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Friday, September 15 2017
Pasca A4 Rig Offloaded at Port Moresby

Twinza Oil (PNG) Limited is pleased to announce that on the eve of PNG Independence the COSL Seeker jack-up drilling rig departed Port Moresby Harbour for its drilling location in the Gulf of Papua. For the first time residents of Port Moresby had the opportunity of seeing a modern jack-up drilling rig capable of working in water depths of up to 375 feet and capable of drilling to 30,000 ft below the seabed. This is a rare occurrence as it is almost exactly 17 years since the last jack-up drilling rig operated in Papua New Guinea.

The COSL Seeker was brought into Port Moresby yesterday (14th September) by the heavy lift vessel Xiang Rui Kou which was ballasted down this morning and the rig floated off. The rig will be towed to the Pasca A4 drilling site over the next 48 hours by two anchor handling tugs where the rig will be jacked-down on the drilling location. The Pasca A4 well will be the last appraisal well on the Pasca A gas-condensate field and will be extensively evaluated and flow tested. Well operations are expected to continue until the end of October after which the drilling rig will be demobilised.

Prior to drilling, site-specific environmental studies and social mapping studies were completed and then assessed and approved by CEPA and an Environmental Permit granted. Further assessment of the drilling plans and inspection of the drilling equipment has been undertaken by the Department of Petroleum and Energy and all necessary permits obtained to allow drilling to commence. Drilling operations will be supported by three specialised vessels with operational support from the AES facilities in Port Moresby.

Post drilling the Pasca A4 well will be suspended as a future development well with the final investment decision expected in early 2018. In August Twinza signed a fullstream agreement with BHGE such that post FID Twinza and BHGE will work together to provide an integrated gas processing solution from the development wells through to the point of export. The BHGE fullstream offering includes a wide range of capabilities in drilling services, subsea equipment, gas processing topsides, gas compression and turbomachinery as well as installation and commissioning services.

Subsequent installation of the Pasca A production facilities will enable the development of a discovered resource which has lain dormant for nearly 50 years. The Pasca A project will provide the first offshore oil and gas development infrastructure in Papua New Guinea which should be the catalyst for the further integrated development of similar offshore resources in the Gulf of Papua.

Pasca A will also be the first offshore oil and gas development in PNG to produce natural gas liquids (NGLs) in the form of condensate and LPG, and will also produce natural gas. The project is expected to spur development of relevant offshore skills and services in PNG and will prove a significant boost to the PNG economy, providing government revenues, utilizing local services and providing local employment. Additionally, the LPG produced from Pasca will be available to reduce imports, and will offer a competitive alternative to imported diesel fuel for power generation. Twinza holds 100% of the Pasca A License and has submitted a development plan for the field that will produce the resource across two phases. Phase I consists of the initial production of natural gas liquids (NGLs), including condensate and LPG, with reinjection of dry gas ahead of Phase II. During Phase II, dry gas will be exported. Twinza is actively exploring marketing and distribution opportunities within PNG and the Pacific region for the natural gas liquids.

Twinza Oil’s Managing Director Huw Evans commented:
“The drilling of the Pasca A4 well is a key landmark in the development of the Pasca A field which has lain discovered and undeveloped for nearly 50 years. Since the signing of PPL 328 in 2011 Twinza has worked closely with the PNG Ministries and Regulators to advance the Pasca A field development to the point where we believe that first field production can be achieved 24 months after FID. We look forward to the development of the Pasca A field as this would provide increased government revenues, facilitate the development of local services, generate employment and provide Pasca A Natural Gas Liquids to the domestic market to displace and substitute expensive imports of diesel and LPG.”

About Twinza Oil
Twinza Oil Limited is an Australian registered, oil and gas Company focussed on the Asia-Pacific region. It is an established upstream onshore and offshore operator with offices in Singapore, Perth and Port Moresby. In Papua New Guinea Twinza is the operator of PPL 328 which contains the Pasca A gas-condensate field and has a 40% interest in PRL 38 which hosts the Pandora gas fields. The majority shareholders are Clough / McRae Clough and Kerogen Capital. The Clough family founded Clough Engineering in 1919 and entered PNG in 1989 and completed numerous oil and gas infrastructure projects including the Kutubu and Hides field development, the Kumul Marine terminal and the construction of the Napa Napa refinery. Kerogen Capital was established in 2007 and is an independent private equity fund manager specialising in the international oil and gas sector. Kerogen manages over $2 billion across multiple funds. Kerogen is currently invested in 11 Companies and 13 countries across 4 continents with a portfolio of 11 flagship oil and gas appraisal and development projects.

About Baker Hughes, a GE company
Baker Hughes, a GE company (NYSE: BHGE) is the world’s first and only fullstream provider of integrated oilfield products, services and digital solutions. BHGE deploys minds and machines to enhance customer productivity, safety and environmental stewardship, while minimizing costs and risks at every step of the energy value chain. With operations in over 120 countries, BHGE infuses over a century of experience with the spirit of a startup – inventing smarter ways to bring energy to the world.

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