Oil in Vietnam... Core holding of mine this along with Encore, Dragon AND SOCO...
http://www.premier-oil.com/render.aspx?siteID=1&navIDs=19,312,327,706,735
This, of course, will increase exposure of Vietnam to the outside world with regard its oil reserves, I wonder which other company may be a long term beneficiary here? ;)
Morning AN
Sorry to hear of your troubles over at the old site.
To matters Vn, thyis is an interesting one. The figures (3.26mbopd and 8.1mmcfd) seem quite good but it is very interesting that PMO dont disclose whether it is a commerical discovery, nor do they discuss the size.
They are of course due to spud the second well in Q4 but they are also going to do more 3D seismic on the block to help define the size of this discovery and adjacent structures. Seems almost "tight hole". My own guess is that they are quite/very pleased with what theyve seen and could have a bigger discovery than they hought or they are concerned..... Oh I dont know. Too many possiblities for this bear of little brain.
Darron - no position in PMO.
Darron,
I thought I remembered something about this
The Premier RNS makes no mention of partners. However, a Bloomberg story today points out that they are in partnership with the Vietnam American Exploration Co., Pan Pacific Petroleum of the US and Abu Dhabi's Mubadala (15 per cent) - this being through its SE Asian subsidiary Pearl Energy.
Mubadala/Pearl also have 33 per cent of and are operators for Block 06/94 nearby.
Man Siarad
Sinopec's bid for Addax was getting a lot of attention on the networks such as CNBC last night. I doubt very much that the Chinese will stop there! Whilst Premier has enough on its plate bedding in Oilexco and this fine result in Vietnam there are of course other candidates the Chinese may focus on, of course PMO could be one of dozen companies currently in Chinese state owned oil giants sights.
ArtN
In reply to ManSiarad (post #2)
Mubadala/Pearl also have 33 per cent of and are operators for Block 06/94 nearby
where they are currently drilling - this is being discussed over on a Serica thread: http://www.stockopedia.com/forum/view/30009/vietnam-tuong-vi
db
Latest trading statement - http://www.stockopedia.com/news/announcement/PMO/090709pmo000639.htm
During the first half of 2009, Premier has made substantial progress through the successful completion of the Oilexco North Sea Limited ("Oilexco") acquisition in the UK, and through achieving material cost savings in our Asian development portfolio. We are delighted to have made significant exploration discoveries in both Vietnam and, as announced separately yesterday, in Norway. The drilling programme for the second half of the year includes material wells in Norway,Congo, and Vietnam.
Premier Oil has stumped up $72 million for Delek Energy's 25% stake in Block 12W in the Nam Con Son basin, off Vietnam. Delek Energy, a subsidiary of energy, real estate and automotive conglomerate Delek Group, said it decided to sell its activities in Vietnam in light of the discoveries of large amounts of natural gas in northern Israel.
Premier is pleased to announce that it has signed a Sale and Purchase Agreement ("SPA") and completed the acquisition from Delek Energy Systems Ltd ("Delek") of Delek Energy (Vietnam) LLC, the holding company for its 25% interest in Block 12W in the Nam Con Son Basin, offshore Vietnam. Premier is the Operator of the Block, and is progressing the development of the Chim Sao field, containing approximately 50 mmboe of oil and gas, which is forecast to come onstream at a rate of 25,000 boepd in late 2010 or early 2011. The block also contains the Dua oil and gas discovery.
The purchase price for the interest is $72 million in cash, before adjustments, with an effective date of 31st March 2009. This will be funded from the Company's existing cash and undrawn facilities. The SPA also provides for future payments of up to a total of $10 million contingent on the development of fields in Block 12W other than Chim Sao.
http://www.stockopedia.com/news/announcement/PMO/090720pmo002307.htm
