ASIATODAY.ID, JAKARTA – Conrad Asia Energy Ltd (ASX:CRD) announced the results of the initial identification of prospective gas resources (P50, 100%) in the Aceh sea with an estimate of more than 15 trillion cubic feet or trillion cubic feet (TCF), which is 11 TCF has the potential to become a net share of the Singapore-based company.
The gas prospect comes from an initial study of two Condrad oil and gas block concessions off the coast of Aceh, namely the Offshore North West Aceh (ONWA) or Meulaboh working area and Offshore South West Aceh (OSWA) or Singkil.
Founder and CEO of Conrad Asia Energy Ltd, Miltos Xynogalas, said that the two blocks offshore Aceh have now become strategic projects for the company.
Miltos underlined the large exploration potential from the initial study of prospective resources from these two fields.
“CPR from resource discoveries in shallow waters has increased Condrad’s contingent resources (2C) 75% from 215 Bcf to 376 Bcf, now the potential for world-class deep sea exploration has added profitable prospects,” said Miltos as quoted in the information disclosure, Sunday, November 26 2023.
As part of a definite work commitment for the two blocks, Condrad is re-evaluating gas resource prospects through interpretation of 2D seismic data covering an area of around 17,000 kilometers. Apart from that, Condrad also carried out an analysis of 16 wells in the concession.
Conrad plans to conduct a 3D seismic survey and 2D seismic reprocessing in the two blocks to confirm initial calculations of potential resources. Each block will drill one well in the third year of the cooperation contract in 2025.
“Seismic studies of these structures show DHIs, which indicate the presence of hydrocarbons. “The next activity will be reprocessing the 2D seismic and carrying out further 3D seismic to be able to make further estimates regarding the volume of gas and potential findings,” said Miltos.
Previously, the Ministry of Energy and Mineral Resources appointed Conrad Asia Energy Ltd as the winner of the auction for two Working Areas, namely Meulaboh and Singkil, with a definite commitment for the first 3 years reaching a total of US$ 30 million at the end of last year.
Director General of Oil and Gas, Tutuka Ariadji, said that the determination was based on the results of an assessment of the tender participants’ participation documents.
“The auction winner for the ONWA Meulaboh Working Area is Conrad Asia Energy Ltd with a signature bonus of US$ 50,000 and a definite commitment of US$ 15 million,” said Tutuka when giving a press statement, Tuesday, November 8 2022.
Furthermore, Conrad Asia Energy Ltd also received management rights for the OSWA Singkil Work Area with a signature bonus of US$ 50,000 and a firm commitment of US$ 15 million.
The two oil and gas blocks won are projected to have quite abundant resources. The Meulaboh block is estimated to have oil resources of up to 800 million barrels of oil (MMBO) and gas of around 4.8 trillion cubic feet (trillion cubic feet/TCF). Meanwhile, the potential oil resources for the Singkil Block are in the range of 1.4 billion barrels of oil (BBO) and gas of 8.6 TCF. (AT Network)
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