Page 10 - AsianOil Week 13

AsianOil OCEANIA AsianOil
AUD150mn ($91.64mn). It remains to be seen whether the mid-2021 target for the field’s final investment decision (FID) is pushed back.
3D Oil has identified at least 15 leads across the 6,500-square km WA-527-P and says that recent petroleum migration studies have high-graded the prospectivity of the field’s oil leads – which are the focus of its farm-out campaign. The best pro- spective resource estimate for recoverable oil from WA-527-P’s Salamander, Jaubert and Whaleback prospects is a combined 349mn barrels.
3D Oil also provided an update on March 26 for its farm-out agreement with ConocoPhil- lips for the T-49-P permit offshore Tasmania. The junior said the two companies had signed
a joint operating agreement that gave Cono- coPhillips an 80% operated stake in the project. In exchange, 3D Oil will receive an AUD5mn ($3mn) cash payment and will be fully carried during the acquisition at least 1,580 square km of 3D seismic data as well as the drilling of the permit’s first exploration well up to a maximum cost of $30mn.
The joint operating agreement updates a farm-out deal the two signed in December 2019 that would have seen 3D Oil hold on to a 25% stake. By reducing its equity, however, the junior said it would only have to cover 10% of the per- mit’s operating costs until the terms of the carry had been fulfilled.v
Cooper unfazed by oil price crash, coronavirus pandemic
PROJECTS & COMPANIES
AUSTRALIAN junior Cooper Energy has said its business model will be largely unaffected by both the oil price crash and the coronavirus (COVID-19) pandemic.
Cooper said on March 31 that the majority of its revenue came from sales of natural gas under take-or-pay contracts, which are not linked to oil prices, to buyers in the south-east Australian market. It noted that while oil revenue accounted for around 25% of its sales in the six months to December 31, 2019, this share was expected to decline significantly once the Sole gas field began full production.
Cooper said Sole would begin delivering firm supplies under term sales agreements once infrastructure operator APA had completed
a production test at the Orbost gas processing plant. The facility is already producing sales gas from Sole, though initial volumes delivered into the Eastern Gas Pipeline (EGP) have been var- iable, as the plant is still in the second phase of commissioning.
Commenting on the roll-out of social dis- tancing measures across the country, Cooper said all of its gas production was handled by remotely operated subsea installations. As such, the company’s implementation of work-from- home procedures is not anticipated to affect production levels.
The company has left its overall produc- tion guidance for financial year 2019-2020 unchanged at around 1.2mn barrels of oil
P10
w w w . N E W S B A S E . c o m Week 13 02•April•2020