the Selat Panjang oil and gas concession from SKKMIGAS.
SKKIMIGAS has been in charge of the field operations since the concession was terminated by the Government of Indonesia from the previous operator.
Sonoro and its partner are staffing the project with technical and operational expertise to optimize the development plan in progress. The co-venturers are in the process of collecting and analyzing all technical data on the project and are completing the proposed work program
and budget for approval by the partners and submission to SKKMIGAS as per the project agreements.
After completing an internal review of
the subsurface data, a reserve report that is 51-101 compliant in accordance with TSXV requirements will be produced. The partners have the benefit of extensive reserve analysis from past operations and are encouraged by the upside potential offered at Selat Panjang. The Selat Panjang Production Sharing Contract (PSC) has a 20-year term and an initial five year commitment of US$74 million.
The partners aim to implement a drilling program as soon as practically possible to reactivate previous wells where feasible and to commence drilling on new prospective targets.
Sonoro holds a 25% interest in the PSC with an option to acquire an additional 24% after completion of certain project milestones. Sonoro will provide services as operator of the project. SONORO ENERGY, November 4, 2019
Coro updates on Indonesia drilling campaign
Coro Energy plc, the Southeast Asian focused upstream oil and gas company, is pleased to provide an operational update in relation
to the drilling campaign in the Duyung Production Sharing Contract (PSC) in the West Natuna basin, offshore Indonesia, in which Coro holds a 15% interest.
The drilling rig Asian Endeavour 1 has been on location since Friday 1st November and drilling of the Tambak-1 well has commenced.
The Tambak-1 well is located approximately 4.5 km north of the Mako South-1 location and is designed to both appraise the extent of the Mako gas field as well to test the underlying Tambak prospect. The well will be drilled as a vertical well and is prognosed to intersect the top of the intra-Muda reservoir at a depth of approximately 389 metres below sea level. The well will be deepened below the base Muda unconformity (at a depth of approximately 517 m) to test the underlying Lower Gabus section.
The well is planned to total depth at approximately 1,370 metres below sea level.
Total time to drill, log and test in the event of success is estimated to be approximately 33 days, after which the well will be plugged and abandoned and the rig de-mobilised. Coro remains fully funded for its share of costs associated with the current drilling campaign. CORO ENERGY, November 4, 2019
PTTEP post 9M-19 results
PTT Exploration and Production Public Company Limited (PTTEP) reported robust growth of the first 9-month performance with net income of USD 1,185 million (equivalent to THB 37,182 million), 39% increasing
compared to the same period last year primarily due to higher average sales volume contributed from the acquisitions according to the strategic plan.
Phongsthorn Thavisin, President and Chief Executive Officer of PTTEP, said that for the nine-month period of 2019, the company generated total revenue of USD 4,572 million (equivalent to THB 143,115 million), increasing by 15% from USD 3,960 million (equivalent
to THB 127,434 million) in the same period last year as a result of an increase in average sales volume by 12% to 335,696 barrels of
oil equivalent per day (BOED) compared to 300,338 BOED. The increase in average sales volume was mainly due to the acquisition of additional stake in the Bongkot field which was completed in mid-2018 and the acquisition of Murphy Oil Corporation’s business in Malaysia which was completed in July 2019. The average sales price also slightly improved to USD 46.83 per barrel of oil equivalent (BOE), comparing with USD 46.25 in the same period of 2018. Consequently, PTTEP reported net profit at USD 1,185 million (equivalent to THB 37,182 million), an increase of 39% from the same period last year at USD 851 million (equivalent to THB 27,372 million). Meanwhile, the unit cost was slightly lower to USD 30.86 BOE from USD 31.28 BOE in the nine-month of 2018.
The financial performance in the third quarter of this year, PTTEP reported net profit of USD 358 million (equivalent to THB 11,019 million), an increase of 14% comparing with USD 315 million (equivalent to THB 10,401 million) in the third quarter last year. This was also driven by higher average sales volume contributed from Malaysia Asset.
Phongsthorn said “The company’s strong performance in the 9-month period reflects the successful acquisition in Malaysia in accordance with Company’s strategic investment plan.
The result is demonstrated by growing average sales volume with the 2019 target of 345,000 BOED. Furthermore, once the acquisition of Partex Holding, which its investment focused in the Middle East, is completed, sales volume will be increased. In addition, the acceleration exploration activities in Malaysia such as Block SK410B will potentially increase the company’s petroleum reserves and production volumes in the future.”
Earlier in June this year, PTTEP made its largest gas discovery from the first well in Block SK410B at “Lang Lebah-1RDR2”. The project
is currently preparing for an appraisal well to confirm upside petroleum potential, along with a study for development plan. In 2020-2021, PTTEP plans to accelerate exploration activities in the nearby areas to assess overall petroleum potential and evaluate appropriate development plan.
PTTEP, October 30, 2019
Week 45 06•November•2019
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