Niu,
IMO, this stmt from your extract above is very telling...
"Parallel to the reserves re-certification activities,
RMA also continued with well planning and concept screening for early production and full-field development and costing."
IE, they are confident.
The following may be of assistance to some in understanding why the reserves certification is taking so long...from the Philodrill website.
"As the new operator, RMA continued with the re-evaluation of the West Linapacan Field focusing on geomodelling which they completed in November 2012, and the still ongoing reservoir simulation by Odin Consultants.
Based on the initial results and data at hand, RMA has come up with reserves estimates for the two (2) reservoirs within the West Linapacan A structure, namely the Linapacan Limestone and the Galoc Clastic Unit (GCU) reservoirs. These have combined potential resources of about 500 MM barrels original oil in place (OOIP) based on P10 determination.
In addition, preliminary mapping had identified a number of new play types (one each in the Linapacan Limestone and GCU and the rest are new plays in the overlying Pag-asa Formation).
Seven (7) new leads with combined potential resources estimated at 880 million barrels OOIP have been identified, all outside the West Linapacan A and West Linapacan B structures.
During a Technical Committee Meeting held in November 2012, the consortium approved RMA’s recommendation to conduct additional studies to firm up the results attained thus far, including third party resource review leading to reserves certification, as well as AVO seismic study and further reservoir simulation."
Some additional information...
"In addition to their current G&G works, RMA is undertaking planning and tender activities for the drilling of the West Linapacan A-7 which will be drilled as a sub-horizontal and crestal production well, as well as planning for the possible West Linapacan -1 well re-entry.
They are likewise reviewing work scope and costing for the decommissioning of the existing subsea pipeline system and the plugging and abandonment (P&A) of the old West Linapacan wells for the original block consortium.
To move forward with the West Linapacan development, they deem it necessary to properly decommission/permanently plug such structures and wells.
While the Company(Philodrill) is carried in all G&G activities and in the drilling of a development well in the West Linapacan A structure up to first oil, the Company shares in the costs of any activity outside of the West Linapacan A field.
It will also share in the cost of the facilities and well decommissioning studies, the cost of which will be borne by the original joint venture partners."
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