The company is focused on executing a simple and clear three-pronged strategy that it first outlined in May 2018.
Firstly, Tap aims to focus its capital and capability on reinvestment opportunities within the Manora Oil Field.
Secondly, the company wants to rationalise and monetise its Australian exploration asset portfolio, which is now nearly complete.
Thirdly, Taps aims to remain disciplined with regard to capital, operating and corporate costs.
Tap owns 30% of Manora Oil Field
The Manora Oil Field was discovered in November 2009 and came on-stream in November 2014 through its operator Mubadala Petroleum.
The Manora facilities include a wellhead processing platform with oil stored in a floating storage and offloading (FSO) vessel and exported via shuttle tanker.
The FSO stores the crude oil and also serves as the accommodation hub.
Plans for Manora in 2019
As the production from the 15 producing wells at Manora naturally declines, Tap and its partner continue to look for efficient development opportunities.
Partner and operator Mubadala completed a three-well development drilling campaign during August 2019 ahead of schedule and on budget.
Two of the wells have been handed over to production operations.
A Manora field well workover program is scheduled for mid-October 2019 with the objective of adding around 2,500 barrels of oil per day (bopd).
This is significant given the gross oil production was 5,404 bopd for the June half of 2019.
Other exploration plans for 2019 include investigating priority opportunities located nearby to production operations such as Inthanin, Yothaka, Krissana, and Manora DEFVX.
Portfolio rationalisation complete
Tap is now exclusively focused on the Manora Oil Field after signing an agreement to sell its remaining Australian and New Zealand oil and gas assets.
In 2018, Tap sold 8 blocks and relinquished 6 and the 2019 sale of its remaining interests will complete its portfolio rationalisation.
Tap expects to book a profit on the sale of the remaining assets of US$2.58 million.
Tap ended the June quarter with US$31.5 million or around $A46 million, which is a telling sign of management’s discipline and the successful execution of their strategy.