03-06-2012, 03:08 AM
>> my notes on key takeaways that weren't specifically covered in presentation
Wayne A.
Updated resource results on Y/E call week of March 19th
Intention to award on CSP bid
Pre-FID spending continues to protect late 2014/early 2015 startup date
As of today, completed drilling to top of reservoir - setting casing
Coal found indicating shallow water environment (same as Ant)
Conduct DST in first 2-300 feet of reservoir
~7 to 10 days to tie back liner from today
Tuna looks very similar to Ant with reef build-up, along with offshore similar structures
Drill 2nd well from same site to test top of structure
Rig 3 to drill Ant 3 first; will move to field when road is complete
Operating business (refining & downstream) funded half of capital needs
Waiting for certain approvals from PNG government
Start with 5mpta then bring in partner to get to full 7.4-10 mpta capacity
Q&A
Dec 31 extended EWC & Flex agreements, not FID date - FID is company determined date; waiting on PNG approvals
Last 2 months a lot of engineering work has completed; ready to award many bids
CSP bid will be awarded upon FID
PNG gov effort is a fulltime lobbying effort - takes time to move ahead, based on NEC & sub-committee timeframe
Sell-down is working in parallel to FID - one group came to meet with PNG government
Permission from PNG would help with partnering process
DST results in 2-3 weeks; possibly sooner
Partner would accellerate drilling
Exploration has been historically underfunded - E/A sell down would accellerate drilling
Plenty of interest in exploration partners, easier part of process than LNG partner
Flex needs PNG gov permissions to move ahead
PNG moves at it's own pace - things take time; IOC sets aggressive goals but dependent on PNG timing
Wayne A.
Updated resource results on Y/E call week of March 19th
Intention to award on CSP bid
Pre-FID spending continues to protect late 2014/early 2015 startup date
As of today, completed drilling to top of reservoir - setting casing
Coal found indicating shallow water environment (same as Ant)
Conduct DST in first 2-300 feet of reservoir
~7 to 10 days to tie back liner from today
Tuna looks very similar to Ant with reef build-up, along with offshore similar structures
Drill 2nd well from same site to test top of structure
Rig 3 to drill Ant 3 first; will move to field when road is complete
Operating business (refining & downstream) funded half of capital needs
Waiting for certain approvals from PNG government
Start with 5mpta then bring in partner to get to full 7.4-10 mpta capacity
Q&A
Dec 31 extended EWC & Flex agreements, not FID date - FID is company determined date; waiting on PNG approvals
Last 2 months a lot of engineering work has completed; ready to award many bids
CSP bid will be awarded upon FID
PNG gov effort is a fulltime lobbying effort - takes time to move ahead, based on NEC & sub-committee timeframe
Sell-down is working in parallel to FID - one group came to meet with PNG government
Permission from PNG would help with partnering process
DST results in 2-3 weeks; possibly sooner
Partner would accellerate drilling
Exploration has been historically underfunded - E/A sell down would accellerate drilling
Plenty of interest in exploration partners, easier part of process than LNG partner
Flex needs PNG gov permissions to move ahead
PNG moves at it's own pace - things take time; IOC sets aggressive goals but dependent on PNG timing