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FAR and RSSD joint venture approves Sangomar field development

FAR Ltd (ASX:FAR) and its partners that form the RSSD joint venture have approved the Sangomar Field Development Phase 1 in Senegal.

The RSSD has now entered the execute phase of activities for Sangomar, which is one of the largest offshore oil discoveries of the last 10 years.

This approval follows the grant of the Exploitation Authorisation by the Government of Senegal last week.

First oil targeted in early 2023
The field will be developed in a series of phases, with first oil targeted in early 2023.

Phase 1 of the development will target an estimated 231 million barrels of oil resources from the lower, less complex reservoirs, and an initial pilot phase in the upper reservoirs.

This project is expected to make FAR one of the largest ASX-listed oil producers.

Woodside operator of RSSD JV
The Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) JV comprise a subsidiary of Woodside Petroleum Limited (ASX:WPL), a subsidiary of Cairn Energy PLC (LON:CNE), FAR Ltd ..

FAR Ltd (ASX:FAR) and its partners that form the RSSD joint venture have approved the Sangomar Field Development Phase 1 in Senegal.

The RSSD has now entered the execute phase of activities for Sangomar, which is one of the largest offshore oil discoveries of the last 10 years.

This approval follows the grant of the Exploitation Authorisation by the Government of Senegal last week.

First oil targeted in early 2023

The field will be developed in a series of phases, with first oil targeted in early 2023.

Phase 1 of the development will target an estimated 231 million barrels of oil resources from the lower, less complex reservoirs, and an initial pilot phase in the upper reservoirs.

This project is expected to make FAR one of the largest ASX-listed oil producers.

Woodside operator of RSSD JV

The Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) JV comprise a subsidiary of Woodside Petroleum Limited (ASX:WPL), a subsidiary of Cairn Energy PLC (LON:CNE), FAR Ltd and Petrosen (the Senegal National Oil Company).

Woodside, as JV operator, has executed a purchase contract for the floating production storage and offloading (FPSO) facility and issued notices to proceed for the drilling and subsea construction and installation contracts.

Project contractors

Key contractors are:

  • MODEC, Inc for the purchase of an FPSO with an oil processing capacity of 100,000 bbl/day;
  • Subsea Integration Alliance (a non-incorporated alliance between Subsea 7 and OneSubsea) for the construction and installation of the integrated subsea production systems and subsea umbilicals, risers and flowlines; andRead More – Source
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Australia

Calima Energy acquires Tommy Lakes facilities and direct access to major export routes in Canada

Calima Energy Ltd (ASX:CE1) recently acquired the Tommy Lakes facility, including associated pipelines and infrastructure, from Enerplus Corp (TSE:ERF).

Tommy Lakes lies immediately to the north of the Calima lands in British Columbia and saves the company (and any future partner) an $85 million investment in infrastructure.

Calima managing director Alan Stein said: “This is a significant strategic acquisition that gives the company access to markets in a very cost-efficient manner.

“With a replacement value of $85 million, the re-use of Tommy Lakes significantly reduces capital cost however, just as importantly, avoids the time involved in permitting and constructing new facilities.

“The Calima Lands are now ready for development once a funding partner is secured.”

The infrastructure acquired includes gathering pipelines, compression facilities and associated facilities capable of transporting up to 50 million cubic feet/day of gas and 1,500-2,000 barrels per day of well-head c..

Calima Energy Ltd (ASX:CE1) recently acquired the Tommy Lakes facility, including associated pipelines and infrastructure, from Enerplus Corp (TSE:ERF).

Tommy Lakes lies immediately to the north of the Calima lands in British Columbia and saves the company (and any future partner) an $85 million investment in infrastructure.

Calima managing director Alan Stein said: “This is a significant strategic acquisition that gives the company access to markets in a very cost-efficient manner.

“With a replacement value of $85 million, the re-use of Tommy Lakes significantly reduces capital cost however, just as importantly, avoids the time involved in permitting and constructing new facilities.

“The Calima Lands are now ready for development once a funding partner is secured.”

The infrastructure acquired includes gathering pipelines, compression facilities and associated facilities capable of transporting up to 50 million cubic feet/day of gas and 1,500-2,000 barrels per day of well-head condensate

Production start-up from existing wells could commence the first quarter 2021 subject to third party funding.

Strategic acquisition


The principal consideration for the acquisition is around $825,000 which will include the cost of shutting down the facilities and the payment of a refundable performance bond to the Oil & Gas Commission of British Columbia (OGC).

Calima has also entered into an option agreement to acquire 11 gas production wells on or before April 1, 2022 in the Tommy Lakes field.

The wells would provide the company with the option to use gas as fuel as part of the start-up sequence for the facilities, if required.

