Petrofac Lifts First Cargo from Cendor

Petrofac announced in September the commencement of production from the Cendor field in Block PM304, offshore Malaysia, in which it has a 30% interest and is operator of the field. At that time, five of the expected seven first phase development wells had been drilled and were being brought on-stream selectively to allow testing of the reservoir.

Petrofac reported Thursday that the remaining two wells have now been completed and the drilling rig was released on 20 October 2006. Following the completion of the production tests, the field is now averaging approximately 12,000 barrels of oil per day (bpd) with a peak rate established of approximately 16,000 bpd from the H15 and H20 formations. The first cargo lifting from the field has now been completed, comprising approximately 311,000 barrels of oil, and was sold at a price of US$2 per barrel below Tapis crude.

Amjad Bseisu, chief executive of Petrofac Resources, said: "The Cendor development program has exceeded our expectations with completion of the seven wells ahead of schedule and the timely commissioning of the MOPU and FSO. Additionally, initial well test results are encouraging and, in partnership with Petronas Carigali, Petrofac is undertaking detailed analysis of the reservoir to re-evaluate the extent of estimated proven reserves."

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