Update Re. Cendor
Petrofac Limited
09 November 2006
PETROFAC LIMITED
("PETROFAC")
FIRST CARGO LIFTING FROM CENDOR FIELD, MALAYSIA
Petrofac, the international oil & gas facilities service provider, announced in
September the commencement of production from the Cendor field in Block PM304,
offshore Malaysia, in which it has a 30% interest and is Operator of the field.
At that time, five of the expected seven first phase development wells had been
drilled and were being brought on-stream selectively to allow testing of the
reservoir.
Petrofac is pleased to report that the remaining two wells have now been
completed and the drilling rig was released on 20 October 2006. Following the
completion of the production tests, the field is now averaging approximately
12,000 barrels of oil per day (bpd) with a peak rate established of
approximately 16,000 bpd from the H15 and H20 formations. The first cargo
lifting from the field has now been completed, comprising approximately 311,000
barrels of oil, and was sold at a price of US$2 per barrel below Tapis crude.
Amjad Bseisu, Chief Executive of Petrofac Resources, said: "The Cendor
development program has exceeded our expectations with completion of the seven
wells ahead of schedule and the timely commissioning of the MOPU and FSO.
Additionally, initial well test results are encouraging and, in partnership with
Petronas Carigali, Petrofac is undertaking detailed analysis of the reservoir to
re-evaluate the extent of estimated proven reserves."
Ends
For further information, contact:
Petrofac Limited +44 (0) 20 7811 4900
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Robin Caiger, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ann-marie Wilkinson
Geoff Callow
Notes to Editors
Cendor field, Block PM304
Petrofac Malaysia, a wholly owned subsidiary of Petrofac Resources, is Operator
of the Cendor field with Petronas Carigali, Kuwait Foreign Petroleum Exploration
Company (Kufpec) and PetroVietnam Investment Development Company (PIDC) as its
development partners. Petrofac has a 30% interest in the production sharing
contract for the field which is estimated to have proven reserves of
24.6 million barrels of oil.
The Cendor field is an inverted anticline structure compartmentalised by a
number of north-south faults with the targeted reservoir composed of highly
stratified formations that vary between muddy or sandy silty-shales and clean
sands.
Petrofac
Petrofac is a leading international provider of facilities solutions to the oil
and gas production and processing industry, with a diverse client portfolio
including many of the world's leading integrated, independent and national oil
and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC)
and is a constituent of the FTSE 250 Index.
Through its three divisions, Engineering & Construction, Operations Services and
Resources, Petrofac designs and builds oil and gas facilities; operates,
maintains or manages facilities and trains personnel; and, where return criteria
are met and service revenue synergies identified, co-invests with clients and
partners. Petrofac's range of services allows it to help meet its clients' needs
across the life cycle of oil and gas assets.
With approximately 8,000 employees, Petrofac operates out of four strategically
located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a
further 13 offices worldwide. The predominant focus of Petrofac's business is
on the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of
Independent States (CIS) and the Far East.
For additional information, please refer to the Petrofac website at
www.petrofac.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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