RE: asset sell..12 Jul 2018 16:28
Irish PetroNeft and India's state-owned Oil India have decided to sell the joint company Stimul-T, which is mining in the Tomsk region. Two sources close to the buyers told about this to the newspaper Kommersant.
However, so far negotiations have not entered the active stage, says one of them.
Stimul-T owns Line, Arbuzovsky, Sibkraevsky, Tungolsky, West Linear, Kondrashevsky, Severo-Varyakhsky, Emtorskoye fields with a total production of about 100 thousand tons of oil per year. Recoverable reserves according to the classification 2P - 12.6 million tons, 3P - 22 million tons.
PetroNeft and Oil India did not respond to the request of the publication.
The main shareholders of PetroNeft - Natlata Partners (29.47%, belong to the former State Duma deputy Maxim Korobov), Daria Shaftelskaya (11.04%), J & E Davy (8.37%), Zhai Dumin (5.23%), American Ceres Environmental (3.39%), Ali Sobraliev (3.25%), the general director of the company Dennis Francis (3.66%). The shares are traded on the London and Irish stock exchanges. Capitalization on the LSE - about 9 million pounds sterling.
In developing deposits, Stimul-T received lower production rates than expected. In addition, the company underestimated the gas factor - to meet environmental standards required the construction of additional power capacity. Negative impact on the business had a fall in oil prices. In addition, in 2017, after unsuccessful drilling, the deadline for the Sibkraevskoye deposit was postponed. As Maxim Korobov said in May, now production is being conducted from drilled wells, and in the coming years the company wants to make this field "central".
Investments in the project amounted to about $ 200 million. The loss of WorldAce, through which Oil India and PetroNeft manage the oil company, in 2017 decreased by 25% to $ 8.6 million, revenue increased by 16% to $ 27.6 million. Stimul-T predicts production growth to 660 thousand tons for 3 years and further increase to 1.5 million tons. Moreover, the additional resource potential is estimated at 43 million tons of oil.
Oil India received 50% in Stimul-T in 2014, paying PetroNeft $ 35 million, another $ 45 million were to go on the development of the asset for several years. In addition, $ 5 million Indians could pay as a bonus. Although the expectations of the Indians from the project did not materialize, they actually got an entrance ticket to the Russian oil industry. So, in 2016, Oil India in a consortium with Indian Oil Corporation Ltd and Bharat PetroResources Ltd received for $ 2 billion a 23.9% stake in Vankorneft, one of Rosneft's largest assets.
According to Andrei Polishchuk from Raiffeisenbank, given the current reserves, the asset can be estimated on the basis of $ 1-1.5 per barrel, that is, approximately $ 100-150 million. The amount can be adjusted taking into account the readiness of the infrastructure, as well as the company's debts.
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