Page 14 - AsianOil Week 17

AsianOil
NEWS IN BRIEF
AsianOil
Pty Ltd (Cue), it has become aware that the Indonesian Ministry of Energy and Mineral Resources has announced a 61.8 million barrel oil discovery in the Mahato PSC.
The announcement was made by Mr Dwi Soetjipto, Head of the Special Oil and Gas Working Unit of the Ministry of Energy and Mineral Resources (SKK Migas) during a press conference on 16 April 2020.
A press release dated 18 April, 2020, with details of the announcement, can be found under the Berita Utama (headlines) section
of the Government of Indonesia Ministry of Energy and Mineral Resources (ESDM) website (www.esdm.go.id).
A translation of the relevant section of the release reads:
“Head of SKK Migas Dwi Soetjipto explained, the discovery consisted of an oil resource find by Texcal Mahato after completing the drilling of PB-2 exploration well of Mahato Block totalling 61.8 million barrels of oil.”
As previously disclosed, two wells have been drilled in the Mahato PSC. The operator, Texcal Mahato EP Ltd (Texcal) and other joint venture parties are claiming to have excluded Cue from participation in these operations. These claims are disputed by Cue as having no basis under the Joint Operating Agreement (JOA). Cue is evaluating all available options and is asserting all its legal rights under the JOA.
Cue is not receiving information from the operator as required under the JOA to enable full assessment of the SKK Migas announcement but interprets the 61.8 million barrels reference as an oil in place P50 resource estimate.
CUE ENERGY RESOURCES, Australia 21 April 2020:
EAST ASIA
PetroChina announces Q3 results
PetroChina announced today that in the first quarter of 2020, facing the challenges brought about by the COVID-19 pandemic and the impact of global oil prices plunging off a cliff, the company faithfully acted out the new concept
of development, pushed ahead the quality- based development, implemented effective pandemic prevention and control measures, and started the resumption of work and production in an orderly manner. The Company also initiated special campaign to enhance quality and profitability, optimized production and operation while strengthening investment and cost control, striving to minimize the impact of the pandemic. Under the International Financial Reporting Standards, PetroChina recorded
a revenue of RMB509,098 million and a net
loss attributable to owners of the Company of RMB16,230 million in the first quarter of 2020.
In the first quarter of 2020, the oil and natural gas equivalent output achieved an amount of 414 million barrels, representing an increase of 6.1% year on year. The company actively responded
to the challenges of the low oil price, continued on cost control, and the unit oil and gas lifting cost decreased by 8.9% year on year, thus the Exploration and Production segment realized
an operating profit of RMB14,883 million, representing an increase of 3.9% from the same period last year.
In the first quarter of 2020, the Company processed 277 million barrels of crude oil, representing a decrease of 9.6% year on year; the production of refined oil products was 25.208 million tons, representing a decrease of 13.8% year-on-year. The Refining and Chemicals segment realized operating losses of RMB8.702 billion.
In the first quarter of 2020, the sales of refined oil products reached 35.478 million tons, representing a decrease of 15.9% year-on-year. The Marketing segment realized an operating loss of RMB16.593 billion.
In the first quarter of 2020, due to the reduction in sales and decrease in the prices of natural gas, the Natural Gas and Pipeline segment realized an operating profit of RMB11.359 billion, representing a decrease of 9.7% year-on-year.
PETROCHINA, April 29, 2020
OCEANIA
APA pricing of EUR600mn
10.2 year medium term
notes
APA Group, a leading Australian energy infrastructure business, today announced that on 24 April 2020 (AEDT) it priced an offering of EUR 600 million of senior unsecured notes in the European debt capital markets pursuant to Regulation
S under the US Securities Act. The notes will be issued by APA’s wholly-owned Baa2/BBB rated borrowing entity APT Pipelines Limited and will be guaranteed
by Australian Pipeline Limited in its capacity as trustee and responsible entity
of Australian Pipeline Trust and APT Investment Trust and by certain subsidiaries of the Parent Guarantors.
The proceeds of the issue will be used to repay debt maturing in July 2020, and for general corporate purposes, including possible pre- funding of future debt maturities.
The EUR 600 million of “long 10 year” notes, with a maturity date of 15 July 2030, have a fixed
coupon rate of 2.0% per annum. The principal and interest obligations have been hedged into AUD dollars with an all-in fixed rate of 3.866%. APA GROUP, April 24, 2020
Oilex, Doriemus deal falls through
Oilex Ltd advises that further to its announcement on 24 March 2020, discussions with Doriemus to reach an alternative agreement relating to the proposed purchase of Oilex’s interests in the Cooper Basin
by Doriemus (as reported in previous announcements) have not reached a successful conclusion and accordingly have now been terminated.
Oilex confirms that it is in discussions with
a number of other companies showing strong interest in participating in Oilex’s Cooper- Eromanga project. Further announcements relating to this will be made at the appropriate time. OILEX, April 28, 2020
Warrego agrees next stage
Appraisal Plan for West
Erregulla
Warrego Energy has agreed the Appraisal Plan, Work Plan and Budget for EP469, West Erregulla, located in the Onshore Perth Basin, Western Australia.
The approved Appraisal Plan provides for the West Erregulla-4 well and, West Erregulla-5 to be added to the West Erregulla-3 drilling and 3D seismic program. The 3D seismic will be shot over a substantial portion of the remaining part of EP469.
The Operator anticipates that the Appraisal Plan will allow it to deliver campaign
savings from the efficiencies of multiple
wells, particularly across procurement and mobilisation, in addition to drilling cost savings derived from the experience of drilling the West Erregulla-2.
Importantly, the decision to approve the Appraisal Plan will allow the Joint Venture to take advantage of the current lull in exploration activity in the short-term and in the long-term will position Warrego to benefit from the expected market tightening and likely shortfall in domestic gas supply following confirmed delays to major offshore LNG projects (and their associated domestic supply obligations).
West Erregulla-3 is currently planned to be drilled in 2H 2020. As a contingent activity the decision whether to drill West Erergulla-5 will be made by the Joint Venture prior to the end of November 2020.
WARREGO ENERGY, April 27, 2020
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Week 17 30•April•2020