Silver Wave Energy Company Limited ( SWE )
I. Silver Wave Energy Company Limited (SWE) was established in Singapore and registered on 25th May 2005 with registration No 200604956E, Elizabeth Height, Cairnhill Road, #04-12, Singapore 229668.
II. The main purpose of SWE company is to enter the Petroleum Exploration and Production (E&P) business inside Myanmar and foreign countries both onshore and offshore areas.
III. During the year 2006 and 2011, SWE Company entered the exploration and production business in Myanmar Rakhine offshore block. A-7 and onshore block B-2 in remote area of Chindwin Basin, upper Myanmar.
IV. SWE Company signed Production sharing Contract (PSC) with Myanmar Oil and Gas Enterprise (MOGE), Ministry of Energy on 6th December 2006 for Offshore Block A-7 and on 15th March 2007 for Land Block B-2 respectively.
V. The terms of PSC contract for shallow offshore block includes one year study period and continue initial three exploration years, plus two extensions for one year each (Total 6 years). But for land block there is no study period. The contractor enters directly to initial three exploration years plus two extensions for one year each (Total 5 years).
VI. In year 2008, SWE decided not to enter Exploration in block A-7 due no potential prospects were found after one year study period time.
VII. According to the PSC contract for Block B-2 work program and budget commitment SWE could acquire adequate 2D seismic lines (80 KM) and drill three medium wells with depth of 2000 M and five shallow wells with maximum depth of 300 M.
VIII. In view no commercial oil and gas shows were found in the above drilling wells, the block B-2 was relinquished on 9th September 2011. The budget expense for the exploration cost 24.4 Million US$ in block-2 was approved by the MOGE Finance Department as Petroleum Cost Recovery at that time.
IX. Later Brilliant Oil Corporation (Sister Co; of SWE) signed the PSC contract with MOGE for offshore blocks A5,A7, M15 and M16 on 20th January 2011. But the blocks were relinquished after study period due deep propects were found below 2000 meter water depth in the western area of the blocks.
X. In the year 2009 to 2013, SWE, joint venture with MEO Australia limited, signed the PSC contract with Australian Petroleum Authority for offshore Northern blocks: AC/P-50, AC/P-51 and AC/P-53 in the Bornapart Basin. These blocks were relinquished later in 2013.
South Africa Projects
XI. In December 2009, SWE Company was the first company to be awarded the Exploration Right Permit for four South Africa East Coast Offshore Blocks (2931C, 2931D, 2932A and 2932C) during the Forth Offshore Licensing Round of the Petroleum Agency of South Africa (PASA).
XII. In May 2011, SWE subsequently sold a majority interest in its acreage to Impact Oil and Gas following which Impact worked up data on these blocks and subsequently sold them to EXXON Mobil in January 2013.
XIII. In year 2012, SWE company was awarded Technical Corporation Permit (TCP) in three South Africa Offshore Area TCP 55 Area-1 (Western Cape Province), TCP 56 Area-2 (Eastern Cape Province) and TCP 57 Area-3 (Kwazulu and Natel Province) including 30 offshore blocks.
XIV. After final TCP presentation of Offshore Blocks to PASA in December 2013, SWE was permitted Exploration Right for these Areas.
XV. After completion of environmental management Plan (EMP) and proof of public notification and consultation with interested and affected parties, SWE signed the Exploration Right Permit contract with PASA on 15th October 2015 in Cape Town under the terms of initial three years exploration years plus three Extensions with two years each.
XVI. Therefore SWE entered the first exploration right year since 15th October 2015 and ended 14th October 2016 and submitted all monthly and quarterly progress reports to PASA according to the first exploration year Work Progress and Budget.
XVII. During the second exploration year, SWE Management group visited UK for Business Trip during first and second weeks of April, 2017. During the trip, SWE discussed with PGS-UK company to check the data-library of lines in Area-1, Area-2 and Area-3 and discussed for the future Multi-client 2D seismic work program.
XVIII. On the next day, SWE discussed with CGG-UK Company for the existing 2D Multi-client seismic data in SWE Area-3 block and discussed for future Multi-client 2D seismic work program.
XIX. On 10th April 2017, SWE discussed with Spectrum Geosciences Company and Spectrum made very interesting presentation of multi-client seismic imaging about future giant discovery in the Outeniqua Basin adjacent to Silver Wave Area-1 block and the Durban Basin and Tegula Cone prospects adjacent to Silver Wave Area-3 block. Then both parties discussed future multi-client seismic work program.
PROSPECTIVITY
South Africa holds highly prospective oil and gas acreage. Historical exploration efforts have focused on shallow waters with recent activities focused on deeper waters. The prospectivity of Silver Wave's acreage is inferred generally from the prospectivity of relevant basins, supported by well data, seismic data, magnetic data, slick surveys, petrographic surveys and other information and specifically from data on acreage adjacent to Silver Wave's Blocks:
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Silver Wave's ER-12/3/277 (Area 1)- 6750 sq.km acreage in the Western Bredasdorp Basin is situated within the prime area of interest and lies adjacent to proven oil and gas fields to the west and at least twenty prospects and leads to the south.
- Silver Wave's ER-12/3/276 (Area 2)- 157850 sq. km acreage in the Gamtoos, Algoa and Transkei Basins is situated adjacent to proven oil and gas fields and directly east of Canadian Natural Resources' Paddavissie Prospect with 3 billion barrels of estimated P50 STOIP.
- Silver Wave's ER-12/3/275 (Area 3)- 60250 sq.km acreage in the Durban and Zululand Basins is situated adjacent to structures with billions of barrels of upside hydrocarbon potential and due east of Silver Wave's highly prospective previous acreage which was recently acquired by Exxon Mobil. This acreage is also situated in the heart of the southern Mozambique Channel which has confirmed commercial discoveries to the north in Mozambique.
TACM Meeting in South Africa
SWE attended the Technical Advisory Committee Meeting (TACM) at PASA office, Cape Town, South Africa on 5th June 2017.
The meeting Agenda and the transferred data list are as follows : -
- SWE Technical team interpreted possible locations of Oribi Drift, M-Drift, Agulhas Drift, Mzimkulu Apron in the Area-2 block. Oribi Drift is preliminary calculated as 37,000 sq. Km. & 250m, and M-Drift is 20,000 sq. Km. & 200m thickness in Area-2 block according to AAPG presentation during Africa Oil Week seminar in last week of October, 2017.
- During the Second Exploration year SWE completed existing 2D seismic data study with new additional turbidities fan leads T 10, T 11 and T 12. A total of 12 fan turbidite leads 2 basement high leads and 1 flower structure are interpreted in Area-3 block. Unrisked prospective resources of the above leads before calculated to be 48.65 billion barrel oil-in-place and corresponding risked reserves are estimated as 9.73 Billion barrel oil.
- For Area-1, SWE signed Master License Agreement (MLA) and Supplement to license 117 Line Km 2D Multi-client data of line E1A#1 from Western GECO Company on 5th February 2018.
- SWE also signed General License Agreement (GLA) and Supplemental agreement on 14th March 2018 with PGS-UK exploration Ltd. to license 346.93 Line Km. 2D Multi-client data in Area-1 block.
- SWE planned to sign Marine seismic survey contract with CGG to conduct 430 Km in Area-1, 2600 Km in Area-2 and 6000 Km in Area-3. The survey was planned to start in 4th quarter of 2018 if the EIA/SIA permit will be received in-time.
- TACM meeting was held at PASA office in Cape Town, South Africa on 4th May, 2018 according as the following schedule.
