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Our History

Equity Funding

Black Platinum Energy Ltd. (BPE or the Company) was incorporated and initially “thinly” capitalized on 23 December 2009 in The Republic of Seychelles. Subsequently, shares were issued under a Shareholders’ Agreement (SHA) in July 2010. In accordance with the laws of the Republic of Seychelles, the Company was initially capitalized at a value of US$28 million ($11 million in cash and $17 million in kind). In February 2011 and April 2012, the Company signed Share Subscription Agreements (SSA's) and amended SHAs with several Private Equity Investors whereby additional shares were issued for a total equity of US$92 million in cash. The total cash proceeds of $103 million received under the amended SHAs and the SSA's have been and will be used to fund the Company’s exploration and drilling programs.

Acquisition of Assets

Prior to 2010, certain individual Founding Shareholders of BPE owned or controlled the following assets:

  • two Joint Study Agreements (JSA’s), which were subsequently awarded two Production Sharing Contracts (PSC’s); the North Makassar and North Madura PSC’s; and
  • two Joint Study Agreements (JSA’s), which were subsequently awarded two Production Sharing Contracts (PSC’s); the North Sokang and Titan PSC’s.

In early 2010, the ownership of all these related assets came under the sole control of BPE. Subsequently, the Company won a direct tender for the Sokang PSC in December of 2010 and was awarded the North Ganal PSC in September of 2011.

Operational Activity

BPE has directly drilled or participated via a Joint Venture in 5 exploration wells over the past several years:

  • In June 2012, one exploration well was drilled by AWE Ltd, Operator of the Titan PSC, which tested a large Kujung reef with a seismic hydrocarbon indicator for the presence of gas in the reef. The well encountered high CO2 and was plugged and abandoned as non-commercial. Subsequently, this PSC was relinquished and the related corporate entity, Baruna Oil and Gas Ltd. disposed of in 2016;
  • In July 2012, one exploration well was drilled by Eni, Operator of the North Ganal PSC, which tested a series of Upper Miocene –Pliocene deep water channel sands. The well was plugged and abandoned as a gas discovery with further appraisal and development activities planned to be taken. This asset is held under the corporate entity North Ganal Energy Ltd;
  • In November 2012, two exploration wells were drilled by BPE in the North Sokang PSC which tested the Upper Pliocene sands with a seismic hydrocarbon indicator for the presence of gas in these shallow sands. These two wells were plugged and abandoned as gas discoveries with further appraisal and development activities being undertaken. This asset is held under the corporate entity, North Sokang Energy Ltd;
  • In March 2013, one exploration well was drilled by Niko Resources, Operator of the North Makassar PSC, which tested a series of Miocene turbidite sands packages. The well encountered low volumes of gas and was plugged and abandoned as non-commercial. Subsequently, this PSC was placed into relinquishment in 2015 and the related corporate entity, Baruna Nusantara Energy Ltd was disposed of in 2016;
  • In December 2014, the Company sold its 25% non-operated working interest in the North Madura PSC. The related corporate entity, North Madura Energy Ltd. is under disposal.

Since 2014, the Company has undertaken a number of studies to further the development of its Dara East gas discovery in the North Sokang PSC area, specifically:

  • A Competent Persons Report completed by a 3rd party which certifies discovered P50 recoverable gas resource of 911 Bscf (P50 GIIP of 1,495 Bscf) in the Dara East structure; Unrisked Dara East Near Field P50 gas resource of 1,171 Bscf and Outside Dara East Structure of P50 gas resource of 9,946 Bscf;
  • Two Preliminary Plans of Development (FPU/Pipeline and FLNG) have been completed by a 3rd party for the Dara East Gas Field confirming robust economics utilizing:

• A total of 23 wells;

o 18 off platform wells

o 5 off Subsea tie-back wells

• 6 normally unmanned Well Head Platforms;

• Infield flowlines and umbilicals;

• Central Processing FPU (owned and operated by others); and

• Tie-in to main Export Trunkline to WNTS (owned and operated by others)

An alternative development concept exists which involves replacing the FPU and pipeline with a FLNG facility  (owned and operated by others).

  • Pipeline assessments for: (1) a pipeline tie-in to the West Natuna Transportation System, (2) a new build pipeline to East Natuna Island, (3) a pipeline tie-in to Vietnam (Red Emperor facilities), and (4) a pipeline tie-in to Natuna D Alpha project;
  • Two Conceptual Designs for a FLNG facility with leading midstream LNG companies utilizing a converted LNG tanker and proven or proprietary liquefaction technology;
  • A 3rd party East Natuna Gas Monetization Study which supports the sale of Dara East piped gas and FLNG into Singapore, Indonesia and international markets. A gas marketing opportunity may also exist to swap piped gas for LNG in Singapore.

BPE is currently seeking additional parties to progress the development of the Dara East Gas Field and further exploration of the Dara East Near Field and Outside Dara East Structure resources.

In addition to its Dara East Gas Field development plans, BPE plans to drill one exploration well in its Sokang PSC area targeting a shallow gas Dara East look - alike structure. Any discovered resources can be commercialized either as a part of the Dara East gas development or a stand-alone piped gas project to East Natuna Island

 

Our Corporate Structure

* Note: All legal entities are incorporated in The Republic of Seychelles except for the Representative Office