17TH MAY 2002
Drilling Commences on Bayu-Undan
Following successful installation of the Wellhead Platform, development drilling commenced 17 May, 2002. This marks the start of a program to drill 11 production and 5 gas injection wells for the Bayu-Undan field estimated to take approximately 730 days. See (LINK to DRILLING) for more details of the development drilling program.
This marks a significant milestone for the Bayu-Undan Gas Recycle project. The first phase program of design, construction and installation of the Wellhead platform in order to allow drilling to commence was essential for maintaining the overall project schedule for the Gas Recycle project.
First phase installation activities continue in the field with the installation of the infield pipelines to be followed by installation of the CPP jackets in late May/early June.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR"
PROVISIONS OF THE U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The contents of this website contain forward-looking statements made by, or on behalf of, Phillips and the other Unit Participants. Neither Phillips nor the other Unit Participants undertake to update or revise any of these forward-looking statements. These include, without limitation, statements relating to operations, plans, strategies, objectives, expectations and limitations. These statements are not guarantees of future performance or result. Rather, due to risks, uncertainties and other factors, actual results may differ materially from those expressed in any such forward-looking statement. The following are certain (but not necessarily all) important risk factors that could cause actual results to so differ:
Plans to drill wells and develop Bayu-Undan are subject to: the ability to obtain agreements or consents between or from co-venturers and governmental authorities; engaging drilling, construction and other contractors; geological, land or sea conditions; world prices for oil, natural gas and natural gas liquids; applicable law and regulatory requirements; and the availability of economical financing.
Estimates of proved reserves, raw natural gas supplies, and project cost estimates have been developed using the latest available information and data, and recognized techniques of estimating, including those prescribed by the U.S. Securities and Exchange Commission, generally accepted accounting principles and other applicable requirements.
Please note that all references to Phillips or Phillips Petroleum on this page refer to Phillips Petroleum (91-12) Pty Ltd as Unit Operator for the Bayu-Undan development, except as specifically mentioned otherwise.
Copyright 2001 Phillips Petroleum (91-12) Pty Ltd. All rights reserved.