EWC 1.19% 8.5¢ energy world corporation ltd

Following up on Palm tree's question, I found...

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    Following up on Palm tree's question, I found this:


    "Low PLN Absorption, Production of Sengkang Block Not Maximum Author: Verda Nano Setiawan Editor: Yuliawati 8/31/2019, 08.41 WIB Sales target in 2020 is only 40 MMscfd, the same as in 2019. ARIEF KAMALUDIN | KATADATA Illustration. PLN is deemed to have not maximally absorbed gas from the Sengkang block. Sengkang block gas production managed by Energy Equity Epic (Sengkang) Pty. Ltd has not been absorbed to the maximum. The State Electricity Company ( PLN ) is considered to have not absorbed the gas maximum from the block. Energy Equity Epic President Director Andi Rianto said in the Work Program and Budget 2019, the production target of the Sengkang Block was 40 million cubic feet per day (MMscfd) or slightly lower than the 2018 target of 42.25 MMscfd. "The production of the Sengkang Block is slightly below the natural gas sale and purchase agreement of an average of only 40 MMScfd. The reason is that PLN's absorption is indeed low," Andi told Katadata.co.id , Friday (30/8). (Read: Offered by Karaeng Block, Energy Equity Conducts Joint Study Next Month ) Sales target for 2020 is only 40 MMscfd because the estimated gas absorption by PLN is still low. Or almost the same as that absorbed last year. The Sengkang Block is located in Wajo Regency, South Sulawesi, with an area of 2,925 square kilometers (km2). Proven gas reserves in the Sengkang block are 800 BCF ( billion cubic feet ) and have 2 TCF ( trillion cubic feet ) resources. The block will expire on October 23, 2022 and has been extended by the government for 20 years, effective from October 24, 2022. After the contract expires in 2022, the Sengkang Block will use a gross split scheme. Energy Equity pays a signature bonus of US $ 12 million. The Permanent Work Commitment (KKP) for the first five years reached US $ 88 million or around Rp 1.2 trillion.(Read: Energy Equity Will Drill 13 Exploration Wells in the Sengkang Block ) Later Energy Equity will hold 100% of the block's management rights. However, the company will later be asked to offer 10% of the management rights to the Regionally Owned Enterprises (BUMD).On the other hand, Energy Equity Epic is also planning to conduct a joint study in the Karaeng Block to find potential oil and gas reserves in the region. The study is planned to begin in September with an estimated work time of eight months"

    If it is true that EEES must only give up 10% of the PSC then in my veiw that is very good news. Lets see where the PPA ends up - but EEES has already bought in Medco at 5%, and if this must be lifted to 10% - so be it. It means that EEES will get substantially all the refi proceeds on the gasfields and power station.

    Seems Andi tells the local press than BA tells the shareholders.

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