The most significant development for the quarter was the successful
commissioning of Galoc Phase II. Upon the commencement
of production from the Galoc Phase II wells the
field was producing at over 12,000 bopd representing a significant
increase in production on a net to Nido basis.
In terms of the cash flow implications of this increased production,
subject to oil price and flow rates, we reasonably
expect to receive revenue of approximately US$70-80 million
and around A$45-50 million in free cash flow over 2014 leaving
aside the repayment of debt.
This level of cash flow will underpin our significant work program
for 2014 which includes 2 exploration wells and an exploration
side track in our Indonesian Production Sharing
Contracts (PSCs) and an exploration well in the Philippines.
In relation to the Indonesian exploration programme operated
by Lundin Petroleum, the Joint Venture is awaiting an appropriate
weather window for mobilisation of the Hakuryu 11 rig
to the Baronang PSC contract area to enable drilling operations
to commence in respect of the Balqis –1 and Boni-1
prospects.
The Company also executed a binding rig contract with a Malaysian
based rig contractor, UMW Standard Drilling Sdn Bhd,
for the Baragatan prospect in SC 63 in the Philippines and we
expect drilling operations to commence in June 2014.
The Company secured a 18 month extension of Sub-Phase 3
of Service Contract 58 from the Department of Energy (DOE)
allowing the SC 58 Joint Venture until mid-July 2015 to drill
the relevant commitment well. The Company is also seeking
an extension of the election to drill decision point under its
Farm-in Agreement with PNOC-EC.
We are continuing with our active investor relations program
and we look forward to updating Shareholders on the exciting
work program that we have planned for 2014 as the year unfolds.
Without doubt 2014 shapes as a pivotal year for the
Company.
PHILIP BYRNE
MANAGING DIRECTOR AND CEO
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