Tap Oil provides Manora production and drilling update

Tap Oil Limited has provided an update on Manora production and development drilling at the Manora Oil Development in the Northern Gulf of Thailand. Manora production commenced on 11 November 2014 with two wells, MNA-01 and MNA-02, initially flowing at a combined rate of 2200 boe/d (gross).

Manora is now producing from five wells, MNA-01, MNA-02, MNA-03, MNA-05 and MNA-07. As of 11 January 2015, production of 11 198 boe/d (gross) is flowing to the FSO. The first cargo lifting was completed on 24 December 2014, with proceeds to be received approximately 30 days from lifting.

Both MNA-07 and MNA-04 have now been completed with MNA-10 awaiting completion. MNA-07 is the first production well drilled in the east fault block and has been completed with an ESP pump and smart completion. MNA-04 and MNA-10 are injector locations in the central fault block. Pressure measurements in both wells confirm reservoir connectivity to the producing wells which is positive for water injection success. As previously advised (18 November 2014) MNA-06 encountered a technical problem while drilling and has been plugged and suspended. An assessment will be made at the end of the development drilling program as to whether a re-drill will be required.

Drilling has now commenced on the MNA-09 injector well in the central fault block and once this is drilled to final target depth the MNA-08 producer well in the east fault block will be the next well on the drilling schedule. After drilling MNA-08 to final target depth, MNA-08, MNA-09 and MNA-10 will be batch completed.

It is anticipated that production will ramp up to a peak of 15 000 boe/d (Tap share 4500 boe/d) during the first quarter of 2015.

During 2015, Tap forecasts a net cash flow from Manora of US$40 to US$60 million with oil prices between US$55-$65/bbl. This is after forecast Thai taxes, royalties and operating costs, but before repayment of debt.

The Manora A platform is located within the Gulf of Thailand in 46 metres of water. The development drilling program calls for drilling and completion of up to 15 wells (10 producers and 5 injectors), with the program expected to take until the end of Q1 2015. The operator, Mubadala Petroleum, estimates that the joint venture will have invested approximately US$300 million in the development by this time.


Adapted from press release by Joe Green

Published on 12/01/2015


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