Page 13 - AsianOil Week 17

AsianOil
NEWS IN BRIEF
AsianOil
S O UTH ASIA
IndianOil initiates door-to- door delivery of diesel
Further to the successful pilot launched in March 2018, IndianOil has started its unique initiative for door -to-door delivery of diesel through mobile dispensers.
To meet the fuel demands in the industrial, mining, rural and remote sectors, IndianOil is rapidly expanding its fleet of mobile dispensers through its pan - India network of RO dealers. To further strengthen the reach, the Corporation is also looking to tie-up with relevant start
ups engaged in the business, and is shortly commencing process of their enrolment.
This novel concept of reaching diesel to customers’ premises through Start-ups has been conceived by the Ministry of Petroleum & Natural Gas, in line with Government of India’s initiative to promote Start - Ups for engaging new entrepreneurs in innovative business solutions.
Over the last two years, IndianOil’s mobile dispensers have been catering to various segments of Diesel end- users. Through the mobile dispensing units, IndianOil was the first to reach the areas affected by cyclone in Odisha in May 2019 and speedily restore the supply of petroleum products.
INDIANOIL, April 30, 2020
SOUTHEAST ASIA
PTTEP records net income of
USD 275 million in the first
quarter of 2020
PTTEP reported net income of USD 275 million (equivalent to THB 8,612 million) for the first quarter of 2020, with its investment plan revisions amid the challenge of this oil price crisis and the outbreak of coronavirus 2019 (Covid-19) in order to sustain long-term growth.
Phongsthorn Thavisin, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP) said that the company recorded total revenues of USD 1,771 million (equivalent to THB 55,335 million) in the first quarter of 2020, decreasing by 4% compared to USD 1,841 million (equivalent to THB 55,707 million) in the fourth quarter of 2019. The soften revenues were from lower sales volume at 363,411 barrels of oil equivalent per day (BOED), compared
to 395,028 BOED in the previous quarter, as a result of low gas nomination from projects in
the Gulf of Thailand. Additionally, the average selling price dropped to USD 44.81 per barrel of oil equivalent (BOE), against USD 48.28
per BOE reported in the last quarter of 2019, following to global crude oil price. On the other hand, PTTEP recognized a gain on financial instruments of USD 222 million in this quarter, which was mainly from the oil price hedging contracts. The unit cost was maintained at USD 31 per BOED. However, the company had income tax expenses in relation to foreign exchange rate fluctuation in an amount of USD 225 million, mainly due to depreciation of Thai Baht against US Dollar.
With the aforementioned factors, PTTEP announced net profit of USD 275 million (equivalent to THB 8,612 million) in the first quarter of this year, decreasing by 28% in comparison with USD 384 million (equivalent to THB 11,620 million) in the last quarter of 2019. Operating cash flow was at USD 981 million (equivalent to THB 38,093 million) with Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) margin at 72%. PTTEP, April 30, 2020
KrisEnergy secures loan for Cambodian development
The board of directors of KrisEnergy would like to announce that KrisEnergy (Apsara) Company Ltd and KrisEnergy (Cambodia) Ltd, both wholly-owned indirect subsidiaries of the group, have on 30 April 2020 entered into a credit facility agreement with Kepinvest Singapore as lender. Pursuant to the loan agreement, the lender has agreed to grant
a project financing loan in the aggregate principal amount of up to US$87 million to the borrowers, subject to the terms and conditions set out in the loan agreement.
The loan facility is intended to be utilised for, among others, the funding of the development of the group’s near-term development project
at Cambodia Block A (CBA) an offshore development oil and gas asset located in the Khmer Basin of the Gulf of Thailand with approximately 3,083 sq. km of gross acreage in which the borrowers have an aggregate working interest of 95%.
As announced on 9 December 2019, the group is currently developing the minimum facilities wellhead platform for the Apsara
oil field in CBA. Due to the unproven production performance of the Khmer Basin, development of the Apsara oil field will be in several phases to mitigate risk and provide
time for the collection and analysis of critical data to be applied in future phases. If further phases of CBA development are pursued, peak production is expected between 2024 and 2026. This development phase is designed to incur
minimum costs to first oil and comprises the Mini-Platform and five initial development wells connected to the Ingenium II production barge for oil, gas and water processing. At least two of the five wells will target fault blocks with previously successful exploration wells. Mini Phase 1A is scheduled to commence
oil production in 2020 and to reach a peak production rate of 7,500 barrels of oil per day. The Company estimates that approximately US$87 million will be required to fund the development of Mini Phase 1A at CBA until first oil is produced which is currently targeted for 2020.
KRISENERGY, April 30, 2020
Jadestone announces
grants under long term
incentive plans
Jadestone Energy, an independent oil and gas production company focused on the Asia Pacific region, is pleased to announce that on April 27, 2020 it granted (a) an aggregate of 6,525,000 incentive stock options to a number of employees, officers, directors, and consultants, including an individual engaged in investor relations activities on behalf of the company, (b) an aggregate of 695,200 performance share awards to a number of its employees and (c) 101,063 restricted share awards to the company’s president and CEO, A. Paul Blakeley.
The stock options are exercisable for a period of ten years at an exercise price of GBP 0.44 per share, and will vest upon the third anniversary of the grant date. The market value of the performance shares to be issued upon the vesting of the performance share awards is approximately GBP 0.56 per share, as calculated by an independent, specialist service provider.
The performance share awards will vest on the third anniversary of the grant date, and the number of performance shares to be issued will be determined against two performance measures which will be applied annually: (i) absolute total shareholder return as measured on a target share price plus dividend, weighted at 30%, and (ii) relative total shareholder return as measured against agreed peer companies, weighted at 70%.
JADESTONE ENERGY, April 29, 2020
Indonesian government
announces Mahato oil
discovery
Cue Energy Resources Limited advises that through its 100% subsidiary, Cue Mahato
Week 17 30•April•2020
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