Fossil Energy
Conrad Asia Energy has formally executed a Binding Contract with PT Pertamina Drilling Services Indonesia through the PDSI–ADES – Advanced Energy Systems Drilling Consortium for the provision of a jack-up drilling rig to support the development of the MakoGasField – Natuna.
The Mako Project is structured as initially comprising six development wells tied back to a leased Mobile Offshore Production Unit (MOPU).
Sales gas will be transported via an approximately 59 km 18-inch pipeline to the KF platform in the adjoining Kakap PSC, then through the WNTS pipeline for delivery to the Indonesian domestic market.
Total Capex to first gas is estimated at US$320 million (100%), (WNEL 25% share approximately US$80 million) in line with prior guidance1,2.
In addition, a provision of approximately US$35 million (100%) had been provided for owner-supplied equipment to be novated to the MOPU provider (refundable) and for potential MOPU down payments.
Future operating costs are targeted as US$70-80 million (100%) per annum (including pipeline transportation costs).
The Company will provide further updates as key milestones are achieved.
