taking stock

With so much happening at present, it seemed time to take stock…

In Development
Galoc Phase II -
WI 22.88%
Fully funded and in progress
Accessing 15mmbbls 2P
First oil due November (ref OEL ann 4/7/13)
Expected to throw off $45m free cashflow (before debt repayment) in first year (ref NDO ann 14/2/13)

West Linapacan A
WI 22.28%
reserves statement due any day now...
FID expected before end 2014
Funding from Galoc cashflow or reserve based funding (ref NDO ann 14/2/13)
Operator estimates of potential 88mmbbls OOIP P50 in the Linapacan limestone (previously produced 9mmbbls), and
380mmbbls OOIP in the Galoc Clastic Unit
(ref Philodrill 2012 annual report)

Nido 1x1
WI 42.4% SC54A
WI 22.49% SC14A
Remapping and evaluation done
Potential 0.6 to 6.5m barrels recoverable resource.
Tenders in for drilling of appraisal/development well
(ref Philodrill 2012 annual report)
Expecting to farm out for carried interest (ref NDO ann 14/2/13)

Exploration (near term)

SC63 Baragatan exploration well –
50% WI
Fully funded ,
As soon as possible subject to rig and securing final approvals
Potential 115 to 166mmbbls estimated recoverable (ref NDO ann 7/5/13)

Baronang exploration well and sidetrack
10% WI (can opt to 20%)
Q4, 13
Funded from cash and forecast Galoc production (ref NDO ann 28/6/13)
2 targets 26-27% COS
Balquis 47mmbbl
Boni 55mmbbl
(Ref Lundin website)

Gurita exploration well
10% WI (can opt to 20%)
Q4, 13
Funded from cash and forecast Galoc production (ref NDO ann 28/6/13)
Gloria A prospect
size ? and COS ? (Ref Lundin website)

Galoc North exploration –
WI 22.88%
As soon as suitable rig can be secured – 2014?
Potential 12m Barrels recoverable (ref NDO ann 20/6/13)

Yes, there is a lot happening. And how much of this is reflected in the current share price? Very little I would suggest. Expect a lot of news flow over the next 12 months...