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Mitra gets Vietnam gas approval

2016-01-15 09:34:53

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Kuala Lumpur-based Mitra Energy was given the approval of the Prime Minister of Vietnam of the Reserve Assessment Reports for the Nam Du (Block 46/07 PSC) and U Minh (Block 51 PSC) fields, offshore Vietnam. 
 
An agreement has been reached for Mitra to be assigned the full 35% working interest in Block 51 PSC formerly held by Kuwait Foreign Petroleum Exploration Co. (KUFPEC), taking Mitra’s net working interest in Block 51 to 70%.
 
The assignment will be effective from 31 December 2015 and is subject to final governmental approval.
 
As a consequence of securing the KUFPEC Interest at zero cost, Mitra’s net 2C contingent resource on Block 51 increases by 22.6 MMboe to 45.2 MMboe (based on March 2015 competent person’s report). Mitra’s total net 2C contingent resources across its portfolio increased from 69.2 MMboe to 91.8 MMboe. 
 
An updated report is expected this quarter.
 
“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,” Paul Ebdale, CEO of Mitra said. “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.”