Mitra to Submit ODP for Nam Du, U Minh Fields Offshore Vietnam by End 2015

Malaysia-based and Southeast Asia-focused exploration and production company Mitra Energy Inc. intends to submit the development plans for the Nam Du and U Minh fields in Vietnam's offshore Block 46/07 and Block 51, respectively to the country's regulator PetroVietnam before the end of this year, the firm said in a press release earlier this week.

Field operator Mitra revealed that the Reserve Assessment Reports (RARs) for the Nam Dun and U Minh fields have been presented to the Petrovietnam Reserves Committee on Nov. 11, with formal approval for these reports by PetroVietnam expected shortly. Meantime, the Outline Development Plans (ODPs) for these fields are in an advanced stage of preparation ahead of planned submission to Petrovietnam by late 2015.

An appraisal well is planned on the Nam Du Field in the second quarter of 2016 to facilitate the transition of 3C to 2C resources and the well is designed to be suspended as a potential future production well. Mitra is holding discussions with Petrovietnam to defer the well to coincide with further development drilling on the Nam Du Field in 2017-18.

Meanwhile in Block 51, Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced Nov. 10 its plan to withdraw from the Production Sharing Contract (PSC) effective from Dec. 31. Under the terms of the Block 51 PSC Joint Operating Agreement, Mitra expects to be assigned the full 35 percent working interest from KUFPEC, raising its stake to 70 percent, which would result in an on-block increase in net 2C Contingent Resource of 22.5 million barrels of oil equivalent (MMboe) to 45.1 MMboe and net 3C resources from 64.2 MMboe to 128.4 MMboe. KUFPEC's withdrawal and the assignment of its working interests are subject to the governmental approval.

Development work continues in Block 51, with an update to the subsurface model for the Tho Chu Field completed in third quarter 2015 and this will be used as the basis for future appraisal drilling. Mitra expects a significant Contingent Resource increase when this updated subsurface model is included in the next revision of a its independent technical audit, scheduled for 1Q 2016 and the company has requested for a further 6-month extension to Exploration Phase Two for Block 51 in order to study the optimal timing for further appraisal drilling. 

In a related devepment, Mitra signed a memorandum of understanding (MOU) with PetroVietnam's upstream arm PetroVietnam Exploration and Production Company (PVEP) in late August to facilitate the joint development of Nam Du and U Minh fields with existing PVEP gas discoveries in the adjacent Block 46/13.

Over in Block 45, a prospect evaluation update has been completed within which some satellite gas potential has been identified. The timing of any prospective drilling within the PSC will be determined by the phasing of development of existing discoveries in neighboring blocks and resulting available capacity in the gas pipeline and export system. Mitra has asked for a 6-month extension to Exploration Phase One so as to study and better understand the commercialization potential of the Block.


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