EXXONMOBIL MAKES FIFTH
DISCOVERY OFFSHORE GUYANA
Exxon Mobil Corp. has made a fifth new oil discovery after
drilling the Turbot- 1 well offshore Guyana.
Turbot is ExxonMobil’s latest discovery to date in the country,
adding to previous discoveries at Liza, Payara, Snoek, and Liza
Deep. Following completion of the Turbot- 1 well, the Stena
Carron drillship will move to the Ranger prospect. An additional
well on the Turbot discovery is being planned for 2018.
ExxonMobil affiliate Esso Exploration and Production Guyana
Ltd. began drilling the Turbot- 1 well on Aug. 14, 2017 and encountered a reservoir of 75 feet ( 23 meters) of high-quality, oil-bear-ing sandstone in the primary objective. The well was safely drilled
to 18,445 feet ( 5,622 meters) in 5,912 feet ( 1,802 meters) of water
on Sept. 29, 2017. The Turbot- 1 well is located in the southeastern
portion of the Stabroek Block, approximately 30 miles ( 50 kilometers) to the southeast of the Liza phase one project.
The Stabroek Block is 6. 6 million acres ( 26,800 square kilometers). Esso Exploration and Production Guyana Ltd. is operator
and holds 45% interest in the Stabroek Block. Hess Guyana
Exploration Ltd. holds 30% interest and CNOOC Nexen Petroleum Guyana Ltd. holds 25% interest.
KALNIN VENTURES MAKES FIFTH
MARCELLUS ASSET ACQUISITION
An affiliate of Kalnin Ventures LLC’s BKV Oil and Gas Capital
Partners LP fund has entered into Purchase and Sale Agreements
with respect to the fund’s fifth acquisition of assets in just over
two years in the northeast portion of the Marcellus Shale. The
fund is financially backed by its sole investor, Banpu Pcl, a
Thailand-based coal mining and power generation company
with total assets of more than $6 billion.
The transaction is valued at an aggregate price of $210
million, with potential additional payments to the sellers of up
to $18.75 million over the next three years depending on natural
gas prices. Separate purchase and sale agreements were entered into with Carrizo (Marcellus) LLC and Reliance Marcellus
II LLC, to acquire their respective interests in the assets (subject
to customary closing conditions), which are comprised of interests in 112 wells, including 98 producing wells, 11 drilled
and uncompleted (DUC) wells and three wells that are temporarily abandoned.
The assets are predominantly located in Pennsylvania’s
Wyoming and Susquehanna Counties.
Kalnin has invested, through the fund, $417 million in the
Marcellus Shale and is poised to fully invest its first fund. With
this acquisition, the fund is now one of the top 20 natural gas
producers in Pennsylvania.
“This deal is unique from our previous four in that it provides
us the opportunity to naturally expand into an operator position
while also acquiring additional midstream assets,” said Chris-
topher Kalnin, managing director and co-founder of Kalnin
Ventures LLC. “However, it is similar to prior deals in that we
are acquiring profitable assets and enhancing them with tech-
nology and big data. Our experience as a non-operator, and
now operator, coupled with our high-quality asset base and
proprietary technology, has put us in a compelling position to
expand further in the Super Core of the Marcellus.”
The acquisition follows the Fund’s previous transactions with
Zena Energy LLC, Radler 2000 LP - Tug Hill Marcellus LLC; Chief
Exploration and Development LLC; and Range Resources –
Appalachia LLC, all located in the Marcellus Shale.
Upon completion of this transaction, the fund will have an
interest in 355 active wells. These transactions provide the fund
with net natural gas production of 160 million cubic feet per
ENERGEAN SEES FIRST CPR RESULTS FOR TWO 100%
OWNED BLOCKS, OFFSHORE MONTENEGRO
Energean Oil & Gas has received the first Competent Persons
Report (CPR) for its assets offshore Montenegro, compiled by
Netherland Sewell & Associates (NSAI), detailing the recoverable gas and liquids resource estimates in respect to Energean’s
100% interest in blocks 4218-30 and 4219-26.
The CPR shows the combined net unrisked prospective
recoverable resources (P50) for the two blocks, awarded to the
company earlier this year, as 1. 8 TCF natural gas and 144 MMbbls
liquids (438 MMboe in total).
Energean is currently the sole operator, with 100% working
interest, of offshore blocks 4218-30 and 4219-26. The blocks
were officially awarded in March 2017, following the signing of
a Concession Agreement between the company and the State
of Montenegro. The two blocks cover a surface area of 338 km2
in shallow waters.
The CPR is part of the first three-year exploration phase,
which entails a mandatory work program including a 3D seismic
survey covering the two blocks that is planned to be acquired
in 2018, and geological and geophysical studies. The total cost
of this initial exploration phase is estimated at US$5 million.
KRISENERGY COMMITS TO CAMBODIA
APSARA OIL DEVELOPMENT
KrisEnergy Ltd., an independent upstream oil and gas company,
is pleased to announce it has made a final investment decision
to proceed with the first phase of development for the Apsara
oil field, the first hydrocarbon development project in the
Kingdom of Cambodia.
Located in Cambodia Block A in the Gulf of Thailand, Phase
1A of the Apsara development envisages a single unmanned
minimum facility 24-slot wellhead platform producing to a
moored production barge capable of processing up to 30,000
barrels of fluid per day with gas, oil and water separation facilities
on the vessel. Oil will be sent via a 1. 5 km pipeline for storage
to a permanently moored floating, storage and offloading
KrisEnergy is the operator of Cambodia Block A and holds
95% working interest. The General Department of State Property
and Non Tax Revenue of the Ministry of Economy and Finance