Petrofac Regulatory News (PFC)

9 Nov 2006 07:03

Petrofac Limited09 November 2006 PETROFAC LIMITED ("PETROFAC") FIRST CARGO LIFTING FROM CENDOR FIELD, MALAYSIA Petrofac, the international oil & gas facilities service provider, announced inSeptember the commencement of production from the Cendor field in Block PM304,offshore Malaysia, in which it has a 30% interest and is Operator of the field.At that time, five of the expected seven first phase development wells had beendrilled and were being brought on-stream selectively to allow testing of thereservoir. Petrofac is pleased to report that the remaining two wells have now beencompleted and the drilling rig was released on 20 October 2006. Following thecompletion of the production tests, the field is now averaging approximately12,000 barrels of oil per day (bpd) with a peak rate established ofapproximately 16,000 bpd from the H15 and H20 formations. The first cargolifting from the field has now been completed, comprising approximately 311,000barrels of oil, and was sold at a price of US$2 per barrel below Tapis crude. Amjad Bseisu, Chief Executive of Petrofac Resources, said: "The Cendordevelopment program has exceeded our expectations with completion of the sevenwells ahead of schedule and the timely commissioning of the MOPU and FSO.Additionally, initial well test results are encouraging and, in partnership withPetronas Carigali, Petrofac is undertaking detailed analysis of the reservoir tore-evaluate the extent of estimated proven reserves." Ends For further information, contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonGeoff Callow Notes to Editors Cendor field, Block PM304 Petrofac Malaysia, a wholly owned subsidiary of Petrofac Resources, is Operatorof the Cendor field with Petronas Carigali, Kuwait Foreign Petroleum ExplorationCompany (Kufpec) and PetroVietnam Investment Development Company (PIDC) as itsdevelopment partners. Petrofac has a 30% interest in the production sharingcontract for the field which is estimated to have proven reserves of24.6 million barrels of oil. The Cendor field is an inverted anticline structure compartmentalised by anumber of north-south faults with the targeted reservoir composed of highlystratified formations that vary between muddy or sandy silty-shales and cleansands. Petrofac Petrofac is a leading international provider of facilities solutions to the oiland gas production and processing industry, with a diverse client portfolioincluding many of the world's leading integrated, independent and national oiland gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC)and is a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andResources, Petrofac designs and builds oil and gas facilities; operates,maintains or manages facilities and trains personnel; and, where return criteriaare met and service revenue synergies identified, co-invests with clients andpartners. Petrofac's range of services allows it to help meet its clients' needsacross the life cycle of oil and gas assets. With approximately 8,000 employees, Petrofac operates out of four strategicallylocated international centres, in Aberdeen, Sharjah, Woking and Mumbai and afurther 13 offices worldwide. The predominant focus of Petrofac's business ison the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth ofIndependent States (CIS) and the Far East. For additional information, please refer to the Petrofac website atwww.petrofac.com. This information is provided by RNS The company news service from the London Stock Exchange