Manora Oil Field gross production capacity increased by approximately 4,500 bopd with successful completion of the 2020 development drilling and workover program
Tuesday 14 July 2020
Highlights:
• Four new development wells (MNA-25, MNA-26H, MNA-27 and MNA-28) safely drilled, completed and brought into production in line with pre -drill expectations.
• Two workovers (MNA-7 & MNA-15) also completed and achieving pre-drill objectives.
• All wells now on stream, adding over 4,500 bopd gross to total field production capacity. Manora now capable of producing around 9,500 bopd gross.
• MNA-28 intersected the thick, high quality 490 series oil reservoir s high to prognosis and is a key additional oil producer.
• MNA-25 is now the new crestal development well for the 600 series oil reservoirs in the Central Fault Block (CFB).
• MNA-26H is a horizontal well which will produce otherwise undrained oil in the high-quality 370-10 reservoir of the Eastern Fault Block (EFB).
• MNA-27 is now the crestal well for the 490 series reservoirs in the EFB.
• The previously shut-in MNA-15 well had a new electrical submersible pump (ESP) installed and is currently producing at around 500 bopd gross, while MNA-7 was converted to a water injection well to add an estimated 8,000 bwpd water disposal capacity required for the forecast ramp-up of production.
• The total cost of the Manora 2020 development drilling and workover program is approximately US$15.08 million (US$4.52 million net to Tap), with the program completed 8.5% under budget and ahead of schedule.
• Gross crude oil liftings of 1,460,000 bbls (438,000 bbls net to Tap) have been scheduled between July and December 2020.
• Production currently constrained to around 7,000 bopd gross until early September 2020 due to Manora FSO crude oil storage capacity constraints.
Tap Oil Limited (Tap or the Company) is pleased to provide updated information in relation to the completion of the Manora 2020 development drilling and workover campaign using the Valaris 115 jack-up drilling rig. The Manora Oil Field is located in the G1/48 concession in the Gulf of Thailand, where Tap holds a 30% non-operated interest.
The Operator of the Manora Oil Field, Mubadala Petroleum, successfully completed the 54 day program comprising four new development wells and the workover of two existing wells
July 2020 - Development Drilling Program Results
with no lost time incidents, 8.5 % under budget and 2.5 days ahead of schedule. The total cost of the program is estimated at approximately US$15.08 million (US$4.52 million net to Tap). The program commenced on 14 May 2020 (see ASX release dated 16/6/20) with the Valaris 115 rig released on 4 July 2020.
Chris Newton, Tap Executive Chairman commented “Consistent with strategy, the objective of the development drilling program was to convert booked proved and probable reserves into production and cashflow. With a significant portion of Manora operating costs being fixed, the increased production decreases per barrel operating costs and further optimises production and ultimate oil recovery. Results of the four new wells have met or exceeded pre-drill expectations and the joint venture partners can now benefit from increased production, falling unit operating costs and a recovering oil price environment. The increased water disposal capacity is critical to production optimisation and acceleration tactics that are key value drivers late in Manora’s field life. I would like to take the opportunity to congratulate the Mubadala Petroleum drilling team as well as the rig contractor, Valaris, for an expertly executed program that yet again drove down Manora drilling costs. As a result of the program, total field production capacity has nearly doubled to approximately 9,500 bopd gross.”