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Replies to post #2330 on Deep Well Oil and Gas (fka DWOG)
JAKARTA - PT Pertamina (Persero) has prepared a budget of US$ 150 million for oil and gas acquisition in 2020.
According to Pertamina Upstream Director Dharmawan H. Samsu, the state-owned energy company is currently directing upstream inorganic investment to acquire more oil and gas blocks. Out of a total investment budget of US$ 7.8 billion, as much as US$ 3.7 billion is allocated for upstream investment.
Pertamina most recently took over overseas oil and gas assets in 2017. So far, the company has acquired a 64.46% stake in French energy company Maurel & Prom, with assets located in Gabon, Nigeria, Tanzania, Namibia, Canada, Myanmar, Italy, Colombia, and a number of other countries. (MS)
This security is exempt from the definition of a Penny Stock under SEC under Rule 240.3a51-1 because it meets one of the following tests: 1) A price of over $5 per share, 2) the issuer has Average Revenue of at least $6 million for the last 3 years, or 3) the issuer has Net Tangible Assets in excess of $2 million if the issuer has been in continuous operations for at least 3 years or $5 million if less than 3 years./quote]
https://www.otcmarkets.com/glossary#penny-stock-exempt
In late July of 2013 we entered into a Steam Assisted Gravity Drainage Demonstration Project Joint Operating Agreement (the “SAGD Project”) where we have a 25% working interest with one joint venture partner. In late July of 2013 we entered into a farmout agreement (the “Farmout Agreement”) with an additional joint venture partner (the “Farmee”). The SAGD Project produced bitumen for 18 months, demonstrating the productive capability of our Sawn Lake reservoir. In 2016 a majority of our Company’s Joint Venture partners voted to temporarily suspend operations for the SAGD Project. In early May of 2016, an amended application was submitted to the AER for an expansion of the existing SAGD Project facility site which would potentially increase the operations up to a total of eight SAGD well pairs. The amended application sought approval to expand the current SAGD Project facility site to 3,200 bopd (100% basis). Regulatory approval was received in December 2017 for a commercial expansion of the existing SAGD Project facility site where we have a 25% working interest. It is anticipated that only five SAGD well pairs will be needed to achieve the 3,200 bopd production level. For more information regarding our SAGD Project and our Farmout Agreement, see “Present Activities - Peace River Oil Sands, Alberta Canada (Sawn Lake Properties)” under Item 2 “Properties” of this Annual Report on Form 10-K.
