Quoting FAR's Mike Evans, from an article in Oil & Gas Gazette (can be viewed on FAR's website),: 'The offshore China project, in which FAR ahs 5%, is moving towards a development decision. The field is small, but can be easily tied into CNOOC's infrastructure. Evans believes the field is comparable to Apache Energy Ltd's Harriet project. We see lots of pools of oil, not large, but between 5-20mmbbl, we think they can potentially be tied into existing facilities, so it's cheaper thana Cliff Head-style development.'
A credible poster on sharescene who attended FAR's agm also mentioned that Evans said that there was currently a: 'recently refurbished Russian rig near 6-12-1 off China. 6-12-1 might be drilled as early as July to take advantage of the available rig. (He also added..) ..that potentially 40-50mmbbl was recoverable'.
It seems strange that FAR should appear so bullish on Beibu when PSA apparently doesn't think it's worth much of a mention. Evans is not prone to hyping his prospects.
In the past OMR, you don't appear to have been enthusiatic about the China project. Would any of the above change you view? I'd be interested in others' views as well.
PSA Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
