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Sacgasco has announced that its wholly owned subsidiary, Nido Petroleum Philippines ('NIDO'), has secured a Sale and Purchase Agreement on Service Contract Block 6B ('SC 6B') designed to accelerate the anticipated redevelopment of the Cadlao Oilfield and exploration of nearby East Cadlao oil prospect. The Joint Venture has agreed to appoint NIDO as the technical operator for SC 6B advising The Philodrill Corporation as the Operator of Record.
Under the Agreement, NIDO has paid A$250,000 to the previous operator of SC 6B (Manta Oil Company Limited, 'MOCL') upon their withdrawal from SC 6B in return for their proprietary database. The database will greatly enhance and accelerate the planned development activities on SC 6B. This payment is intended to be recovered from the Joint Venture parties out of SC 6B production in accordance with working interests.
As part of the A greement, MOCL has waived their right to exclusivity which allows for farmin discussions between Nido and the remaining Joint Venture parties to progress.
With the lifting of the exclusivity under the Agreement, the Company intends to increase its interest via farmin offer to the remaining Joint Venture parties.
NIDO intends to prepare and submit a Plan of Development (POD) on behalf of the Joint Venture in 1Q 2022. This will include an Extended Well Test (EWT) to be drilled in 2Q 2022 for data collection, resource volume confirmation and early cashflow.
NIDO is in discussions with various service providers with a view to completing the POD and is accelerating this process in view of the ambitious timeline. A non-binding LOI has been received from the Russian rig company Arktikmorneftegazrazvedka (AMNGR) for the Murmanskaya jack-up drilling rig which is available in nearby Vietnam and suitable for the EWT.
The planned EWT will involve a single well, with production equipment situated on the Jack Up drilling rig with oil being produced into a Floating Storage and Offloading Vessel (FSO) or barge for shuttling to a local refinery.
Given its close proximity to Cadlao, there is also the opportunity to drill the East Cadlao Prospect from a Cadlao EWT location, subject to further maturing of the prospect to drill ready status.
Sacgasco’s Managing Director, Gary Jeffery, commented on the Cadlao Oilfield Development Project:
'I’m delighted that we have increased our interest and the JV has agreed to our technical operatorship of the Cadlao redevelopment. This will allow us to rapidly accelerate development planning whilst we also pursue farmin discussions to further increase our interest.
We plan to submit a POD in the new year with a view to drilling the well for the extended well test in the first half 2022 which would be an extraordinary achievement by the team given usual industry timelines.
All the pieces including the key team members are coming together rapidly. We have identified suitable equipment for an extended well test and initiated discussions with suppliers. This includes receiving a non - binding LOI for the drilling program with a Jack Up rig which is also suitable for the extended well test.
A successful extended well test would return positive cashflow to the Joint Venture to apply to a more comprehensive redevelopment of Cadlao Oilfield (if warranted) and exploration of the nearby Cadlao East Prospect. Shareholders will recall we have an agreement with a potential offtaker for the oil.'
Source: Sacgasco
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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