west linapacan, page-17

From memory, the details were pretty close to another redevelopment I've been studying, with a view to buying in.
I've already got a stake in W. Linapacan, so that would give me two of them if I decided to buy.

• Re-development of 40 million barrels recoverable oil field

• Redevelopment project offshore. Planned initial production 15,000 barrels per day (“bopd”) in 18 months with full field development (FFD) projected 35,000 bopd. Total JV NPV in excess of $1 billion. Minimum risk profile as a result of this being an existing field which has previously produced 8.5 MMBO (million barrels oil) in the 1990s prior to being shut-in in 1996 when oil prices fell below $20 per barrel – hence very low risk in re-development.

• Extended Well Test production period provides significant risk mitigation prior to 35,000bopd Full Field Development in event of EWT success. 40MMBO remaining reserves of oil (2P+2C or ‘most likely’ by reputable independent expert report). Proved reserves of 13 MMBO; Most Likely 167 MMBO Oil-In-Place.

• Reservoir amenable to application of established new technology and development practices, technology that was unavailable in the 1990s – e.g. 3D seismic, horizontal drilling and modern completion configurations, including inflow control devices

• New reservoir simulation indicates OOIP of 215 MMbbls+ for the discovered reservoirs, inclusive of Clastic Unit, Intermediate and Limestones. An update of reserves and resources currently being undertaken by independent expert in light of new data (3D seismic and Geological modelling work) and a certification report to be issued in June 2013.