So where do we go if commercial oil is found? | IOC Message Board Posts


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Msg  3509 of 13357  at  12/7/2009 2:14:30 PM  by

sltibbs


 In response to msg 3507 by  us2u001
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Re: So where do we go if commercial oil is found?

With the high porosity rock dipping into the liquids window, along with the oil find in Antelope-1 I place a high probability on a commercial oil find. That being said, at 5000 bpd with a 50 netback the company makes another 91m a year. Also, note that in an article Phil said 24 months until condesate CF starts, but with an oil find CF would begin in 9 months. Such a find would eliminate the need for any equity offerings (which could happen if crack spreads don't improve, but the decrease in revenue caused by such would likely be offset by increased capacity utilization of the refinery due to increased economic activiy in PNG) and allow them to accelerate the exploration of their 4m acres. So overall, I would say that 5000bpd find, which I believe is likely, would greatly improve IOC's position. Also, an oil find may make the difference of whether they let Misui Chem finance the stripping plant or they decide to finance it.


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Replies
Msg # Subject Author Recs Date Posted
3510 Re: So where do we go if commercial oil is found? us2u001 2 12/7/2009 2:23:49 PM
3538 Re: So where do we go if commercial oil is found? bz1516 0 12/9/2009 10:18:43 PM


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