Page 12 - AsianOil Week 30 2021

AsianOil NEWS IN BRIEF AsianOil

announcement on 11 May 2021) was acquired Strike starts West interpretation prior to a full and sustained
over substantial portions of 6 exploration flow test being undertaken is simply
permits (EPs 171, 174, 176, 190, 191and Erregulla-5 commences premature.
192) see map below Figure 1. These permits WARREGO ENERGY, July 29, 2021
cover the highly prospective Batten Fault clean up
Zone and several oil and gas play fairways, Oil Search releases Q2
including the proven Coxco Dolomite Play Warrego Energy Limited provides the
(Glyde gas discovery), which encompass following observations in relation to today’s report
193 conventional prospects and leads within announcement (WE5 Production Test
McArthur and Tawallah Group reservoirs Update) by the Operator of EP469, Strike Oil Search said it was on track to deliver full
identified by previous exploration work. Energy regarding the commencement of flow year 2021 production and capex guidance.
Multiple prospective geological horizons testing operations at West Erregulla-5 (WE-5). Successful completion of PNG LNG major
are present and lie adjacent to and directly Testing operations at WE-5 commenced maintenance works, ahead of schedule.
over deeper basin areas that are mature for on 26 July 2021. Warrego can confirm the Second quarter operating revenue of
hydrocarbon generation. well was perforated over a 6m interval from US$366.2 million, up 21.5% from Q1 2021.
Previous successful drilling by the 4,641 to 4,647m TVDSS. However, Warrego Oil production from operated fields was up
Company confirms that the Coxco Dolomite notes that raw data from the well was only 4.6% from Q1 2021, driven by performance
Play Fairway has a working petroleum provided to Warrego by the Operator after of Moran. Delivered a solid quarter of non-
system comprising rich and mature source the market opened and is currently being operated production, PNG LNG production
rocks, viable reservoirs with effective seals evaluated. Warrego regards interpretations averaged 8.0 MTPA (gross). Total production
and structural traps. The survey is aimed to by the Operator at this early stage to be of 6.6 mmboe, down 4.1% from Q1 2021,
assist McArthur with high grading identified premature for the following reasons: The impacted by planned maintenance works.
prospects and leads and will help form the well has not completed clean up and fluid Papua LNG technical, commercial and
basis for planning future work programs once continues to be unloaded from the well; The financing work underway in Q2 2021. Pikka
McArthur is listed. perforation (“selective perforation #1”) is project FEED continues, FID subject to
The survey was conducted out of the Town below the possible gas-water contact (GWC) appropriate risk allocation and funding.
of Borroloola and was completed ahead of as measured in West Erregulla-4 (WE- No COVID-19 cases to date in Oil Search
schedule and within budget. Importantly, 4). As in WE-4, we would expect to see a PNG field operations. Oil Search continues to
the survey was both non-invasive and had clean-up period during which fluids lost to assist PNG Government COVID-19 response
a very low environmental impact, and all the formation during drilling are produced through dedicated PNG industry task force
landholders within the coverage area had been followed by the production of any reservoir with supply chain and logistics as requested.
notified of the airborne programme. fluids. US$1.2 billion total liquidity (US$504
ARMOUR ENERGY, July 28, 2021 Warrego notes that, with well clean up million cash, US$697 million undrawn credit
still ongoing, it is far too early to confirm or facilities). Net debt reduced 5.3% compared to
Finalisation of debt facility otherwise whether water will be produced March 2021.
from WE-5 and at what depth. Any definitive
OIL SEARCH, July 27, 2021
adjustments
Cooper Energy is pleased to advise that
documentation has been fully signed for the
recently advised adjustments to some terms
and conditions of Cooper Energy’s debt
facility.
As announced on 30 June 2021, these
adjustments include realignment of
principal repayments through to expiry of
the Transition Agreement on 1 May 2022
and re-sculpting of repayments through to
maturity in 2024. The next quarterly principal
repayment is $7 million due on 30 September
2021, which will reduce drawn debt to $211
million.
Managing Director David Maxwell again
acknowledged the clear ongoing support
provided by the members of Cooper Energy’s
lending syndicate1.
“The adjustments to our debt facility
further strengthen Cooper Energy’s position
to crystalise and grow the significant
underlying value within our existing
portfolio,” Mr Maxwell said.
COOPER ENERGY, July 27, 2021

P12 www. NEWSBASE .com Week 30 29•July•2021