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Black Platinum Energy Announces Preparation of the Dara East Gas Field PPoD

Source: www.gulfoilandgas.com 4/16/2018, Location: Asia

Following Black Platinum Energy’s recent announcement of a significant increase in the discovered Dara East Gas Field P50 GIIP volume to 1,495 Bscf, the Company has completed a Preliminary Plan of Development (PPoD) by LR Senergy for the Dara East Gas Field located in the East Natuna Sea.

The Dara East Gas Field is located in 110m of water some 190km East of Natuna Island, which is the nearest landfall to be used as a shore base and for support facilities.

Preliminary Plan of Development & Field Design
The Company’s initial plans for the Dara East Gas Field Phase-1 PPoD is to drill and complete four (4) subsea wells, and twelve (12) wells from four (4) well head platforms, targeting the two main reservoirs (UP-1A and LP-6). The wells have directional - horizontal profiles targeting 500m reservoir penetration. Secondary targets exist (in the UP 3 & UP 4) which we be flowed from the LP-6 wells as a later life contribution to production.

The Company’s PPoD includes a central Floating Processing Unit (FPU) and satellite Wellhead Platforms (WHPs). The produced gas would be exported via a new built 360km pipeline (third party owned and operated with a tolling fee for the produced Dara East gas) for tie-in to the West Natuna Transport System (WNTS). The main elements of the proposed Dara East Gas Field facilities are:
• A total of 23 wells;
o 18 off platform wells
o 5 off Subsea tie-back wells
• 6 normally unmanned Well Head Platforms;
• Infield flowlines and umbilicals;
• Central Processing FPU (owned and operated by others); and
• Tie-in to main Export Trunkline to WNTS (owned and operated by others)

An alternative development concept exists which involves replacing the FPU & Pipeline with a FLNG vessel.

Gas Market & Price
Meanwhile, the Company recently completed an 'East Natuna Gas Monetization Study' conducted by Wood Mackenzie which identified four 'Tier 1' gas monetisation options for Dara East gas which are:
• Singapore pipeline gas sales into power and industry segments;
• Batam pipeline gas sales into power and industry segments (2 options);
• FLNG long-term LNG sales to Asia-Pacific

The Study concludes that there is a market for East Natuna gas in Singapore and Batam for piped gas and long-term LNG sales to Asia-Pacific. The gas can be sold at a price attractive enough to support a Dara East Gas Field development at expected or forecasted international piped gas and domestic prices (provided by the new Government of Indonesian domestic gas regulation) or international LNG prices.

Way Forward
The Company intends to aggressively seek potential Partners/Investors who can jointly develop and exploit the Dara East Gas Field before proceeding further to the submission of a formal PoD to the Government of Indonesia (“GoI”) and undertaking other firm development activities. Specifically, the Company plans to work with potential Partners/Investors on an optimal plan to begin development & production of the Dara East Gas Field which will include such activities as:
1. Review and approving the existing PPoD and preliminary drilling and facilities engineering;
2. Deciding on a commercialization option e.g. FPU & Pipeline or FLNG solution;
3. Confirming gas markets and engaging with potential gas buyers; and
4. Undertaking a resource verification and reserve certification by the Indonesian Research and Development Center for Oil and Gas Technology (commonly referred to as LEMIGAS).

Larry Luckey, Acting CEO of BPE commented: 'Capital expenditures for the Dara East Gas Field development are estimated at USD$400 million with recoverable resources estimated at 911 Bscf. The Dara Gas Field would be the first development in the East Natuna area with first gas as early as 2022/23 and could become a backbone for further development of oil and gas in East Natuna. Further, the Dara East Gas Field development offers existing Indonesian PSC Operators or new entry players and excellent low cost/high growth opportunity in a strategic area'.

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