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KUALA LUMPUR, Jan 18 — Petronas today announced the discovery of oil and gas via the Adong Kecil West-1 well in Block SK333, onshore Sarawak — the first onshore oil and gas discovery made in Malaysia after 24 years.
The state oil firm said the last onshore discovery was Asam Paya Field in 1989, also in Sarawak.
Petronas said the Adong Kecil West-1 well, located about 20km northeast of Miri town, was drilled by JX Nippon Oil & Gas Exploration (Onshore Sarawak) Ltd, the operator for Block SK333, together with its joint-venture partner Petronas Carigali Sdn Bhd.
It said the well was drilled to a depth of 3,170m and encountered a total of about 349m of net hydrocarbon thickness.
The two drill-stem tests achieved flow rates of about 440 barrels of crude oil per day and 11.5 million standard cubic feet of gas per day, it said in a statement today.
Petronas said technical assessments are currently being undertaken by the operator to determine the resource volume of the field.
"Based on the drilling results, there are also indications that the deeper sections in the onshore area may hold additional upside potential for hydrocarbon accumulation.
"However, with the higher borehole pressures expected, drilling operations will be more challenging for the deeper reservoirs and rigs with higher specifications will be required to test such intervals," said Petronas.
To date, three discoveries have been found onshore Sarawak, namely the Miri, Asam Paya and Adong Kecil West fields.
With these discoveries, Petronas said it is proven that onshore Sarawak has the potential for more oil and gas accumulations where the Miri Field, Malaysia's first oilfield was discovered way back in 1910.
Further onshore exploration activities will be undertaken by the joint venture to support Petronas's effort to rejuvenate the nation's onshore oil and gas exploration. — Bernama
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KUALA LUMPUR, Jan 16 – Alam Maritim Resources Bhd's shares were actively traded in the morning session following the awarding of a RM576 million worth Petronas Carigali contract to its wholly-owned unit, Alam Maritim (M) Sdn Bhd.
The company announced the awarding of the contract yesterday.
At 11 am, the share rose four sen or 4.68 per cent to 89.5 sen with 25.6 million shares traded.
Kenanga Research said the contract for the provision of six units of marine vessels for five years with a one-year extension option, was projected to yield a net profit of RM84.6 million based on a margin of 15 per cent.
However, Kenanga Research kept Alam Maritim's earning estimates unchanged as the research house has already assumed higher utilisation rates of 80 per cent and 83 per cent for the company's offshore support vessel (OSV) segment in the financial year 2013 and financial year 2014 respectively.
Meanwhile, OSK Research viewed the contract as "positive", saying that the average rates of contracts secured had improved by 15-20 per cent compared to the previous year.
Nevertheless, it said Alam Maritim's key risk was on the lack of contracts for the offshore, installation and construction (OIC) and subsea division, which will run out of jobs in April.
"As the losses are estimated at RM3 million-RM4 million per month (assuming if there are no jobs), the losses will offset the earnings growth from its OSV business."
Kenanga Research maintained the "outperformed" view on Alam Maritim with a higher target price of RM1.09 from 92 sen previously while OSK Research also kept its "buy" call on the company and retained the target price at RM1.25. – Bernama
