Page 19 - AsianOil Week 21

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NEWS IN BRIEF
AsianOil
fund the drilling of the West Erregulla-3 exploration/appraisal well in 2020, provide funding for long lead items for the West Erregulla-4 exploration/appraisal well, and general working capital.
The placement will be completed in two tranches, with the second tranche of the Placement subject to shareholder approval at a general meeting of the Company expected to be held in early July 2020 with the Notice of Meeting to be announced this week. The new shares issued under the Placement will rank equally with existing Warrego ordinary shares on issue.
The two tranches comprise: Tranche One: 94.9 million shares ($12.3m), expected to settle on 28 May 2020; Tranche Two: 20.5 million shares ($2.7m), expected to settle in early July 2020, following shareholder approval.
Chairman, Greg Columbus, intends to subscribe for $390,000 in the Placement, which is subject to shareholder approval and included in Tranche Two.
WARREGO ENERGY, May 25, 2020
Sole Gas Project update
Cooper Energy provides the following update to its previous advice of 8 May 2020 on the commissioning of the Orbost Gas Processing Plant. The gas plant is owned and operated by APA Group.
The gas plant is being commissioned to process gas from Cooper Energy’s Sole gas field for supply to customers in south-east Australia. Completion of plant commissioning will enable commencement of the field’s term supply contracts, and commencement of processing tariff payments by Cooper Energy to APA Group.
The gas plant has proven its capability to produce sales specification gas from the Sole raw gas stream. A total of 0.8 petajoules of gas from Sole has been processed and supplied into the Eastern Gas Pipeline up to 21 May 2020 (inclusive).
APA, its technology provider and Cooper Energy have been working collaboratively to improve plant performance to the level required for commissioning to be completed. This work included a shutdown of the gas plant from 9 May to permit inspection, conduct maintenance and complete minor modifications within the sulphur recovery unit.
The Sole reservoir and wells have performed consistent with expectations. The shutdown work program was
completed in full and plant operations resumed on 20 May 2020. Supply of Sole gas into the Eastern Gas Pipeline recommenced at approximately 8 pm on that day.
Ongoing commissioning plans are to achieve a progressive, sustained increase in
output rates whilst maintaining stable plant operation.
It is intended this be achieved gradually through a series of step changes whereby production rates are increased, then maintained whilst plant operation is monitored and assessed prior to proceeding to the next increment, with the ultimate target being 68 terajoules per day (TJ/day).
COOPER ENERGY, May 22, 2020
Comet Ridge adjusts management structure
In support of the company’s sharpened drive for efficiency, and particular focus on the 100% held and newly awarded Mahalo North block (ATP 2048), the board has decided that the CFO role is more cost effectively filled
on a part-time rather than full time basis. Subsequently, Peter Harding-Smith will be leaving the company, effective today. Other senior management/contractors have reduced hours with duties primarily focused on progressing Mahalo North.
Comet Ridge Managing Director, Tor McCaul said he would like to thank Peter for his contribution and wish him well for his future endeavours.
The company will make a future announcement in relation to the CFO role, when appropriate.
COMET RIDGE, May 22, 2020
Gas has key role in NT economic recovery
The Northern Territory’s oil and gas industry has welcomed the announcement today
by Chief Minister Michael Gunner of
the formation of the Territory Economic Reconstruction Commission.
This Commission has been tasked with writing the roadmap for the Territory’s recovery from the impacts of the COVID-19 pandemic.
Natural gas is already a key contributor to the Northern Territory’s economy and Darwin hosts two major liquified natural gas export facilities.
Week 21 28•May•2020
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