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SDRL - Seadrill secures a one-year contract for the ultra-deepwater newbuild West Leo

Hamilton, Bermuda, October 7 , 2011 - Tullow Oil Ghana Ltd., a subsidiary of Tullow Oil plc has awarded Seadrill a one-year contract for operations offshore Ghana with the newbuild ultra-deepwater semi-submersible rig West Leo. The potential contract revenue for the one-year period is US$204 million which includes US$18 million in mobilization revenue. In addition, the rig can earn a daily performance bonus of up to 10 percent.

 $509,000(sans mob). Leohan(entinen Seadragon II) ostettiin vasta tämän vuoden tammikuussa ja hankintahinta oli noin $600 miljoonaa. Aluksesta irtoaa 80-100 miljoonaa dollaria kassavirtaa nettona vuositasolla tuollaisella päivätaksalla edellyttäen että käyttöaste(maksullinen aika) pysyy vähintään 95%, jolloin sijoitus maksaa itsensä takaisin 6-8 vuodessa.

SDRL - Seadrill secures a five-year contract for the ultra-deepwater newbuild West Capricorn

Hamilton, Bermuda, October 7, 2011 - Seadrill has entered into a Memorandum of Understanding with a major oil company for a five-year contract for operations in North America with the ultra-deepwater semi-submersible rig West Capricorn. The potential contract value for the firm five-year period is US$919 million, which includes a US$30 million mobilization fee. The oil company has the right to extend the contract term for two additional one-year periods.

$487,000(ilman mobia)

Ihan hyviä lukuja, varsinkin, kun makrotalouden näkymät ovat melko negatiiviset. 5-vuotinen on kylläkin vain MOU tässä vaiheessa(mutta SDRL julkistamista MOUista vain yksi on jäänyt kiinteytymästä varsinaiseksi sopimukseksi(tämä oli muistaakseni vuonna '07ja MOU koski West Phoenixiä) ).

Päivitelty 8.10.2011

Isohko Uutinen Exlploration-rintamalta

Zaedyus exploration well makes oil discovery offshore French Guiana'

9 September 2011 - Tullow Oil plc (Tullow) announces that the Zaedyus exploration well (GM-ES-1), offshore French Guiana, has made an oil discovery having encountered 72 metres of net oil pay in two turbidite fans. Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered good quality reservoir sands on prognosis. The objective of the Zaedyus well was to test whether the Jubilee-play, successfully established in West Africa, was mirrored on the other side of the Atlantic. This discovery therefore opens a new hydrocarbon basin within which several neighbouring prospects have been mapped. This result also reduces the exploration risk associated with Tullow's prospect inventory offshore French Guiana, Suriname and Guyana. An appraisal programme and extensive follow-up exploration activities will now be considered. The Zaedyus well is being drilled in the Guyane Maritime licence using the ENSCO 8503 deepwater semi submersible. The well was drilled in water depths of 2,048 metres and has been drilled to a depth of 5,711 metres. Drilling operations will now continue and the well will be deepened to over 6,000 metres to calibrate the deeper geology. The well will then likely be sidetracked to enable cores to be obtained over the reservoir sections. Tullow (27.5%) operates the Guyane Maritime license and is partnered by Shell (45%), Total (25%) and Northpet (2.5%), a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration plc.

70 metrin paksuinen pay zone on todennäköisesti hyvinkin kaupallinen. Pre-drill arvio prospektin koosta oli 700 miljoonaa tynnyriä bruttona.
Tullow:n frontier etsintäporaus on jotain aivan uskomatonta, kunyhtiö näyttää löytävän 100+ miljoonan tynnyrin kenttiä kaikkialta. Yhtiön elokuisessa H1-presentaatiossa(s.30) on yksityiskohtia yhtiön Etelä-Amerikan etsintäporausohjelmasta.

CGX Energy(OYL) repäisi sitten 64% ylös, vaikka sillä ei ole osuutta tässä löydössä, vain osuu useamman sadan kilometrin päässä olevassa blokissa, jota Tullow operoi. R-R-suhde OYL:ssä on tämän löydön ja kurssispurtin jälkeen kiintoisa.

Löytö on 2,000 metrin veden syvyydessä, joten tämä lienee pirunmoinen lisäpiriste syvänveden poraajille.

Riski + suuri potentiaali

Yllä oleva on lainattu Cairn Energyn joulukuisesta presentaatiosta. Viime vuosien frontier explorationin suuria menestys tarinoita ovat olleet Ghanan Tano(offshore), Ugandan Albertine, Meksikonlahden syvät osat ja tietysti Brasilian Santos. Ölkkää ja kaasuja on löytynyt monen pytyn täytteeksi.

Entä tulevat löydöt? Missä tankkerit tankataan ja letkut lastataan? Grönlanti(offshore), Itä-Afrikka(onshore ja offshore), Länsi-Afrikka V.2: Sierra Leone/ Norsunluurannikko/Liberia(offshore), Guyana/Surinam/Ranskan Guyana(offshore), Uruguay(offshore), Uusi-Seelanti(offshore)?
Toiselta frontier explorationin suurnimeltä(Tullow Oil) on myös mätkähtänyt uusi presentaatio joulukuussa.

Uutisotsikoita

Barron's: Africa's Fields of Dreams

TGS expands shoot off Liberia

'Taq Taq not paid for exports'

Var hemmelig DNO-konsulent

Eni reports big pay off Venezuela
Vain kaasua. Ja ehkä kondensaattia.

