I'll just start by saying that I was over-optimistic for the 2011 financials, with the out-turn numbers coming within the range of analysts' estimates at:
Revenue $234.2mn, EPS 26.2 cents - with entitlements production currently at 17,300 bopd. Production and revenue were lower than I'd hoped but were above consensus, whereas EPS was pretty well on consensus.

Moving through the results announcement:


Phase II development drilling on TGT got underway from the H4 platform in the third quarter of last year.  It continues on track with a further five development wells due on production during the third quarter of 2012..........

The Group saw 2011 out with net entitlement volumes of approximately 14,700 barrels of oil equivalent per day (BOEPD) compared with approximately 2,600 BOEPD at the end of 2010. [nb doesn't agree with figure in headline].........

Company was able to benefit from the record high average oil price during 2011 realising nearly $113 per barrel of oil sold compared with approximately $84 per barrel in 2010......

Due to the following factors: the early stages of production from TGT Phase I, continuing work on the Phase II development and another extensive exploitation cycle, extensive pre-drill expenditures associated with continued exploration activities along with the expectation of adding several new ventures during the year, the Board of Directors are not recommending the payment of a dividend.....

The field has now demonstrated performance in excess of 40,000 barrels of oil per day (BOPD) with no significant impact on the main reservoir performance parameters. Although there remain alignment issues with Petrovietnam over the rapidity of raising production levels, the evidence from the field is compelling in support of that agreed by all partners in the Government approved Field Development Plan. Accordingly, we are confident that full Partner concurrence of a field production rate of at least 55,000 BOPD will be achieved by Q3 2012......Production from the H4 platform is projected to commence in July or August of 2012.

As suggested previously, they need PV to pull their fingers out. The above statement is less positive than I would have hoped to see.

 


TGT is a highly complex field with three main reservoir horizons-the upper and lower Miocene 5.2 and the Oligocene "C"-with approximately 55 individual producing intervals. Well performance to-date has demonstrated the ability of all wells to produce oil at high rates with minimal drawdown…

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