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Vintage Energy –
Completion of PRL 211

acquisition

Vintage Energy announces completion of the
transaction announced 29 March 2022, for
of $0.788 and one common share of CanAsia. of Understanding (MoU) to collaborate on acquisition of Beach Energy’s 15% interest in
The cash consideration is approximately the development and implementation of the Cooper Basin licence PRL 211 by Vintage
CAD0.991 at the current exchange rate. Pan floating liquefied natural gas (FLNG) facilities and the other interest holders in the licence,
Orient and Dialog Group are at arm’s length worldwide. Metgasco and Bridgeport (Cooper Basin).
to each other, and the arrangement is not a FLNG facilities makes the production, The PRL 211 Joint Venture now comprises the
related party transaction. liquefaction, and storage of natural gas following equity holders and interests: Vintage
Pan Orient will transfer to CanAsia all of possible at sea, from where it can be shipped 50% and Operator; Bridgeport 25%; and
Pan Orient’s non-Thailand assets, including directly to customers around the world. By Metgasco 25%.
Pan Orient’s 71.8% ownership of Andora optimising and standardising the FLNG unit PRL 211 is located close to existing Cooper
Energy and approximately CAD7.1mn in design, ABB and WOM aim to significantly Basin producing gas fields and infrastructure
working capital and long-term deposits. improve the production efficiency of LNG at and contains the Odin gas field, discovered
CanAsia will assume all liabilities relating sea. in May 2021 and flow tested in September/
to the non-Thailand business, consisting WOM’s competence as a premier provider October 2021. Odin is mapped to extend
primarily of accounts payable and accrued of turnkey engineering, procurement, into ATP 2021, a licence sharing identical
liabilities included in working capital, the construction, installation and commissioning participants and equity interests to PRL 211,
decommissioning provision in Pan Orient’s (EPCIC) to the FLNG market will be coupled and which holds the Vali gas field. The Odin-1
financial statements, and transaction costs. with ABB’s expertise in integrating electrical, discovery well is to be completed as a gas
Andora owns interests in oil sands leases control and safety systems. producer in the forthcoming well completion
at Sawn Lake in Northern Alberta where it Valued at over $14,187mn in 2020, the campaign announced in the Vali operational
developed a steam assisted gravity drainage global FLNG market is projected to reach a update on May 25, 2022.
pilot project that awaits financing, commercial value of over $104,281mn by 2031, growing at VINTAGE ENERGY, June 10, 2022
development and operation. a CAGR of 20.1%.
The arrangement must be approved by Pan Mr Wei Huaqing, Assistant President of Galilee Energy – Drilling
Orient shareholders, the Court of Queen’s WOM said: “The FLNG market continues
Bench of Alberta and the TSX Venture to grow. We are pleased to be working with of fourth well in 2022
Exchange (the TSXV) and is expected to be ABB and look forward to leveraging our
completed in mid- to late August 2022. complementary expertise to deliver more programme complete
Pan Orient common shares will be delisted value for FLNG customers around the
from the TSXV. It is anticipated that the world. By combining our bespoke offerings, Galilee Energy is pleased to provide the
CanAsia common shares will be listed on the we believe we can increase productivity in following drilling update and announce
TSXV as a substitutional listing to the Pan greenfield developments and in doing so that Silver City Rig 23 has completed the
Orient common shares and that a new stock improve overall CAPEX efficiency.” drilling of the fourth well of this year’s current
symbol will be allocated. The agreement will also utilise ABB’s programme at the Glenaras multi-well pilot.
PAN ORIENT ENERGY, June 06, 2022 unique project methodology, Adaptive Glenaras 25 was the fourth well of the 2022
Execution™, which offers customers complete programme and the drilling rig is currently
visibility of their project, from start to finish, moving to Glenaras 26.
EAST ASIA via a single, streamlined and centralised Glenaras 25 was drilled to a total depth of
approach. 1,058 m with all Betts Creek Beds coal seams
ABB and Wison Offshore Industries China, commented: “Adaptive intersected as prognosed. A total of 28 metres
Cruise-Feng Li, head of ABB Energy
of net coal has been confirmed with excellent
& Marine collaborate to Execution can help unlock significant project gas shows on penetration during drilling.
value for FLNG customers. By designing in
With four wells now drilled, the results
develop standardised a modular and standardised way, and testing are confirming the geological model as
everything in a virtual environment, we
interpreted. The Betts Creek Beds coal seams
solutions for floating can tackle design challenges early on, boost are well developed, gas-bearing and laterally
continuous across the pilot area. The seams
performance and ensure reliability of the
liquified natural gas infrastructure. This enables all the parties can also be correlated up to 20 km further
away, supporting the significant contingent
involved in the project to achieve more in
facilities shorter timeframes, optimising the overall resource certified for the Betts Creek Beds
coal seams.
delivery schedule and saving on cost.”
ABB and Wison Offshore & Marine (WOM), ABB, June 09, 2022 GALILEE ENERGY, June 09, 2022
a technology and solution provider focusing
on clean energy, have signed a Memorandum

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