Page 54 - Oil&Gas-AustralAsia-2015-Issue-3
P. 54
T HAILAND
Ophir reports strong balance sheet
thanks to Salamander ByMarieRYAN
United Kingdom based company Ophir, the G4/50 exploration concession and since acquisition resulting in a net cash
through ownership of Salamander contains five sub-basins in 2,900 square position of C$405 million as at 30 June
Energy, has announced its production kilometres of acreage. 2015.
is on track to meet expectations for the Ophir Chief Executive Officer Nick The Group plans to review the debt
full year with results during the first Cooper said the integration of Salaman- portfolio in the second half of 2015 to
half of 2015 averaging at 14,600 (barrels der is progressing well. capture the improved credit profile of
of oil equivalent (boepd), with the “We are delivering cost savings of C$60 combining the Salamander assets into
Bualuang field in the Gulf of Thailand million, which exceed the previously the broader portfolio.
contributing 12,600 boepd. identified synergies, even after the “In its operations, Ophir has had a
Bualuang is one of the company’s partial de-leveraging in the first half of successful first six months to 2015,” Mr
flagship production asset and has been 2015, the cash flow from our producing Cooper said.
on-stream since 2008. assets will return Ophir to a similar “We delivered production as forecast
Ophir also continues to advance rig dis- cash position by end 2016 to that which and all development activities are pro-
cussions ahead of a drilling campaign the group expected to have had pre-ac- gressing to plan. In particular, the For-
in the second half of this year that will quisition,” Mr Cooper said. tuna FLNG development in Equatorial
see two exploration wells drilled in its The UK energy company’s balance sheet Guinea is passing its mid-stream and
G4/50 licence. remains strong with C$720 million of FEED milestones, and is significantly
“The specific prospects high graded for cash on the balance sheet at the end of de-risked ahead of a mid-2016 FID. All
drilling will be detailed in due course,” June, with around $180 million of the the Group’s activities, strategic and op-
Ophir said in a statement. debt acquired with Salamander, princi- erational, underscore our commitment
Ophir’s Bualuang oil field lies within pally Convertible Bonds, C$45 million to preserve financial strength and drive
of Unsecured Bonds have been repaid growth in NAV per share,” he said.§
Primeline and Loys merge to create
new Asian player ByMarieRYAN
A merger between Primeline Holdings Primeline by issuing Loyz shares. In May Primeline announced the acqui-
and Loyz Energy Limited has been Chief Executive of Primeline Ming sition of its affiliate company Primeline
proposed creating a new ambitious Wang said the merger is a positive move Petroleum Corporation and the con-
Asia-Pacific oil and gas company to for Primeline, both in terms of diversifi- version of all shareholder loans from
be listed on the Catalist Boards of the cation and scale. Primeline’s Chairman, President and
Singapore Stock Exchange. majority shareholder Victor Hwang.
The new entity will enter the market “The enlarged group will have a strong The loan conversion was completed on
with significant production, cash flow balance sheet with assets across the Asia June 5, 2015 and the PPC Acquisition
and exploration upside in which exist- Pacific region, a healthy production is expected to be completed by the end
ing Primeline shareholders will have the base in China and Thailand,” Mr Wang of July.
controlling position. said. The Arrangement is expected to con-
The merger of the two companies is Completion of the Arrangement will be stitute, in respect of Loyz, a Reverse
proposed to be effected by way of a subject to entry into definitive, binding Takeover under Chapter 10 of the
scheme of arrangement under Cayman agreements on or before August 31, Listing Manual of the Singapore Stock
Islands law under which Loyz would 2015 and approvals of the shareholders Exchange.§
acquire all of the ordinary shares of of Primeline and Loyz.
A A52 OIL & GAS ustral SIA JULY/AUGUST 2015 www.oilandgasaustralasia.com
Ophir reports strong balance sheet
thanks to Salamander ByMarieRYAN
United Kingdom based company Ophir, the G4/50 exploration concession and since acquisition resulting in a net cash
through ownership of Salamander contains five sub-basins in 2,900 square position of C$405 million as at 30 June
Energy, has announced its production kilometres of acreage. 2015.
is on track to meet expectations for the Ophir Chief Executive Officer Nick The Group plans to review the debt
full year with results during the first Cooper said the integration of Salaman- portfolio in the second half of 2015 to
half of 2015 averaging at 14,600 (barrels der is progressing well. capture the improved credit profile of
of oil equivalent (boepd), with the “We are delivering cost savings of C$60 combining the Salamander assets into
Bualuang field in the Gulf of Thailand million, which exceed the previously the broader portfolio.
contributing 12,600 boepd. identified synergies, even after the “In its operations, Ophir has had a
Bualuang is one of the company’s partial de-leveraging in the first half of successful first six months to 2015,” Mr
flagship production asset and has been 2015, the cash flow from our producing Cooper said.
on-stream since 2008. assets will return Ophir to a similar “We delivered production as forecast
Ophir also continues to advance rig dis- cash position by end 2016 to that which and all development activities are pro-
cussions ahead of a drilling campaign the group expected to have had pre-ac- gressing to plan. In particular, the For-
in the second half of this year that will quisition,” Mr Cooper said. tuna FLNG development in Equatorial
see two exploration wells drilled in its The UK energy company’s balance sheet Guinea is passing its mid-stream and
G4/50 licence. remains strong with C$720 million of FEED milestones, and is significantly
“The specific prospects high graded for cash on the balance sheet at the end of de-risked ahead of a mid-2016 FID. All
drilling will be detailed in due course,” June, with around $180 million of the the Group’s activities, strategic and op-
Ophir said in a statement. debt acquired with Salamander, princi- erational, underscore our commitment
Ophir’s Bualuang oil field lies within pally Convertible Bonds, C$45 million to preserve financial strength and drive
of Unsecured Bonds have been repaid growth in NAV per share,” he said.§
Primeline and Loys merge to create
new Asian player ByMarieRYAN
A merger between Primeline Holdings Primeline by issuing Loyz shares. In May Primeline announced the acqui-
and Loyz Energy Limited has been Chief Executive of Primeline Ming sition of its affiliate company Primeline
proposed creating a new ambitious Wang said the merger is a positive move Petroleum Corporation and the con-
Asia-Pacific oil and gas company to for Primeline, both in terms of diversifi- version of all shareholder loans from
be listed on the Catalist Boards of the cation and scale. Primeline’s Chairman, President and
Singapore Stock Exchange. majority shareholder Victor Hwang.
The new entity will enter the market “The enlarged group will have a strong The loan conversion was completed on
with significant production, cash flow balance sheet with assets across the Asia June 5, 2015 and the PPC Acquisition
and exploration upside in which exist- Pacific region, a healthy production is expected to be completed by the end
ing Primeline shareholders will have the base in China and Thailand,” Mr Wang of July.
controlling position. said. The Arrangement is expected to con-
The merger of the two companies is Completion of the Arrangement will be stitute, in respect of Loyz, a Reverse
proposed to be effected by way of a subject to entry into definitive, binding Takeover under Chapter 10 of the
scheme of arrangement under Cayman agreements on or before August 31, Listing Manual of the Singapore Stock
Islands law under which Loyz would 2015 and approvals of the shareholders Exchange.§
acquire all of the ordinary shares of of Primeline and Loyz.
A A52 OIL & GAS ustral SIA JULY/AUGUST 2015 www.oilandgasaustralasia.com
