Staatsolie Annual Report 2017

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Confidence in Our Own Abilities 16 new oil will be produced from the nearshore, the focus in 2018 will be to find new reserves in areas close to the current fields using a combination of appraisal wells and seismic acquisition and/or processing. Our target areas are north of Calcutta, Tambaredjo, Uitkijk and in the Coppename Nature Reserve, the latter under the strictest of environmental safeguards and only after completion of the requisite Environmental and Social Impact Assessment studies. Additional upstream projects that are targeted for 2018 include: • Preparation for a power plant to secure anticipated future power demands. • Construction of an EOR polymer flooding production facility. • A horizontal well pilot project. • A new waste treatment facility. Map of onshore oilfields. Another focus area in 2018 will be upgrading our reliability maintenance systems. We are undertaking this to ensure well and pipeline integrity, and to reduce environmental impacts to a minimum. In 2018, we also anticipate that a number of impactful engineering projects will be completed. These are being undertaken to ensure we maintain our production targets overall and meet enhanced environmental standards. In addition, by directing all the flow of the Calcutta field to the TA58 plant, when the header between the Calcutta field and the Tambaredjo Northwest field becomes operational, we will eliminate expensive barging costs. Institutional activities In 2017, we continued to promote Staatsolie’s offshore prospects, and succeeded in signing 2 new PSCs with leading international oil companies (IOCs) Hess, Exxon and Statoil. They share our view that our geography offers the significant promise of a world-class commercial discovery. In addition, with our re-launched Open-Door Invitation, we received 4 bids and 2 companies were invited to commence discussions to agree a PSC for blocks 61 and 62.
Annual Report 2017 17 PSCs as at year end 2017 (operators noted in red text). Offshore block progress and plans for 2018/2019: 2017 activity Plans for 2018/2019 Block 42 Block 45 Block 47 Processing of 3D data acquired and evaluation ongoing. Upgraded prospect and got partner approval to enter the next phase of the exploration. Ratio farmed into block and has a participating interest of 20%. Tullow operator with remaining interest of 80%. Possible drilling of an exploration well in 2018. Commitment to drill an exploration well in the second quarter of 2018. Tullow to secure an additional partner and enter second phase of exploration. Block 48 Commenced 3D seismic in December 2017. Data processing and farming down interest. Block 52 Post Roselle well evaluation ongoing. Plans subject to well evaluation results. Block 53 Kolibrie-1 well drilled in the first quarter. Prepare for drilling in 2019. Block 54 Araku well drilled in fourth quarter. Review and analyze results. Block 58 Processing of 3D data acquired in 2016 and ongoing evaluation of block. Prepare for drilling in 2019. Block 60 2D seismic commenced in December. Seismic analysis.
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Staatsolie Annual Report 2017

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