Kulczyk Oil Ventures Inc.

Transaction Type
Sellers
Marketers
Basin
Baram Delta play
Post Date
Estimated Price
0MM
Description

Kulczyk Oil Ventures Inc. has retained Envoi to seek a partner for drilling several large prospects in the underexplored onshore Baram Delta play-fairway in Brunei.

The opportunity is in Block L (1,110 square kilometers) mostly onshore in northeastern Brunei, immediately onshore to the world-class oil and gas fields offshore, unlocked by Shell using blanket 3-D over the last several decades. Kulczyk owns 90% interest in Block L onshore through its two wholly-owned subsidiaries, Kulczyk Oil Brunei Limited (40%) and AED South East Asia Limited (50%), which is the official operator, acquired by Kulczyk in late 2011. Current activity is focused on completing the processing and mapping of a new seismic acquisition program, including a 164 square kilometer 3-D survey onshore acquired in first and second quarters of 2012.

Kulczyk has identified some 18 undrilled prospects and leads in Block L on the existing data. A recent independent study estimates that the block has a combined mean resource potential in excess of 300 million barrels of oil equivalent. Multiple amplitude/AVO supported structural and combination structural/stratigraphic prospects are also defined on existing mapping.

The main potential and focus in Block L consists of:

· Jerudong Field: This involves the remaining potential of the shut-in Jerudong oil field, which RPS estimates may contain unproduced potential of up to 129,000 barrels of oil recoverable from just one of the many fault blocks in the structural feature.

· Lamunin Prospect: A large fault-block feature which is defined by a potential “flat spot.”

· Lukut Updip Prospect: A large three-way fault trap updip from five-plus wells, all of which had hydrocarbon shows and reservoir.

· Bubut Gas Field: It is currently thought that part of this Shell-operated discovery, immediately off the Brunei coast, may extend into the small offshore portion of Block L.

Up to half of Kulczyk’s combined 90% working interest in Block L is on offer to an interested party in return for a pro-rated share of costs incurred since January 2011, plus a commitment to fund 100% of at least one, if not both, obligation exploration wells estimated at US$10 million each, to spud before August 2013.

Contact Mike Lakin, +44 (0)20 8566 1310, mail@envoi.co.uk.