RE: New Resources Report21 Jan 2024 14:36
Pre,
I
Here is my translation:
For the approval of the Falkland Islands government, a plan for the development of the project, which includes
1
Number: 2023-01-106528(, submitted by the partnership
Drilling of 23 development wells in two stages - in stage I drilling of 11 wells and in stage B drilling of 12 wells additional (hereinafter: "the latest development plan"). The data of the quantities and the cash flow presented in this report
which includes the development of 312 MMBBL in the C2 category (of which 177 MMBBL will be developed as part of Phase I
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are based on the latest development plan
. The establishment costs (Capex) of Phase I are estimated at approximately 1.2 billion dollars by
for the start of production from the project. The current development plan is planned to be carried out in stages, thus allowing for a reduction in the establishment costs until the start of production, which is expected to facilitate the process of obtaining financing for the development of phase one of the project and receiving a final investment decision (FID) during the year 2024 in accordance with the current development plan,
The production from the development of phase one of the project is expected to be carried out using a production and storage facility - production floating offloading and storage" (FPSO) "with a production capacity of up to 45,000 barrels of oil per day in phase A, and up to
About 55,000 barrels of oil per day in phase B. The partnership intends to act to develop the remaining resources in the oil asset, which are not included in the current development plan, where the production within the following development stages may be carried out in combination
Additional FPSOs, which will enable the production to be increased to about 200,000 barrels of oil per day.
The development plan, which was included in the previous cash flow forecast, published as part of the periodic report for the year
2022 was based on the following assumptions (in relation to 100%): Total cost of phase 1 - about 1.8 billion dollars (out of about 1.3 billion dollars until the start of production (FPSO with a production capacity of about 80,000 barrels per day; Contingent resources - approximately 712 million barrels of oil (the total contingent resources in the C2 category oil property).
The latest development plan, which was submitted for approval, is based on the following assumptions (in relation to 100%):
Total cost of a phase A - 1.4 billion dollars (of which about 1.2 billion dollars until the start of production); FPSO with a production capacity of
About 45,000-barrels per day in phase A and about 55,000-barrels per day in phase B; Conditional resources - 791 million barrels of oil
The latest development plan, which is being carried out in stages, includes a reduction in construction costs, an increase in the amount of resources
Conditionals of about 16% - with a decrease of only about 5% - in the discounted cash flow (at a
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