Page 13 - AsianOil Week 08

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NEWS IN BRIEF
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The well has been drilled to a total measured depth of 3,809 metres, including a 1,579 metre lateral section (from 90 degrees) in the Lower Kyalla Formation. Preparatory work, including the drilling of water impact monitoring bores – a new requirement of the Code of Practice for onshore petroleum activities in the NT – will commence in the coming month ahead of the next stage of operations.
The JV will continue its in-depth shale evaluation program of all the technical data gathered from the conventional cores, sidewall cores, DFITs and extensive wireline logging, to build an understanding of the prospectivity of the Kyalla Formation.
Philip O’Quigley, CEO of Falcon commented: “We are delighted to have successfully completed the Kyalla horizontal well section and we now look forward to the next phase of operations with the fracture stimulation of Kyalla 117 N2-1H ST2. We will continue to update the market as results become available.”
FALCON OIL & GAS, February 20, 2020
Strong funding support for Cooper-Eromanga
Oilex Ltd is pleased to advise that Doriemus has successfully completed a conditional bookbuild to raise A$4.5 million via a placement of Doriemus shares and options.
The placement by Doriemus will, upon completion, satisfy a key condition precedent to the proposed acquisition by Doriemus of the Company’s portfolio of Cooper-Eromanga Basin assets, as detailed in the Company’s announcement on 30 January 2020. The acquisition remains subject to a number of other conditions precedent as set out in the same announcement.
The proposed placement will be completed by Doriemus at an issue price of A$0.035
per Doriemus CHESS Depositary Interest (CDI) together with one (1) free option for every three (3) CDIs subscribed for in the Placement. Each of the options will have
an exercise price of A$0.08 each and to be
exercised at any time up to the date that is 4 years from the date of completion of the Acquisition (Options). The Options will be listed on the ASX by Doriemus subject to meeting certain ASX listing requirements.
The completion of the Placement is subject to Doriemus shareholder approval at a meeting on or around 12 March 2020, and completion of the Acquisition. If completion of the Acquisition does not occur, no CDIs or Options will be issued under the Placement.
On 30 January 2020, the Company announced that it had signed a binding Heads of Agreement (HOA) with Doriemus, an ASX-listed company, for the proposed sale of all of Oilex’s interests in the Cooper- Eromanga Basin to Doriemus. Amongst other conditions, Doriemus was required to complete a minimum capital raising of A$3.5 million. Details of all the material terms of the Acquisition, including the conditions precedent, are detailed in the Company’s the same announcement.
OILEX, February 21, 2020
Senex announces FY20 half year results
Senex Energy today announced strong operating and financial performance and continued delivery of its transformational Surat Basin gas development projects.
First half oil and gas production up 40% to 779,000 boe; Surat Basin gas production above 24 TJ/day. First half underlying EBITDAX
up 54% to $24 million; operating cashflow up 31% to $18 million. Exceptional delivery of Surat Basin work programs; all milestones met and programs near complete. Some 57 wells
of current campaign drilled with 45 brought on production; number of wells required to reach initial plateau production under review with potential for reduction. Full year FY20 production guidance of 1.8 – 2.0 mmboe (FY19: 1.2 mmboe) supported by continuing gas production ramp-up
Managing Director and Chief Executive Officer, Ian Davies said Senex continues to deliver all milestones on schedule and on
budget as it builds a low cost, highly cash generative base business.
“It has been an excellent start to FY20 with highlights including first domestic gas sales
at Atlas, gas production ramp-up in the Surat Basin, stable oil production and material growth in earnings and cashflow.
“Performance in the Surat Basin has been exceptional, with Roma North production above 15 TJ/day, Atlas production above 9 TJ/ day and 95% of gas volumes now contracted to high quality customers for calendar year 2020 at fixed prices.
“The Cooper Basin also continues to deliver for the Senex portfolio as we maintained oil production levels and successfully progressed various work programs across the acreage.
“These excellent results are driving production, earnings and cashflow growth as we rapidly track towards our initial Surat Basin gas production target of 18 PJ/year by the end of FY21”, Mr Davies said.
SENEX ENERGY, February 21, 2020
Cooper announces Annie contingent resource
Cooper Energy announces it has assessed the 2C Contingent Resource for the Annie gas field as being an estimated 8.9 MMboe (100% gross working interest). Cooper Energy’s
net economic interest is assessed to be an estimated 4.6 MMboe.
As illustrated in the accompanying map (refer Figure 1 following) the Annie gas field is principally located in VIC/P44 (Cooper Energy 50% interest and Operator; Mitsui
E & P Australia and its associated entities (”Mitsui”) 50% interest). A minor portion of the mapped field area extends into VIC/P76 in which Cooper Energy has a 100% interest and is Operator.
Discovery of the Annie field was announced to the ASX on 6 September 2019. The field is located approximately
9 kilometres offshore Victoria in a water depth of 58 metres, between the producing Henry (15 kilometres west) and the depleted Minerva (11 kilometres east) gas fields. Cooper Energy and Mitsui currently produce gas from the Casino, Henry and Netherby fields. Cooper Energy and Mitsui also own the nearby Minerva Gas Plant which was acquired in December 2019
to process gas from these fields and new discoveries such as Annie.
The proximity of subsea infrastructure and access to the Minerva Gas Plant provides a potential development pathway for gas from Annie to the south-east Australian gas market. COOPER ENERGY, February 24, 2020
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