As it stands, the strategic acquisition means Calima avoids regulatory work that could otherwise take years to approve and can leave the existing facility on suspension until its ready to start production.

Pipeline and processing access


The acquisition also provides Calima cost-efficient access to the North River Midstream pipeline and Jedney processing facility.

The processing plant in turn provides immediate access to major export routes including TC Pipelines LPs (TSE:TRP) Nova gas transmission pipeline and the Alliance pipeline.

Importantly, new pipeline investment and capacity growth will allow for gas to be directed towards the Shell/Petronas LNG Canada Facility via the Canada Coastal Link pipeline and the proposed Woodside/Chevron LNG Facility at Kitimat.

Major pipelines and export routes in Canada

Condensate, gas and project economics


The company estimates around 77% of production in terms of barrels of oil equivalent (boe) from the Calima lands would be gas, and condensate would be expected to account for around 50% of production revenue from the Calima Lands.

While Calimas project economics are underpinned by condensate, the gas price offers leverage.

Canadian producers have been under pressure from low gas prices for several years, but now Western Canadian gas prices are improving as more pipeline capacity is made available.

Stein said: “With gas prices showing consistent increases over the last 6 months, development economics are showing steady improvement.”

Calima regards $2 per gigajoule as an inflection point in delivering acceptable project econRead More – Source

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Broken Hill Prospecting closes renounceable rights offer to support exploration at La Paz Rare Earths project

Broken Hill Prospecting Ltd (ASX:BPL) has announced its renounceable rights offer closed on Monday, February 17, 2020 with applications totalling $1,310,227 – around 52.6% of the total offer.

BPL intends to use the funds raised under the offer to progress work at the La Paz Rare Earths Project in Arizona USA, following the initial success of the maiden mapping and sampling program during October 2019 which led the company to apply for further tenements and double its footprint in the region.

Exploration and metallurgical plans[hhmc]
The company will use the funds to carry out exploration and technical programs focused on metallurgical test work forming a critical part of the scoping study economic assessment of the project which is due in 2020.

This includes:

Assessing upgrading the current resource estimate to JORC 2012 standards;
Commencing detailed metallurgical test work programs;Read More – Source
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Proactiveinvestors
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Broken Hill Prospecting Ltd (ASX:BPL) has announced its renounceable rights offer closed on Monday, February 17, 2020 with applications totalling $1,310,227 – around 52.6% of the total offer.

BPL intends to use the funds raised under the offer to progress work at the La Paz Rare Earths Project in Arizona USA, following the initial success of the maiden mapping and sampling program during October 2019 which led the company to apply for further tenements and double its footprint in the region.

Exploration and metallurgical plans


The company will use the funds to carry out exploration and technical programs focused on metallurgical test work forming a critical part of the scoping study economic assessment of the project which is due in 2020.

This includes:

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Australia

Chase Mining Corporation launches share purchase plan to support drilling at Canadian projects

Chase Mining Corporation Ltd (ASX:CML) is undertaking a share purchase plan (SPP) targeting between $300,000 and a maximum of $450,000 for drilling at its Alotta or Lorraine projects in Canada.

Although the Company has sufficient funds for its budgeted Zeus drilling programme and working capital requirements, the board agreed to offer shareholders the opportunity to participate in an SPP with the funds raised allowing the option to continue the May drilling at Alotta and/or Lorraine pending success.

Subscribing for shares[hhmc]
Under the SPP, eligible shareholders will be given the opportunity to purchase up to $30,000 worth of shares at 1.5 cents each without incurring brokerage or transaction costs.

Eligible Shareholders will be able to participate in the SPP by subscribing for shares in multiples of $6,000, subject to a scale back at the directors discretion and the listing rules.

The SPP is not underwritten.

Read More – Source

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Proactiveinvestors
[contfne..

Chase Mining Corporation Ltd (ASX:CML) is undertaking a share purchase plan (SPP) targeting between $300,000 and a maximum of $450,000 for drilling at its Alotta or Lorraine projects in Canada.

Although the Company has sufficient funds for its budgeted Zeus drilling programme and working capital requirements, the board agreed to offer shareholders the opportunity to participate in an SPP with the funds raised allowing the option to continue the May drilling at Alotta and/or Lorraine pending success.

Subscribing for shares


Under the SPP, eligible shareholders will be given the opportunity to purchase up to $30,000 worth of shares at 1.5 cents each without incurring brokerage or transaction costs.

Eligible Shareholders will be able to participate in the SPP by subscribing for shares in multiples of $6,000, subject to a scale back at the directors discretion and the listing rules.

The SPP is not underwritten.

Read More – Source

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