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Dark horse oil producer
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Marktay
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14-Dec-2017 14:56
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This is a lj kor w a lj bb. Always Ah gua pattern. I sideline.......
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NextEvolution
Elite |
14-Dec-2017 14:44
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Okay, I come in to support GSS Energy with its hydrocarbon discovery. From 16.6 onwards, and let's see in the coming days how it will perform.... Good Luck to all | ||||
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n3wbie
Elite |
14-Dec-2017 13:49
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dont think volume was high prior to the annc tbh.
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Berani
Elite |
14-Dec-2017 13:40
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need to flash out those contra player 1st... then it will move up higher | ||||
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n3wbie
Elite |
14-Dec-2017 13:32
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apparently company held a briefing - good takeaways from NextInsight. https://nextinsight.net/story-archive-mainmenu-60/939-2017/11930-gss-energy-first-oil-discovery-with-sweet-gas-surprise |
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Snipermode
Member |
14-Dec-2017 10:02
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GSS Energy strikes oil, to start production next year
GSS Energy, a precision engineering firm newly venturing into oil exploration, has struck oil and gas in the Trembul field in Indonesia.
The group hopes, through its subsidiary, to produce some 200 barrels of oil per day (bpd) by the third quarter of next year, and to start gas production by the fourth quarter of 2018.
GSS announced on Wednesday that it has completed the first phase of drilling on its first well SGT-01 in the Trembul operating area in Central Java. " We were originally focused on oil, but to our surprise we also discovered gas," its chief executive officer Sydney Yeung told The Business Times in an interview.
Pertamina had in November last year given PT Sarana GSS Trembul (PT SGT) - a 49:51 joint venture between GSS and a commercial vehicle by the Central Java provincial government, PT Sarana Pembangunan Jawa Tengah - an award to produce oil and gas from Trembul for 15 years.
The area, which is 47.6 sq km in size, is estimated to have about 24.3 million barrels of contingent resources up to 800 metres, according to an independent report in 2015. No estimate has been done beyond 800 metres.
In the drilling of the first well, the group has reached a total depth of 1,255 metres and found eight layers of hydrocarbon-bearing sandstone reservoirs. Two of them are gas zones, which contain 1P recoverable reserve of 8.49 billion cubic feet of sweet gas. The six oil zones contain 1P recoverable reserve of 2.83 million barrels, according to preliminary in-house estimates.
Indonesian state-owned oil and gas company Pertamina, which owns the oilfield, has allowed GSS Energy to start monetising two of these, at depths of 863-869 metres and 910-915 metres respectively.
The discovery of oil and gas in this well has also led the firm to re-evaluate existing data for another well, called P1, that is one kilometre away,
The well, previously drilled by Pertamina in 2005, was plugged and abandoned earlier because of " data misinterpretation" , GSS' s Indonesian general manager Bambang Mulyadi said at the interview. The group is now in the process of entering the P1 well, and expects this to produce at least 100 bpd in the first quarter.
Besides this, GSS Energy is also working to modernise decades-old wells previously drilled by the Dutch. Out of the 24 old wells, it has identified three to four wells that are still in good condition, and plans to start production from two of them next year.
The first, TRB-03, should produce 70 bpd by the second quarter of next year. The second, TRB-06, will produce 30 bpd by the third quarter. These wells have a record of delivering up to 640 bpd in the past, said GSS Energy.
Hence, in all, the group will probably be producing 200 bpd of crude oil a day by the third quarter of 2018, said Mr Yeung.
By the fourth quarter, GSS Energy also expects to be able to monetise the gas output from SGT-01, which would provide a huge boost to its total oil and gas production.
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Foo2019
Member |
14-Dec-2017 09:44
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Thank you for your clear clarificaiton rather than people posting irrelevant news on a stock with good fundamentals :-)
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Stanton
Veteran |
14-Dec-2017 09:36
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On top of oil discovery, GSS discovered gas. Now entering into commercialization of oil production. With this discovery of gas and commencement of production, they will be able to fund drilling on additional wells. Stock will be re-rated for sure. Plus PE business is also booming. | ||||
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machidrain
Veteran |
14-Dec-2017 09:23
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no oil liao. | ||||
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Berani
Elite |
14-Dec-2017 09:16
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if touch 0.20... alot of ppl will jump in
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dragonboy76
Master |
14-Dec-2017 09:08
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No, last time bought but sold off.
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jansen
Senior |
14-Dec-2017 08:35
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dragonboy, are you vested?
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ysh2006
Supreme |
14-Dec-2017 07:45
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Gas or oil if found is FOC to them high or low price also profit as long as after offset ops cost....
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n3wbie
Elite |
14-Dec-2017 07:15
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the company found both oil and gas. BT has a nice summary - http://www.businesstimes.com.sg/companies-markets/gss-energy-strikes-oil-to-start-production-next-year
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dragonboy76
Master |
14-Dec-2017 00:08
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they found gas. It's not oil. Gas price has been sliding down.
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n3wbie
Elite |
13-Dec-2017 22:26
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don' t forget that they also have a profitable precision engineering business that is generating about $8-10m profit. the only reason why that business was not re-rated to match that of peers of approximately > 10x PE is due to concerns about the oil business dragging. so now that they had struck oil, the Group should be re-rated on two fronts - the precision engineering business as well as oil and gas. recall that years ago when this was the " ideal" story, the stock was easily trading in excess of 30c. |
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jansen
Senior |
13-Dec-2017 21:51
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Previous reports cited 24 million barrels. worst case scenario 10 million, best case 40 million barrels now they discover 8.49 bcf of gas reserves. On top of this oil prices has increased from 50 usd to 60+ usd.
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nqing87
Supreme |
13-Dec-2017 21:35
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did they say how much oil production they expect from this drilling? | ||||
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HVRRVH
Elite |
13-Dec-2017 21:19
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Or Sunsine also can:) But Nordic more appropriate lah as it has more oil related business
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kelvintan84
Veteran |
13-Dec-2017 20:57
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Erm... It was halted...
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