Quarterly Report For The Financial Period Ended 30 June 2018
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Unaudited Condensed Consolidated Statement Of Comprehensive Income
For The Financial Period 1 April 2018 To 30 June 2018
Unaudited Condensed Statement Of Financial Position As At 30 June 2018
Unaudited Condensed Statement Of Cash Flows For The Financial Period Ended 30 June 2018
Field rehabilitation is proceeding on many fronts, including an intensive Well Workover campaign to optimise currently producing wells and to revitalise shut in well stock. Well Workovers include treating the well bore and installing electric submersible pumps, in addition to debottlenecking the production network.
Trial Production licence approval is expected shortly for the North Kariman Field and flowline design and installation work is underway to prepare for production of approximately 1,000 bopd from this field in the second half of 2018.
Drilling of NK-3 exploration well has reached target depth at 4020 m, and is currently under evaluation. Well test to be conducted to determine potential flow rates. This well, which has a high chance of success will increase the in-place volumes of North Kariman. Further well testing and analyses are required to ascertain the degree of productivity of this well, when completed. A multi interval test programme is planned for this NK-3 well which will add to production stability.
REB is close to resuming the construction work associated with the Central Processing Facility (CPF), as it is a key element to our plans to ramp up production. When commissioned in 3Q 2019, the CPF would enhance our oil handling capacity to 12,000 bopd. This would substantially improve our earning potential in the near future.
Since June 2018 Emir-Oil is transporting all the oil from the fields to a new oil terminal. This represents a significant change in Emir-Oil operations as it simplifies distribution logistics for both export and domestic crude oil sales as the crude oil would be delivered to our customers exclusively via pipelines. This move translates into significant cost savings, which have had a positive contribution to our bottom line.
New exploration locations, K-16 and WK-1, have been chosen for the next two exploration wells to fulfil our exploration commitment for 2018. K-16 has a high chance of success since it is close to the producing field and in close proximity to the infrastructure. West Kariman-1 (WK-1) is located to test a significant structure in line with some prolific wells to the south of the Emir Oil Block.
Human resource development through competency training, job grading and succession planning is progressing well and has resulted in improved organisational structure and work flow. Outsourcing of facility maintenance activities in 3Q 2018 is expected to embed more preventive maintenance routines to improve reliability, availability and maintainability of operations facilities.