TGT is on track to commence production in mid-August 2011. The floating production storage and offloading vessel should be onsite in July. The drilling rig is expected to begin drilling development wells from the H4 platform in September.
If an agreement is reached soon with Vietsovpetro regarding the separation facilities for the CNV production stream, installation of the separation facilities is anticipated to be complete in the early fourth quarter.
Further evaluation of the Nganzi Block, onshore the DRC, is being undertaken, incorporating information gathered in the 2010 drilling programme to better understand the prospectivity of the Block. Remapping of the seismic is underway, focusing on the Chela formation. The exercise will be concluded during the third quarter of 2011 in order to determine the forward programme prior to the end of the initial exploration period.
The Block V project can be progressed into the seismic acquisition stage over Lake Edward upon approval of the EIA report by the Government of DRC. The Company anticipates the review of the EIA report to be concluded prior to the beginning of the third quarter of this year.
The Company continues to evaluate exploration opportunities in South East Asia and Africa. Although it is not guaranteed that any new projects will be introduced in the near term, the TGT oil development in Vietnam is set to transform the cash resources of the Company when it comes onstream in a few months.