NAGA 2 set for Ophir field off Malaysia

July 2, 2017

Dateline 2017-05-25, AOG:

Octanex says the NAGA 2 self-elevating mobile offshore drilling unit is ready for mobilization to the Ophir oil field offshore Malaysia.

The jackup started demobilizing from its previous drilling location and will shortly start its tow to the Ophir field where it is expected to arrive on 27 May 2017 for a three-well drilling campaign.

The three planned horizontal production wells target stacked oil reservoirs in a four-way dip closed structure previously discovered and tested by the discovery well, Ophir-1 and four additional appraisal wells, defined with 3D seismic data acquired in 2011, and supported by productive wells located in adjacent fields.

The Ophir oil field, off Peninsular Malaysia at some 70m water depth, is being developed via three production wells, a well head platform (WHP) and floating production storage and offload (FPSO) vessel.

The field is being developed under a risk service contract (RSC) granted in 2014 to OPSB, a joint venture company in which Octanex has a 50% interest.

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Ophir field achieves first oil

January 6, 2017

Dateline 2017-11-11, Asian Oil & Gas:

Octanex said first oil has been achieved at the Ophir field, offshore Malaysia, following commencement of production from the field on 20 October.

Production during this period was constrained to a maximum of 3000 bo/d. A de-bottle necking phase of commissioning is underway, and Octanex expects that the first lifting of Ophir crude will occur in December 2017.

The Ophir field with a water depth of approximately 70m and has been developed via three production wells, a wellhead platform and floating production storage and offload (FPSO) vessel.

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PETRONAS Approves Development Plan for Malaysia’s Offshore Ophir Oil Field

October 1, 2015

Finally.

Dateline 2015-09-01, Rigzone:

Australia’s Octanex N.L. disclosed Tuesday that Malaysia’s state-owned oil and gas company Petroliam Nasional Berhad (PETRONAS) has approved the revised field development plan (FDP) for the Ophir oil field in Block PM 305, offshore Peninsular Malaysia.

Work on the $90 million Ophir field project, which is being developed under a Risk Sharing Contract (RSC) granted in 2014 to Ophir Production Sdn Bhd (OPSB), will commence immediately. OPSB is a joint venture company comprising Octanex (50 percent), Scomi Energy Services Bhd (30 percent) and Vestigo Petroleum Sdn Bhd (20 percent).

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Malaysian oil well plugged, Enquest falls to record low

January 30, 2015

Something’s wrong with this title. Enquest has started drilling in Malaysia?

Dateline 2014-11-19, NST:

Enquest Plc fell to a record low after Barclays Plc said it and two other UK explorers were more exposed to an oil drop and after a well in Malaysia was plugged and abandoned.

The shares fell 2.7 per cent to 64.15 pence (RM3.36) at the close in London trading, the lowest close since April 7, 2010.

Enquest, Afren Plc and Ophir Energy Plc are the most exposed if the oil outlook moves toward US$70 (RM235) a barrel, Barclays’s investment-banking unit said in the note today. Brent, used to price more than half the world’s crude, has plunged 30 per cent since June and is trading below US$80 a barrel.

“Debt leverage combined with a limited tax cushion increase the impact of lower oil prices relative to other producer/developers,” Barclays said of Enquest and Afren.

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OPSB Secures Financing to Develop the Ophir Oil Project Offshore Terengganu

October 7, 2014

Dateline 2014-07-27, Rigzone:

Octanex N.L. announced Thursday that limited recourse project finance has been secured for the development of the Ophir field, offshore Terengganu, Malaysia.

Octanex is a 50 percent shareholder in Ophir Production Sdn Bhd (OPSB) which was awarded the Ophir Risk Service Contract in June. Octanex’s joint venturers in OPSB are Scomi Energy Services Bhd, a Malaysian downstream oil and gas services company listed on the Main Board of Bursa Malaysia with a 30 percent interest, and Vestigo Petroleum Sdn Bhd, a wholly owned subsidiary of Petronas, incorporated in 2013 with a focus on the development of small, marginal and mature fields, holding a 20 percent interest.

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