Page 20 - AsianOil Week 31

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Implemented 2020 cashflow savings
initiatives totalling over US$22.0 million
under Project Clover, the Group-wide cost
efficiency and cashflow savings programme,
with over US$10.0 million of additional
opportunities being pursued.
Progress on the planned acquisition of
a 69% operated interest in the Maari asset,
offshore New Zealand, including obtaining
Offshore Investment Office approval, and
continuing to progress towards approval of
the New Zealand Petroleum and Minerals
authority.
Announced acquisition of a 90%
Company had on 4 August 2020, sought the oil and referred to an average historical price operated interest in the Lemang PSC,
approval of the SGX-ST for an extension of of past 6 to 24 months. While the crude oil onshore Sumatra, Indonesia for an initial
time of up to two and a half (2.5) months that accounts for roughly 30% of total sales headline consideration of US$12.0 million,
until 27 October 2020, to submit its Trading volume and is directly impacted by the oil thereby re-establishing Jadestone’s operating
Resumption Proposal (the “Extension of price volatility, the Company has entered into presence in Indonesia and adding 17.2mm
Time”). oil price hedging contracts for certain portion. boe of 2C gas resource3.
KRISENERGY, August 4 2020 Besides, PTTEP recorded impairment loss of 2020 full year guidance also re-affirmed on
USD 47 million primarily from Mariana Oil each of operating costs per barrel, capex and
PTTEP’s H1 profit falls 51% Sands project in Canada due to the forecast the Company’s maiden dividend.
of long-term low oil price indicating project
JADESTONE ENERGY, July 30, 2020
PTTEP reported net income of USD 409 development uncommercial.
million for the first half of 2020 with strong Accordingly, PTTEP reported net profit
financial positions despite challenges resulted of USD 409 million (equivalent to THB OCEANIA
from the global oil price situation and the 12,935 million) in the first half of 2020,
spread of coronavirus 2019 (COVID-19) with decreased by 51% from the previous year Warrego appoints CEO for
the approved interim dividend payment at of USD 827 million (equivalent to THB
THB 1.5 per share. The company has revised 26,163 million). Meanwhile, the unit cost was Australian operations
its business plans to cope with current and remained at USD 30 per BOE with Earnings
future challenging circumstances, assuring the before Interest, Taxes, Depreciation and Warrego Energy today announced that it
company’s sustainable growth. Amortaization (EBITDA) margin of 70%, had appointed David Biggs as CEO of its
Phongsthorn Thavisin, President and CEO aligned with the company’s target. Australian operations from 1 August 2020,
of PTTEP, said that in the first half of this PTTEP, July, 30 2020 reporting to Dennis Donald, Group CEO and
year, the company generated total revenues of Managing Director. David, currently a non-
USD 2,779 million (equivalent to THB 87,549 Jadestone updates on executive director, will remain on the Warrego
million), decreasing by 7% from USD 3,001 Board as an Executive Director.
million (equivalent to THB 94,830 million) trading, operations David has more than 35 years’ experience
in the same period of 2019. The average in the upstream oil and gas sector working
sales volume was at 345,207 barrels of oil Jadestone Energy, an independent oil and for large multinational and smaller scale
equivalent per day (BOED), increasing by 6% gas production company focused on the organisations across Australia, New Zealand,
compared to 326,971 BOED in the first half Asia Pacific region, provides a trading and UK, the Middle East, Africa, Indonesia and
of the previous year driven by the acquisition operations update for the six-month period the Americas. His extensive commercial,
of Murphy Oil Corporation’s business in ended June 30, 2020. gas marketing, project development and
Malaysia and Partex. Q2 2020 production of 12,566 bbls/d, leadership skills, built in key senior roles at
However, as a consequence of the a 7.7% increase on Q1 2020 production BHP Petroleum and more recently as CEO
COVID-19 outbreak and the oil price war of 11,665 bbls/d. This equates to H1 2020 of both AWE and Cue Energy, will provide
between Saudi Arabia and Russia in early production of 12,116 bbls/d, versus 13,188 considerable momentum to Warrego’s
March this year, the global demand for the bbls/d for H1 2019. Australian operations.
energy consumption has crashed while the oil On track to meet full year production He will lead the Perth-based Australian
price has fallen to more than 50% from the guidance of 12,000–14,000 bbls/d. team which is focused on commercialising the
beginning of this year. As a result, PTTEP’s Positive cash generation for both H1 2020 Company’s 50% interest in the West Erregulla
average selling price dropped by 15% to and Q2 2020, resulting in gross cash and gas field, progressing the EPA-0127 permit
USD 40.15 per barrel of oil equivalent (BOE) bank balances of US$113.81 million as at in Western Australia and pursuing further
compared to USD 47.26 per BOE in the same June 30, 2020, and net cash of US$78.22 This exploration opportunities.
period last year. Nonetheless, the company’s represents an increase in net cash, quarter- The decision to appoint an experienced
selling price decreased in less proportion on-quarter, of US$6.1 million, and a US$38.9 country CEO follows the appointment of gas
comparing to the decrease of the crude oil million increase versus December 31, 2019, marketing expert Cathy McKeagney as GM
price since the natural gas price has already after debt repayment. Commercial and the transfer of Warrego’s
been secured with the sales agreements in Efficient management of capital, reducing Australian HQ from Sydney to Perth.
which price formula are partly linked to fuel planned 2020 capex by circa 80%. WARREGO ENERGY, August 3, 2020

P20 www. NEWSBASE .com Week 31 06•August•2020