armada.pdf - Singh, Himmat-H

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Operation Start Amended Tenure Name of FPSO Location Ownership Original Tenure Updated Tenure Operation End Date Future Prospects / Remarks Date Start Date 2-year Full Field Development Plan extension granted by Vietnam authorities, from December 2024 to December 2026. Further 3-year extension is seeked. Infield drilling has commenced in July 2021. Armada TGT Vietnam 100% August 2011 7y (F) + 7y (O) August 2018 6.25y (F) November 2024 Verdict: Strong chance FPSO extended beyond 2024, to either 2026 or 2029. Contract was recently extended for 10+5 years, offering between four to nine years additional visibility over the original optional September 2030 (F) / Armada Sterling 1 India 50% April 2013 7y (F) + 6y (O) September 2020 10y (F) + 5y (O) extension in the contract. Debt almost fully paid off, depreciation to September 2035 (O) complete around 2026. Assume no further extension beyond 10y firm contract. No information. Assume status quo. February 2024 (F) / Armada Sterling 2 India 50% February 2015 9y (F) + 7y (O) - - (Note: ONGC documents as at 2013 state that the field life was February 2031 (O) expected at 16 years) September 2027 (F) / Armada Sterling 3 Indonesia 50% September 2017 10y (F) + 5y (O) - - No information. Assume status quo. September 2032 (O) Bressey and Bentley discoveries offer potential tieback opportunties to the Armada Kraken FPSO, thereby extending the production plateau of the field. Enquest originally stated that the June 2025 (F) / June Armada Kraken UK 100% June 2017 8y (F) + 17y (O) - - Kraken field was expected to have a life of over 20 years. 2042 (O) Verdict: Strong chance FPSO charter extended beyond original 8 years firm period. Cuica discovery (est. 200 to 250mil barrels) has come online in August 2021. Agidigbo discovery in 2019 (est. 300 to 400mil barrels) yet to be tapped. These will likely extend the production plateau of the East Hub in Block 15/06. Eni document from 2013 says that the Armada February 2029 (F) / Angola 100% February 2017 12y (F) + 8y (O) - - East Hub field was expected to be in production for around 15 Olombendo February 2037 (O) years. Verdict: Good chance FPSO charter extended beyond original 12 years firm period. Armada Sterling V India 30% Est Q2 2022 9y (F) + 7y (O) - - TBC Production yet to start. Armada LNG Malta 100% January 2017 18.16y (F) - - March 2035 No information. Assume status quo. Mediterrana Armada Mumbai India 50% Est Q1 2023 30y (F) - - TBC Production yet to start. FSRU