G1/G3 Thailand

In concession G1/48, Pearl has finalised its plans for development of the Manora field and is proceeding towards first oil in early 2014. Confirmation of the development plan allowed Tap to book an initial 6.1 mmbbls of 2P reserves (net to Tap). The concept selected includes a Wellhead Processing Platform with water injection facilities to maximise oil recovery with oil stored in a Floating Storage and Offtake vessel (FSO).

While Tap has now booked 2P reserves of 6.1 mmbbls (20.2 mmbbls gross), the Company estimates ultimate production of 31.1 mmbbls gross recoverable (9.3 mmbbls net to Tap) from the main pay sequence that is the focus of the Field Development Plan, as well as two other oil pay sequences. The additional 3.2 mmbbls (net) will become 2P reserves once the production history confirms the higher recovery factor modelled using a water flood simulation.

The project is on schedule, with production forecast to commence in early 2014 reaching a peak rate of approximately 15,000 bbls per day from ten production wells and five injection wells in the main reservoir sequence.