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teleconference info

  1. 228 Posts.
    A few bits and pieces from the teleconference:

    - Hedging book is full right now, so they are not planning on adding more at these current good strip prices.

    - The Mobile Bay well that is not producing properly because of a physical barrier. They wrote off pretty much all reserves for this well. TF said that if they get lucky, it could turn out that this barrier breaks down, and they get some production after all. Possible, but they're not counting on it.

    - The oil buildup at MP18. Solution planned to be commissioned by mid 2008. They estimate that it might produce 300bbls/day once they open it all up. The storage of 3000bbls should eliminate the production constraint altogether.

    - LLOG assets are collectively performing on target. Some wells performing less than expected, some performing better.

    - First couple of months' production during 2008 averaged 48mmcf/day. (cf budget of 15bcf, which divides to 42mmcf/day)

    - They are committed to release the China rig at the end of March. They may not get to drill the final well in the program, which is pretty much an appraisal well anyway.

    - They are considering filing their China development plan to include three Beibu fields. IIRC, 12-8 West was the third one to be included into the plan?
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