Transcript from Premier8 Mar 2019 22:47
Turning now to Sea Lion. It’s a project that most of you’d be familiar with. It’s 500 million barrels, 220 million to be developed in the first phase. We’ve got a fantastic dataset. I think you all know, 3D, 14 wells drilled by us and our predecessors. 500 meters of core. The developments are least FPSO, so some similarities with Catcher. We’re targeting 85,000 barrels a day from 16 producers, 6 injectors, artificial gas lift, 1 gas injection well as well. It’s about $1,600 million to get to first oil, half of which is on drilling, quarter of which is on serve the subsea umbilicals, rise in the flow lines.
Mark Wilson
If I may have a follow-up. Could you just clarify what the FEED on Sea Lion is still looking to clear up? And whether once through that and into PIM, the application for funding, does that really change the chances of a third-party farm in, do you feel?
Anthony R. C. Durrant
On the FEED, at this stage of the project, I think we're starting to focus very much on cost optimization and also risk mitigation, meaning that it may be appropriate given the location of the Falklands to carry some redundant kit or surplus kit for emergency purposes. We're looking at all the options there so that as and when first order arrives, we can keep up production efficiency as much as possible. I think it's been out here for some time that most people considering a coinvestment in Sea Lion would want the benefit of export credit funding. So we intend to go through that funding process before starting any formal partnership discussions. Next question.
Dan Slater
Just on Sea Lion and whether we can still think about FID towards the end of this year or…
Anthony R. C. Durrant
Yes, I think, as we've emphasized, we're putting in our funding application late April, early May to some extent, then the timing will be driven by the timetable of our lending discussions and that's not entirely in our control. Obviously, this won't come as a shock to our lenders. We've been in discussions for some time, so we hope we can move those along expeditiously.
https://seekingalpha.com/amp/article/4247230-premier-oils-pmoif-ceo-anthony-r-c-durrant-full-year-2018-results-earnings-call-transcript
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