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JANUARY 2013
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BRIdGE EnERGY acQUIRES
IntERESt In tHE Boa FIELd FRoM oMV (UK)
Bridge, the aIM and oslo axess listed oil and gas exploration and production company (oaX: BRIdGE/ aIM: BRdG), has completed the acquisition of a 1.55% working interest in the producing Boa field from oMV (U.K.) Limited for an adjusted consideration of $18.1m (the “transaction”) with an effective date of 1 January 2012. the acquisition includes a transfer of around 40,000 barrels of oil stock which will be sold following completion for an estimated value of around $4.4 million (based on prevailing prices of around $110/bbl).
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Bridge’s CEO, Tom Reynolds, commented: “The completion of the Boa acquisition continues our previously stated strategy to build a solid cash flow base for future re-investment and growth. The Boa field delivers reliable production with very strong operating margins, which is efficiently supported by our accumulated tax pool in the UK. The addition of Boa also continues to broaden our producing assets portfolio and further diversifying our revenue streams.”
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The Boa project was led by Mike Wynne, Vice President of Reservoir Management in the AGR Aberdeen office, supported by members of the technical team. The Competent Persons Report (CPR) was prepared for Bridge Energy, with whom AGR TRACS have a long-term working relationship. The AGR offices in Oslo and Guildford have previously cooperated in producing both year-end reserves reports and a CPR for the entire Bridge asset base. As so often, the main challenge is producing a comprehensive report capturing and quantifying the key uncertainties in a strictly limited time. The experience of our team was the critical element in achieving this goal. LM
MaRUBEnI coRP In dEVELoPMEnt aGREEMEnt FoR RantaU dEdaP
on november 12, 2012, Pt. Supreme Energy Rantau dedap (Indonesia, “SERd”), a special purpose company established by Marubeni corporation (“Marubeni”), Pt. Supreme Energy (Indonesia, “Supreme Energy”) and GdF Suez S. a. (France, “GdF Suez”), entered into a Power Purchase agreement (“PPa”) for 30 years with the Indonesian state-owned electricity utility, Pt. Perusahaan Listrik negara (Persero) (Indonesia, “PLn”) in respect of the development of the Rantau dedap geothermal power plant project (“Project”) located in the South Sumatra Province of Indonesia. Lubis Ganie Surowidjojo (LGS) advised the Government of the Republic of Indonesia as represented by the Minister of Finance in providing a PLn Business Viability Guarantee to SERd.
SERD will develop the geothermal resources in the Rantau Dedap area and construct a geothermal power plant with a generating capacity of 220MW. The target commercial operation is scheduled in 2016 and the electricity gen- erated by the Project will be supplied to PLN based on the PPA. SERD expects to procure main equipment of its power plant from Japanese manufacturers and secure financing through project finance with the assistance of international commercial banks and export credit agencies such as Japan Bank for International Cooperation.
With the world’s largest estimated geothermal resources and rapidly growing electricity demand, the government is proactively laying groundwork to expand development of geothermal power plants. The Project is part of the Indonesian government’s electricity development program (the Fast Track Program II) and holds an important place for the future development of geothermal energy in Indonesia. Marubeni will, through the Project, contribute to stable power supply and facilitation of geothermal resources as a low emission and renewable energy in Indonesia. LM
Rantau Dedap
OMV (UK)