FACTS24 Sep 2019 10:35
· Preparations for the second key project milestone, the shipping of the CPF skids from Abu Dhabi and compressor from Houston to Egypt, have commenced and arrival on-site is anticipated in mid-August 2019, subject to satisfactory customs clearance in Egypt.
· The third key South Disouq project milestone, first gas, is expected in Q4 2019 in line with previous guidance, subject to successful assembly, testing and commissioning of the CPF.
· Following a ramp up phase, a gross plateau production rate of c.50 MMscfe/d is being targeted in Q1 2020.
· 3D seismic interpretation is ongoing. During H2'19, the Company will review the final results of the 3D interpretation, undertake partner discussions on a potential drilling campaign and complete an assessment of drilling risk and capital allocation. Upon conclusion of these activities, a decision will be made on a 2020 drilling campaign.
Morocco
· Planning for the 12-well drilling campaign in Morocco (SDX 75% working interest and operator) targeting 15 bcf of gross unrisked prospective resources has commenced. Long lead items have been ordered with the drilling rig and all other key contracts finalised.
· The campaign is expected to commence in Q4 2019 and is targeting sufficient reserves to satisfy existing customers' forecast demand, as well as testing new play-opening areas of prospectivity across the portfolio.