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http://www.pertamina.com/en/news-room/news-release/pertamina-books-us$914-million-in-net-profit-up-to-q3/ If DW and the team can pull of a JV with pertamina this is going to be amazing for the medium to longterm holders. IMO.
The estimated recoverable reserves from the TOE structure are 8.00MMBO. 14 <PAGE> 17 Some additional potential is seen on the block, especially in the shallower gas sands. Additional work will need to be done to confirm the remaining potential. MARKET There is a good market for indigenously produced oil in Sumatra. A 40km long 6" pipeline would be laid from TOE to the selling point in Setiti. The pipe would follow a government road.
http://www.secinfo.com/dsvr4.78Aq.htm TUBA OBI EAST ("TOE") - ONSHORE SOUTH SUMATRA TAC, WESTERN AKAR PETROLEUM PTY LTD ("AKAR") In June 1994, Pt Akar Golindo (PTAG) was invited by Pertamina to bid on the Tuba Obi East Block in Sumatra. On 1 August 1996 CityView signed an MOU with PTAG to form a joint company Akar to operate and develop TOE. Akar (in which CityView has a 90% interest) then signed a TAC for Tuba Obi East on 15 May 1997. The block is 55km squared in size. HISTORY One discovery well has been drilled on Tuba Obi East, the TOE-1. This well was drilled by the Jambi Oil Development Company in 1986. The well was located on what was then the Jambi Block. An extensive testing program was carried out on the block with 7 DST's run over 6 zones. The tests confirmed three gas condensate zones and two oil zones. Pertamina attempted to open the well for a flow test at the end of 1986 and tested 154BOPD of oil. The well was suspended in September 1987. REGIONAL SETTING The TOE field is located on the northern flank of the Jambi Sub-basin of the South Sumatra Basin. The TOE structure lies within the Berembang Depression which formed as a localised low in the Pre-Tertiary basement. It is bounded by the Tembesi High to the northwest and the Sengegeti High to the southeast. The Tuba Obi structure itself was formed during the Plio-Pleistocene Barisan orogenic event. The stratigraphic column in the TOE area shows a general transgressive sequence in the lower units. The fresh water clastic and volcanic section of the Lahat Formation and Talang Akar Formation ("TAF") was succeeded by units of an increasingly marine environment until the thick marine shales of the Gumai Formation were deposited. It should be noted that TOE-1 encountered two oil bearing sands in the upper TAF. The TAF is one of the most prolific units in the South Sumatra Basin. PROSPECTS Based on the potential from the TOE-1, the primary prospect on TOE is the TOE anticline. The first well shows a structural closure of approximately 20km squared. There is some debate as to whether the TOE field is a structural or stratigraphic trap. Certainly it has been historically mapped as a structural trap. Recent seismic stratigraphy work indicated the potential for a much higher degree of stratigraphic control on the trapping mechanism. The TAF Sands are channel sands, deposited in a meandering stream environment. Sand thickness in such an environment is likely to be quite variable. A seis-strat model has been developed to model the sands and to predict where their maximum thickness occurs. If the model can be confirmed, when the next well is drilled the drilling program will be modified to optimize sand and pay counts. Since both the structural and stratigraphic models point to the same location for TOE-2, there is no urgency to choose the preferred one. The estimated recoverable reserves from the TOE
Assignment Agreement Under the agreement with Corsair ("Assignment Agreement"), Corsair has agreed to assign to CEB an interest in a contract it has with PT Wangsa Energi Prakarsa ("Wangsa") to consider and if applicable, apply for two oil and gas concessions in Indonesia. Under the agreement, if either or both applications are made and successful, CEB has agreed to fund 100% of the agreed due diligence, acquisition and development costs in return for 90% of all distributions to participating interests from the projects until the total distributions paid to it and Corsair are equal to the Investment and the Company has received a 9% internal rate of return on the Investment. Thereafter, CEB would be entitled to a 70% participating interest in the assets. Corsair is entitled to 10% of all distributions until full payout when it would revert to a 5% participating interest. Pursuant to the Assignment Agreement, CEB has agreed to issue 31,250,000 ordinary shares in CEB ("Consideration Shares") to Corsair and to grant it options over 34,344,865 ordinary shares in CEB, exercisable at 0.4p per share until the third anniversary of the Assignment Agreement ("Options"). In the event that Corsair is successful in the acquisition of at least one concession, it will issue up to 93,750,000 ordinary shares in CEB and up to 103,034,596 Options in three equal instalments on the following events occurring: · the acquisition of one concession; · the acquisition of a second concession; · gross production from projects in which CEB has an economic interest exceeding 400 boepd. Corsair is a private company incorporated in Singapore and it is beneficially owned by Simon Gorringe, Chris Newport, Ross Warner and David Whitby in equal proportions. It has experience of evaluating, acquiring and developing oil and gas assets in Indonesia where it has a small and experienced team of oil and gas professionals. Should the Company be successful in its application for a concession, the transaction will represent a fundamental change in its business and thus be treated as a reverse under Rule 14 of the AIM Rules. It will therefore publish an admission document at the time and seek shareholder consent to the change in business from an investing company to an oil and gas company.
