Cambodian offshore oil field exploratory drilling to finally begin

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Rutiger
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Cambodian offshore oil field exploratory drilling to finally begin

Post by Rutiger » Thu Mar 03, 2016 8:13 am

Surprising to have this announcment in the current low oil price environment, so maybe this is just for show? Most oil companies are cutting back on exploration to conserve cash. Hopefully they will actually drill and find some economically feasible oil reserves for the future.
Mirach Finalizing Plans for Exploration Drilling at Cambodia's Block D
Wednesday, March 02, 2016

Mirach Energy Ltd. reported Tuesday that the company is currently finalizing plans to conduct exploration drilling at Block D in Cambodia following the approval by the Cambodians Ministry of Mines and Energy (MME) to extend the exploration period for the permit till December 2018.

The firm said in the press release that it is "in the midst of finalizing the details on the exploration drilling project and drilling rigs commissioning arrangements with various partners."

However, Mirach noted that the move has been met with some challenges from fourth quarter 2015, including financial arrangements with MME, which are still pending a final decision.

The company's management remains keen to discuss with third parties to work together so as to advance the rights and obligations associated with the Petroleum Agreement that had been signed with Royal Government of Cambodia on March 27, 2006. Upon MME's approval of the proposed financial arrangements, Mirach will proceed to the exploration stage, with its joint venture partners.

Elsewhere at Indonesia's Kampung Minyak (KM) oil field in South Sumatra, Mirach -- after stabilizing operations at the field -- is focused on reopening old wells and well servicing.

"The team did not plan to drill new wells given the current oil price environment. Whilst the previous hydro-slotting perforation trials did not offer a good and/or long term results; it was encouraging on the other hand as it indicated the areas where crude oil are trapped and where more efforts may be required for extraction,"

In 2015, Mirach reopened 38 old wells, including 7 wells under the Pilot Water Flood program, which is in its final phase and set for commissioning during 2Q 2016, after which the program shall be put on an evaluation period of 6 months.

- See more at: http://www.rigzone.com/news/oil_gas/a/1 ... RbJuc.dpuf
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Re: Cambodian offshore oil field exploratory drilling to finally begin

Post by CJM555 » Fri Mar 04, 2016 2:51 pm

I was reading the press release and couldn't help thinking there wasn't much news or real content about it.
Could read like an attempt at a financial marker of some sort. I stress this is very much an unqualified view.

Lo and behold -

http://www.straitstimes.com/business/si ... -companies
Dec 3, 2015, 9:21 am SGT
SINGAPORE - Energy exploration and production company Mirach Energy has been placed on the Singapore Exchange's (SGX's) watchlist of companies that are struggling financially. The firm has assets in both Cambodia and South Sumatra, Indonesia, including oil wells.

In a statement to the SGX on Thursday (Dec 3), Mirach said it had been placed on the watchlist effective the same day.
"The company will endeavour to meet the requirements of Listing Rule 1314 as soon as possible to exit from the watchlist, via improved operations, albeit in a weaker minerals, oil and gas industry climate as a whole," it said in the statement.

Companies are put on the SGX watchlist if they post three straight years of pre-tax losses and have an average daily market value under $40 million over the last 120 days that the stock has been trading.
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Re: Cambodian offshore oil field exploratory drilling to finally begin

Post by Sailorman » Fri Mar 04, 2016 5:18 pm

Isn't that the oil lease that Chevron walked away from a couple years ago after trying to negotiate with the power that be?
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Re: Cambodian offshore oil field exploratory drilling to finally begin

Post by ExPenhMan » Fri Mar 04, 2016 5:24 pm

Sailorman wrote:Isn't that the oil lease that Chevron walked away from a couple years ago after trying to negotiate with the power that be?

Yup. And that press release stank to high heaven -- bad 2015 Q4 and "remain keen to discuss with third party . . ." Whifffffff . . .

I have several friends with the majors in the biz. No work contracts are being renewed.
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Re: Cambodian offshore oil field exploratory drilling to finally begin

Post by CEOCambodiaNews » Sun Mar 11, 2018 10:14 am

Preliminary negotiations over Block D exploration begin
8 March 2018
A Chinese-based oil exploration company and a Canadian partner have entered into preliminary negotiations with the government to obtain an exploration license in Block D in the Gulf of Thailand, according to a government spokesman.

Cheap Sour, spokesman at the Ministry of Mines and Energy, said the government had approved an application from Cambodian Resource Energy Development Co. Ltd. and was now in the process of setting up an inter-ministerial committee to negotiate with the company. The ministry has not released the names of the two companies backing the project.

“If we successfully negotiate an agreement, then we will sign the agreement so that the company can start their work,” he said, adding that the negotiations were “still in the early stages.”

The Cambodian Resource Energy Development Co. Ltd. registered with the Ministry of Commerce in April last year, according to the ministry’s website, and listed Chen Bo as the chairman of its board of directors.

No contact information for Bo is provided. He could not be reached yesterday.

Block D is a 5,500-square-kilometre zone in the Gulf of Thailand that was previously licensed to Cambodian firm CPHL (Cambodia). The government revoked that exploration license in May 2016 after the company failed to meet the terms of the agreement.

Sour said he was unable to predict when or if the new agreement with Cambodian Resource Energy Development would be finalised.
https://www.phnompenhpost.com/business/ ... tion-begin
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