TIDMNUOG
RNS Number : 4606D
Nu-Oil and Gas PLC
27 April 2017
NU-OIL AND GAS PLC
AIM symbol: 'NUOG'
27 April 2017
NU-Oil and Gas plc
("NU-Oil" or "the Company")
MoU with Calm Oceans Pte for the Supply of Production
Facilities
NU-Oil, the independent Oil and Gas company, is pleased to
announce that Marginal Field Development Company (MFDevCo) Ltd.
('MFDevCo'), in which the Company has a 50 per cent. interest, has
executed a Memorandum of Understanding ('MoU') with Calm Oceans Pte
Ltd. ('COPL') for the supply of production facilities under a lease
arrangement to be entered into at a later stage. The MoU
anticipates that the arrangement will last for at least the first
four projects secured by MFDevCo.
Key points:
-- The MoU is a precursor to the entering into of a Lease
Agreement between MFDevCo and COPL under which COPL will be the
first choice supplier of production facilities, on a leased basis,
for projects secured by MFDevCo on a 'right of first refusal'
basis;
-- The arrangement is expected to cover a minimum of four
projects that MFDevCo are currently targeting;
-- COPL has designed and patented, amongst other things, a
Mono-Column Platform (MCP), which is a self-installing,
self-removal and relocatable platform with the characteristics
identified by MFDevCo as key for the cost-effective development of
marginal and stranded fields;
-- In addition to the MCP, COPL has designed and has a patent
pending on the Relocatable Pivoting Storage and Offloading system
(RPSO), a self-installing, self-removal and relocatable storage
tower that is expected to be suitable for use on MFDevCo
projects;
-- The MCP, RPSO and topsides production facilities will be
provided to MFDevCo projects on a lease basis meaning that MFDevCo
is able to drastically reduce the capital required to develop
projects that it may acquire in the future;
-- The topsides production facilities will be based upon the
solutions that MFDevCo have developed with respect to normally
unattended operations.
Background
NU-Oil is pleased to announce that MFDevCo, the company in which
it holds a 50% interest, has entered into an MoU with COPL which is
expected to lead to arrangements under which COPL will provide a
fully functioning production facility to MFDevCo for projects that
it secures. The schedule for the design and fabrication of the MCP
and RPSO will allow MFDevCo to accelerate the time to development
of projects and, critically, the lease arrangement is the final
major element in MFDevCo's financing strategy, spreading the cost
of a facility through the life of the project and significantly
reducing the upfront capital required to commence project
development.
The MCP and RPSO, together with the topside facilities designed
and stipulated by MFDevCo will be supplied to MFDevCo projects on a
bareboat charter basis, subject to agreement between the parties on
an appropriate lease term and rate and associated terms and
conditions.
Calm Oceans Pte Ltd.
Calm Oceans Pte. Ltd. ('COPL') is a Singapore-based global
Offshore Oil & Gas company that designs, engineers, builds,
owns and leases offshore solutions cost-effectively to monetise the
oil and gas fields earlier. It is owned by Mr. Brian Chang, an
established offshore entrepreneur with more than 40 years' offshore
experience, who has designed and developed more than 600 offshore
projects of which many are innovative. COPL owns patents, or has
patents pending, on two designs that are particularly applicable to
MFDevCo projects, the MCP (Mono-Column Platform) and RPSO
(Relocatable Pivoting Storage and Offloading system). The MCP and
RPSO (Brian Chang Designs) are developed with advanced engineering
over existing platform, jack-up and offshore installation
technologies. This allows for the MCP and RPSO to be easily
outfitted in shipyards, reducing on-site construction/installation
risks and time to operation. Deployment during the project period
is also prolonged and the requisite cost reductions enable marginal
field development.
The MCP is a self-installing and self-removal relocatable
offshore platform capable of supporting MFDevCo's normally
unattended operations and is scalable to project requirements. It
comprises a Deck connected to a Mat (foundation) through a 4-chord
square truss structure (Mono-Column). The MCP has a large deck
area, can support a high deck load and is suitable for operation in
water depths up to 500 feet. The first MCP, CO-101, is currently
held in a shipyard in China, ready for a project definition to
outfit with the needed topside facility.
The RPSO is a self-installing, self-removal gravity-based
storage and offloading system designed to be fatigue free yet
enabling it to withstand in harsh environment. It is a single
chamber that can be sized to cater to field-specific storage needs.
The RPSO can also be used as a mooring system for vessels if the
need arises. It has a patent pending and the system can be operated
unattended. The design has ABS Approval-In-Principle (AIP).
Alison Pegram, Managing Director of MFDevCo commented:
"We are delighted to have executed an MoU with Calm Oceans for
the provision of production facilities. That they are to be
provided under a lease arrangement significantly enhances our
offering and in conjunction with the arrangements secured with COSL
Pan Pacific show that we now have a coherent and attractive
financing strategy for projects. We are now able to demonstrate to
operators the ability to supply and finance the two high cost
elements of project development, drilling and the production
facility."
Nigel Burton CEO of NU-Oil commented:
"We are obviously very pleased with the arrangements between
MFDevCo and Calm Oceans. The project financing strategy is now
clear and its potential delivery demonstrable."
NU-Oil and Gas plc Tel: + 44 161 817
Alan Minty 7460
Nigel Burton Tel: +44 7785 234447
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Rory Murphy Strand Hanson Limited Tel: + 44 20 7409
Ritchie Balmer 3494
Jack Botros
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Jon Belliss Beaufort Securities Tel: +44 20 7382
Elliot Hance Limited 8300
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www.nu-oilandgas.com
Note to Editors:
NU-Oil and Gas plc is an independent oil and gas company whose
strategy is to build a diverse portfolio of assets with a strong
emphasis on acquiring interests in stranded and marginal
fields.
These fields are low risk highly-appraised projects and
consequently the Company's entry cost will be low. NU-Oil will look
to develop these assets utilising solutions delivered by MFDevCo
and the Marginal Field Development Consortium (see below), which
can significantly improve the development economics of a project.
This is also expected to enable the early booking of reserves.
MFDevCo is a company focused on identification, evaluation and
development of marginal offshore oil and gas fields through the
development of technology that licence holders need to unlock the,
potentially, significant value within such marginal assets. MFDevCo
leads a consortium of specialist companies (the MFD Consortium)
which collaborate to develop marginal fields.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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