Extension with Minza & 2D Seismic 16 June 2010June 16, 2010
FLEX LNG announces extension to agreement with Minza and that the completed 2D seismic survey
for JPDA 06-101(A) identifies the potential for more than 3 trillion cubic feet (tcf) of gas resources
Road Town, Tortola, 16 June 2010. FLEX LNG (Oslo Axess: FLNG) has secured an
extension to the agreement signed in June 2009 to acquire control of Jerseybased
Minza which holds 100% of the production sharing contract for JPDA 06- 101(A).
The extension period is intended to give FLEX LNG sufficient time to finalise
the ongoing partner selection process for JPDA 06-101(A).
FLEX LNG would also like to announce that the “Anita” and “Wombat” 2-D seismic
surveys offshore Timor-Leste have been successfully completed. Preliminary results
support a significant increase in the estimated gas resources of the main Chuditch
structure and surrounding structures. Compared to the previous resource estimates
the most recent analysis shows a potential increase in the Gas Initially In Place
(GIIP) of up to 30-40%. This would bring the estimated GIIP figure for the Chuditch
Main, Chuditch West and Wombat structures to a combined total of more than 3 tcf.
Commenting on the survey, Chief Executive Officer of FLEX LNG Management
Ltd, Philip Fjeld stated:
“We are excited that the 2009 survey confirmed the potential for substantial
additional gas resources. The extension to the agreement with Minza is intended
to provide FLEX LNG with sufficient time to conclude the ongoing partner selection
process and secure a partner that can undertake the necessary appraisal drilling.
Recent developments have shown the potential for floating LNG to monetise numerous
gas resources in Australia and South-east Asia. We are hopeful that over time
a number of these projects will be developed utilising FLEX LNG Producers."