Offshore staff
SINGAPORE – KrisEnergy has received Netherland, Sewell & Associates’ review of the remaining resources potential at the Apsara oil field offshore Cambodia.
Based on performance data from five wells since they were brought online on Feb. 23, the consultants concluded:
• Estimated ultimate recovery from the five wells will likely be a small fraction of the pre-development estimates, due mainly to a lower volume of hydrocarbon-in-place connected to the wells and the geological complexity resulting in smaller oil accumulations
• Performance data indicate that pressure depletion is the dominant recovery mechanism with little to no evidence of water support, resulting in a lower recovery factor
• Lower-than-anticipated well productivity may be caused by formation damage in the oil-bearing zones.
KrisEnergy is assessing remedial actions that might improve production rates, but there appears to be limited potential to increase well productivity (if at all).
This will impact revenues generated from the development and therefore worsen both the company’s financial condition and its ability to service the Cambodia Block A project financing loan from Kepinvest Singapore, along with other obligations and expenditure.
04/29/2021