Gas has gained, but it won’t show in results

Siis ainakaan kolmos kvartaalin.

'Gulf will offer $60bn worth of work'

Petrobras eyes lease of Ishibras shipyard

Kovasti näyttää olevan tekeillä brasilialainen versio PDVSAsta.

Otsikoita

Sun setting on Alberta’s natural gas empire, TD warns

Northern Petroleum Encouraged by Fracturing at Dutch Drenthe III

US rig count remains above 1,000 units

India May Revamp Oil Round Terms; OK on Oil Price

Maple spies shale gas prospect in Peru

Tullow Kicks Off 3D Seismic Offshore French Guyane

Geologiaa

Search & Discoveryssa on tuore artikkeli Ugandan ja Kongon Demokraattisen Tasavallan rajalla sijaitsevasta Albert-altaasta(oikea termi on varmaan syvänne, mutta tykkään tuosta altaasta) ja sen geologiasta. Tullow ja Heritage ovat tehneet Albertista merkittäviä(satoja miljoonia tynnyreitä) öljylöytöjä. S&D:n artikkelit ja presentaatiot ovat tarjolla kokonaisuudessaan vain rajoitetun ajan.

Exploration on the Frontier: Towards an Understanding of the Albert Basin*

"...Conclusion

At the time of this writing, 12 wells have been drilled in Blocks 2 and 3 over the past two years, all of which have been successful in encountering hydrocarbons. This astonishing success rate shows that the Albert Basin has the potential to be a world-class example of a petroleum province."

Deepwater news

Anadarko has big plans for Asia

"Anadarko Petroleum has big deep-water exploration plans this year for China and Indonesia, which it hopes will become its next international deep-water mega-project play."

Tullow antes up for Liberia stake

"UK outfit Tullow Oil bought 25% interest in LB-15, LB-16 and LB-17 licenses in Liberia in January, exploration boss Angus McCoss said today. "

"It will be “typical deep-water exploration” with a “commitment for seismic and drilling of an exploration well,” McCoss said on a conference call with reporters. "

Tullow Oil FY08 results

Revenue £692 million (+8%)

Operating profit £300 million (+59%)

Profit before tax 299 (+162%)

Basic earnings per share £0.309 (+335%)

Production 66,600 Boepd (-9%)


Balance sheet

Assets
Current £498.4 million
Total £2,932.2 million

Liabilities
Current £646.0 million
Total £1,309.1 million

Equity £1,309.1 million

Reserves

"Exceptional exploration and appraisal success with 17 discoveries from 22 wells led to a 274 million barrel increase in our reserves and resources. This resulted in a revised total of 825 million barrels of reserves and resources at year-end. Our reserves replacement ratio was 582%, averaging over 200% per annum for the last three years. Through our exploration and appraisal strategy we are realising the true potential of our portfolio and as we continue to execute successful drilling campaigns, we expect to further enhance and replenish our reserves and resources base over the coming years."

Outlook

"Given the current economic climate these will be challenging times for the oil and gas sector but Tullow is well positioned following an outstanding year in 2008. For 2009, the Group is focused on progressing Phase 1 of the Jubilee project in Ghana, fast tracking the commercialisation of Ugandan reserves and executing selective high-impact exploration and appraisal campaigns. The Group is in a very strong position, from an operational and financial perspective, to deliver these exciting and transformational projects as we move into our next phase of growth."

The report can found here

P/E 25.5, P/B 4.9

Tullow is a very interesting company, but it seems very expensive at the moment. However Tullow's discoveries in Uganda and Ghana are very promising and are likely to deliver several hundred million barrels worth of reserve additions.

Offshore discoveries

Energy Current: Oil tanker strikes sunken jackup in U.S. Gulf

Energy Current: Tullow makes deepwater discovery offshore Ghana

News(Oil-Gas-Offshore)

ExxonMobil tastes oil at 'mega prospect'

"US supermajor ExxonMobil has notified Brazilian regulatory authorities that it has detected hydrocarbons on a deep-water pre-salt prospect that is billed as the biggest yet in the emerging Santos basin province."

"Marcio Mello, a respected Brazilan petroleum geologist who worked on the pre-salt concept with Petrobras before setting up his own consultancy, has predicted that Azulao alone will land the BM-S-22 with recoverable reserves of more than 10 billion barrels."

NZ Sees Bright Future with Major Offshore Oil Finds

"Confirmation of large oil fields in the offshore waters of New Zealand could provide a step change in national income for the country, an energy briefing to the new Minister of Energy and Resources Gerry Brownlee says.

The Vote Energy briefing from the Ministry of Economic Development made public by Brownlee, says there are potentially several 1-10 billion barrel oil fields in the Great South Basin alone.
Any discoveries would perhaps allow New Zealand to follow in the economic footsteps of Norway and emerge as a serious source of energy for the world, the briefing says..."

Tullow Makes 17 Discos in '08, Boasts 100% Exploration Success in Africa

"100% exploration success in 2008 in Ghana and Uganda. 17 discoveries from 22 wells in overall drilling program;
In Ghana, Jubilee field appraisal confirms major resource potential of up to 1.8 billion barrels and a most-likely case of up to 1.2 billion barrels"

Lebanon cautions over Israeli gas discovery

"The discovery, which may be the largest ever made by operator Noble Energy, is in the Matan license offshore Israel. The Tamar No. 1 well, in water depths of around 5,500 feet (1,676 m), was drilled to a total depth of 16,076 feet (4,899 m) by Atwood Oceanics semi Atwood Hunter"

Bid for Basra autonomy vote fails