Capex Data
The drilling program for the 18 coming months concerns 24 wells for firm and 20 optional or contingent wells. An important geological and geophysical studies program completes this setup.
This exploration activity will amount to a global investment of approximately €200 million in 2008 (firm + optional, Maurel & Prom share) and will go on to 2009. It should allow Maurel & Prom to attain its objective of renewing the reserves sold to Eni relative to the sale of M’Boundi, before the end of 2009.
The €239 million 2008 development program is 80% based on the development of the Onal field in Gabon (€191 million). In 2008, 10 oil production wells, 4 water injection wells and 2 water production wells will be drilled. Starting in April, a drilling rig will bring the pumps down to the production wells. The laying of the oil pipeline and the construction of 4 heating stations started in February. The work on the production centre as well as the associated work (pipes and electricity) are in the process of starting, the civil engineering phase being almost over.
The pre-production phase on Onal should end at the beginning of the fourth quarter 2008. The exploitation should quickly reach over 10,000 bbl/d (Maurel & Prom share). This level will be maintained thanks to the water injection that will start at the end of this fiscal year. The development investments, in Colombia, consist of a production maintenance program in the old fields and the start of gas exploitation (Don Pedro).
The start of 2008 saw favourable results on the development and appraisal wells in Colombia (Balcon 22, Pacande, La Canada Norte) and in Gabon on Onal.
In terms of production, the Company is projecting production for its share of an average of 19,000 bbl/d over the year (16,100 bbl/d net of in kind taxes, entitlement). Following the start of production from the Onal field in Gabon, planned for October 1, 2008, production at year-end will be 25,500 bbl/d for its share (i.e. production of 21,800 bbl/d net of in kind taxes, entitlement).
Future Plans
No data yet.