Page 11 - AfrOil Week 27

AfrOil
nEWs in BRiEf
AfrOil
noRtH afRiCa
Bouchareb quits
Algeria’s parliamentary president, Mouad Bouchareb, has resigned, Al Jazeera has reported. Street protests demand his removal for being too close to the old ruling elite. Protests were taken up by legislators, with a statement issued on July 1 calling for him to resign.
e deputy speaker, Abdul Razzak Tarbash, has taken over in the interim but a new speaker needs to be elected within 15 days.
Nostra Terra expects July ruling on East Ghazalat
As stated in the 2018 Annual Report, the dispute with the operator of East Ghazalat Concession, North Petroleum, is currently going through an arbitration process at the London Court of International Arbitration (“LCIA”). e LCIA hearing was held in May, and the Company has now been informed
by its legal advisers that a ruling is expected towards the end of July. e Company looks forward to providing an update on this in due course.
nostRa tERRa oil & Gas, july 8, 2019
South Disouq on track, SDX says
Development of South Disouq (SDX 55% working interest and operator) continues on schedule and on budget, with factory
acceptance tests for the central processing facility (“CPF”) and compressor, the rst of three project milestones, now successfully completed.
Both pieces of equipment are now commencing the process of being shipped to Egypt with a view to arriving on site at South Disouq in mid-August and on schedule for rst gas in Q4’19.
Interpretation of the South Disouq 3D seismic continues to re ne our understanding of prospectivity in the concession. Upon completion of this interpretation and partner discussions, a decision will be made on future drilling.
Planning for the 12-well drilling campaign in Morocco (SDX 75% working interest and operator) has commenced with long lead items ordered, all key contracts nalised and drilling expected to commence in Q4 2019. e programme will be targeting 15 bcf of gross unrisked prospective resources.
Gross production for six months to 30 June 2019 in line with FY 2019 guidance: Meseda and Rabul: 4,300 bbl/d; NW Gemsa: 3,900 boe/d; Morocco: 6.0 MMscf/d.
Cash at 30 June 2019 (unaudited) of US$11.0mn (31 March 2019: US$11.4mn) together with the undrawn US$10mn EBRD facility fully funds SDX for all existing and planned activities.
e Board has provided Mark Reid, CFO and Interim CEO, with a mandate to deliver rst gas at South Disouq during Q4’19
and to successfully execute the Moroccan drilling campaign commencing in Q4’19. To support the execution of this mandate, Reid has established an experienced Executive Committee which will meet monthly, consisting of the heads of Subsurface & Operations, Facilities and Finance and the
Country Managers of Egypt and Morocco. A further update on the CEO position will be provided in due course.
Mark Reid, CFO and Interim CEO of SDX, commented: “SDX continues to focus on
the successful delivery of its key operational targets at the South Disouq development in Egypt and the upcoming Morocco drilling campaign. We are pleased to report that
good progress has been made on these initiatives and both remain on schedule
and on budget. Once the South Disouq
3D has been interpreted, and a er partner discussions, we will assess the potential for
a drilling campaign and update the market
in due course. Our cash ow and receivables collections remain strong and I am pleased
to report that all of our existing and planned activities are fully funded from current cash, near-term cash ows and the undrawn EBRD facility. I look forward to providing further updates on our activities during the second half of 2019.”
sDx EnERGy, july 8, 2019
Delek tests EMG line
Delek Drilling respectfully updates that EMED has successfully completed the technical due diligence testing of the
EMG Pipeline and the related facilities,
in which testing of transportation of gas
was performed via the EMG Pipeline from the Tamar reservoir and various other technical tests were carried out, including
ILI (Intelligent Line Inspection), which includes a comprehensive check of the various parameters of the Pipeline.
e due diligence ndings indicated that the Pipeline’s condition is t for the transport of natural gas in the nameplate capacity of approximately 7 BCM per year. Accordingly, the parties to the EMG transaction are progressing with the completion of the other conditions precedent towards closing of the transaction no later than August 31, 2019.
It is noted that due to the projected demand for natural gas in Israel in the coming period, and given the maximum production capacity of the Tamar reservoir, commercial ow to Egypt through the EMG Pipeline is expected upon commencement of commercial gas production from the Leviathan reservoir by year-end 2019.
DElEK DRillinG, july 1, 2019
NOC board welcomes Haftar’s commitment
e Board of National Oil Corporation (NOC) welcomes Khalifa ha ar’s
Week 27 09•July•2019
w w w . N E W S B A S E . c o m
P11