Mitra Submits Outline Development Plans for 2 Fields Off Vietnam to PVEP

Malaysia-based oil and gas exploration and production company Mitra Energy Inc. provided an update on the status of its gas development project in Vietnam.

The company has received the approval from Vietnam's Prime Minister of Vietnam for its Reserve Assessment Reports for the Nam Du field and U Minh fields in offshore Block 46/07 and Block 51, respectively. Mitra has sent the Outline Development Plans for these fields, which were completed Dec. 24, 2015, to Vietnam's state-owned Petrovietnam Exploration Production Corporation (PVEP) before submission for the Prime Minister's approval.  

Meanwhile, agreement has been reached for Mitra to be assigned the full 35 percent working interest in Block 51 previously held by Kuwait Foreign Petroleum Exploration Company (KUFPEC). The additional stake will raise Mitra’s net working interest in Block 51 to 70 percent, which -- subject to final governmental approval -- will take effect from Dec. 31, 2015.

Having secured KUFPEC's interest in Block 51 at zero cost, Mitra said its net 2C Contingent Resource in the acreage will rise by 22.6 million barrels of oil equivalent (MMboe) to 45.2 MMboe (based on March 2015 Competent Person’s Report). The firm's total net 2C Contingent Resources across its portfolio increases from 69.2 MMboe to 91.8 MMboe. LR Senergy is making good progress on an updated Competent Person’s Report, which is scheduled to be published during the first quarter of 2016. 

"We are pleased with the continued steady progress being made towards commercialization of our first gas fields in Vietnam in partnership with Petrovietnam Exploration Production Corporation. Completion of our Outline Development Plans is a significant milestone for Mitra and we look forward to making further significant steps with our gas commercialization plans through 2016.” Mitra CEO Paul Ebdale commented in the press release.

Elsewhere in the region, PVEP Chairman Dr. Hoang Ngoc Dang updated Cambodian Minister for Mines & Energy Suy Sem in his trip to Phnom Penh earlier this month on the recent exploration activities that were carried out by the Vietnamese firm at onshore Block XV, Tonle Sap, Cambodia .

PVEP -- the upstream arm of Vietnam's national oil company Vietnam Oil and Gas Group (PetroVietnam) -- signed the Petroleum Agreement for a 100 percent stake in Block XV in November 2009, with the Cambodian authorities holding an option to back-in for up to 5 percent interest from the project's commerical declaration. The agreement covers a duration of 30 year for oil and 35 years for gas, while the exploration phase will last for a period of 7 years.

The company's wholly owned subsidiary PVEP-Mekong will operate the Block XV project, which covers an area of around 2,664 square miles (6,900 square kilometers).


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