NDON (Alliance News) - CEB Resources PLC Monday said it has made offers for two of four potential assets that the company is currently looking to acquire in Indonesia. The news comes after CEB shares were suspended trading from AIM last Friday pending the announcement Monday, when it said it is currently looking at four potential deals whilst seeking out more. CEB is looking to expand into Indonesia after agreeing to assess potential oil and gas opportunities in the country with oil exploration company PT Akar Golindo, including the prospect of building a power plant or selling gas to foreign markets. When that deal was signed with PT Akar Golindo, the company said the joint venture company would look at potential commercial opportunities around the Tuba Obi East oil and gas concession in the South Sumatran Basin, specifically the Tuba Obi East Technical Assistance contract, along with surrounding undeveloped gas discoveries to provide a detailed assessment of potential opportunities in the region. On Monday, the company said it has made offers for two of the four assets it is currently looking at. The first offer is for a licence which already has 80 wells already drilled on it. The "main attraction" of the asset is that the existing operator discovered a new reservoir after drilling only three of those wells which is producing around 400.0 barrels of oil per day, per well. It also has several other drilling targets that could be further explored. The second offer is for a producing oilfield that also has three additional gas wells. The company did not release any further details regarding those two assets it has filed offers for. The company said it "expects to put an offer... in the near future" to take part in a joint venture with a "large Indonesian state oil and natural gas company". The details of the fourth asset under consideration were not released. Originally, CEB said it was targeting assets that have the potential to produce at least 1,000 barrels a day or more, in which it hoped to acquire a stake between 30% to 40%. However, on Monday it said it would still consider other potential assets if the management team consider them to be a "good fit with the investing strategy with sufficient potential revenue and profits." Earlier in October, CEB appointed Muhamad Slamet to head up its Indonesian operations and expansion and said Monday it was "in discussions" with other potential recruits to its board. Back in July, CEB raised GBP1.5 million in a share placing and signed a deal with Corsair Petroleum (Singapore) Pte Ltd to undertake due diligence on an initial two oil and gas concessions in Indonesia, with a view to making an investment. That deal led to the appointment of CEB's current Chief Executive David Whitby, who is a partner of Corsair. However, on Monday the company said it wanted to clarify that it "is not intending to acquire Corsair
Sorry if this has been posted before. For me this is a long term hold. If DW is able to pull off the gas part of the project I think real value is going to be added imo. The only problem is the way aim operates at the moment long term means holding for two days. Good luck to all. CEB Resources creates beach head to Indonesian gas and power markets Gas opportunities Written by Phil Allan - 02/09/2015 9:34 am CEB Resources has agreed with PT Akar Golindo (PTAG) to assess the technical and commercial prospects for gas production in Indonesia creating a beach head into the the country’s gas and power markets Under the terms of the agreement CEB and PTAG will undertake a technical evaluation in and around the Tuba Obi East oil and gas concession in the South Sumatran Basin. They will investigate the potential to sell the gas directly to the Singapore market, via the major transmission gas pipeline, about 12 kilometres away. Alternatively there is the opportunity to monetise the gas via the construction and operation of an independent power plant, selling electricity into the Sumatran power grid. Isle of Man-registered CEB said that a Sumatran gas project secured a long-term gas sales contract at $9.45 per Million British Thermal Units (MMBTU), which is amongst the highest gas prices in the world. Demand for electricity continues to rise sharply with the country’s electricity provider PLN setting the ambitious goal of increasing supply by some 35,000 MW over the next four years. With only 9,000MW having been firmed up thus far, CEB believes investment in this sector is particularly attractive. Managing Director David Whitby, said: “The Tuba Obi East study agreement is instrumental in the realisation of our long-term strategy, representing a beach head into the attractive Indonesian gas and power markets. This initiative complements our oil studies which are progressing Opinion © 2015 Energy Voice. All rights reserved.