Re-development of 40 million barrels recoverable oil field
RMA is field Operator – a key strategic consideration.
Redevelopment project offshore Philippines. 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 with RMA’s share exceeding $300 million. 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 Galoc Clastic Unit, Intermediate and Linapacan Limestones. An update- of reserves and resources currently being undertake by independent expert in light of new data (3D seismic and Geological modelling work) and a certification report to be issued in June 2013.
NDO Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)