OPEX Expenditure Abandonment CessQ1 Q2 Q3 Q4 2024 Decommissioning Cess - 15,662 - 18,750 34,412 ‘000USD 2024 Decommissioning Payment Formula Jan-June Jul-Dec TOTAL Est. Decommissioning costs less Cumulative payment - Prev. period 147,859,858 135,332,129 Decommissioning cess payment - Previous period (14,891,574) (14,238,473) Additional decommissioning costs - facilities & wells 2,363,845 29,066,886 A: Est. Decommissioning costs less Cumulative payment 135,332,129 150,160,542
Production (gas) mmscf 79,578.13 79,126 mmboe 12.87 12.79 Gross Cummulative Volume (GCV) 970.00 970.00 Production (condensate) (boe) 1,242,227 1,098,485 B: Total production (gas & condensate) (mmboe) 14.11 13.89 Reserves (gas) mmboe Reserves (condensate) mmboe C: Total Reserves 134.00 122.27 14,238 17,045 D: Decommissioning cess payment ( B / C ) * A Additional buffer (D * 10%) 1,424 1,705 Sub total 15,662 18,750 Grand total 34,412 Note: 1. Method of calculation as follows: Decommissioning Cost Payment for the Period Actual Gross Production for the Period (MMBOE) Estimated Reserve at the beginning of the Period (MMBOE) Estimated Decommissioning Cost Less Cumulative Payment = X 2. Decommissioning Cess is budgeted on a half yearly basis based on actual production of the respective period but payment will be made 2 months afterwards. • Period : January – June Payment : August • Period : July - December Payment : February of the following year 22
OPEX Expenditure Admin Overhead Q1 Q2 Q3 Q4 2024 Admin Overhead 1,611 1,653 990 1,743 5,998 ‘000USD Note: 1. The administrative overhead shall be calculated according to the following tiers and based on the sum of the total annual costs from Article 5.1 through Article 5.12 of AtiPdJitOtiAtdhdthl
Accounting Procedure, Joint Operating Agreement and charged monthly. 2. Method of calculation as follows: Tier From To Rate Percentage First 1 4,999,999 5% Second 5,000,000 9,999,999 3% Third 10,000,000 14,999,999 2% Forth > 15,000,000 1% (With a monthly minimum of USD10,000) 23
OPEX Expenditure General & Administration Q1 Q2 Q3 Q4 2024 Manpower Costs & Benefits 3,632 1,919 2,227 2,025 9,803 Staff Development 20 45 38 68 170 Business Travelling 73 85 107 107 372 11521345112917205346Consultancy & Third Party ‘000USD
1,152 1,345 1,129 1,720 5,346 Services Office Expenses & Others 1,539 1,639 1,676 2,121 6,975 TOTAL 6,416 5,033 5,177 6,041 22,666 24
OPEX Expenditure PSC Commitments & Others Q1 Q2 Q3 Q4 2024 PSC Commitments 972 845 922 2,848 5,587 Gas Research Cess 701 664 636 667 2,669 271 181 286 181 918 Condensate Research Cess ‘000USD Gl&Adi
- - 26 - 26 General & Admin Statutory Audit Fee Others 329 164 164 329 986 TOTAL 1,301 1,009 1,113 3,176 6,599 25
Business Support Key Deliverables/ Milestones Strategic Initiatives • Master Service Frame Arrangement • Long Term Contract MGO (e-auction) • Material Management Optimization • Harmonization of Job Grade / Job Evaluation • Accelerated Tender process for long term vessel contract Process Efficiency Improvement
• Bank Feasibility Study • HR Dashboard Digital Transformation & Automation • e-OCMS (Offshore Competency Management System) • Automated Invoice and Payment Process (Fixed and Repetitive) People Development • Leadership Assessment • Culture and Change Management 26
Business Support Key Deliverables/ Milestones 2024 Activities Q1 Q2 Q3 Q4 J F M A M J J A S O N D 1. Strategic Initiatives 1.1 Master Service Frame Arrangement 1.2 Long Term Contract MGO (e-auction) 1.3 Material Management Optimization 1.4 Harmonization of Job Grade / Job Evaluation 1.5 Accelerated Tender process for long term vessel contract 2. Process Efficiency Improvement 21BkFibilitStd
2.1 Bank Feasibility Study 2.2 HR Dashboard 3. Digital Transformation & Automation 3.1 e-OCMS (Offshore Competency Management System) 3.2 Automated Invoice and Payment Process (Fixed and Repetitive) 4. People Development 4.1 Leadership Assessment 4.2 Culture and Change Management 27
5 Years Plan Summary Volume 20.5 21.0 20.4 19.7 22.4 (MMBOE) UPC 5.6 5.8 5.4 6.6 5.2 ($/BOE) 355 422 570 317 188 177 186 158 179 163 532 608 728 496 350 870 827 852 795 913 Approved 2024 Forecast 2025 Forecast 2026 Forecast 2027 Forecast 2028 MMUSD
Higher CAPEX cost mainly due to: • Phase 6 drilling campaign (37 wells – 2 rigs) • Phase 7 EPC 4 Topside reuse and EPCI for 4 Jackets Higher OPEX cost due to: • 29 days partial SD (10 units of CO2 membrane change out) • Decomm Cess payment Higher UPC due to higher Production OPEX cost Higher CAPEX due to heavily activities of: • Phase 7 EPC • Phase 6 (27 wells) and Phase 8 E&A (5 wells) drilling campaign Lower UPC due to lower Production OPEX cost 58 days partial SD Lower CAPEX primarily focusing on: • Phase 8 E&A (2 wells) and MUDA Oil Infill campaign (4 wells) • Phase 7 drilling campaign (19 wells) Higher OPEX mainly due: • Full SD (AGR Dehydrator Sorbead and AGR heater and bundles change out, 40 units of CO2 membrane replacement) Higher UPC due to lower sales volume and higher Production OPEX • Lower CAPEX mainly focusing on continuation of Phase 7 drilling campaign (14 wells) • Higher revenue in due to higher liquid production & gas volume • Lower UPC due to higher production volume and lower production OPEX cost 28
5 Years Historical Summary Volume 13.4 18.4 18.0 20.6 21.1 (MMBOE) UPC 6.4 5.1 5.9 4.5 5.0 ($/BOE) 172 117 165 143 190 185 170 164 172 161 357 287 329 315 351 834 645 625 782 852 2019 2020 2021 2022 2023 MMUSD
Lower CAPEX cost mainly due to: • DD4 drilling campaign (Infill 5 wells) (E&A 1 well) • Andalas EPCI Pipeline & Host tie-in Lower OPEX cost due to: • 27 days full SD (AGR cooler bundles change out (refurbished)) Lower UPC due to higher production volume and lower Production OPEX Higher CAPEX cost mainly due to: • Rig AQD drilling campaign (11 wells) Lower OPEX cost due to: • 42 days full SD (AGR heater & cooler bundles change out, HV & LV switch gear PM ICSS, SCADA Full S/D) Higher UPC due to lower production volume and lower Production OPEX Lower CAPEX cost mainly due to: • Phase 5 drilling campaign (20 wells) • Phase 5 EPCIC Higher OPEX cost due to: • 31 days partial SD (BC#1 change out, Booster & sale gas compressor PM) Lower UPC due to higher Production volume and higher production OPEX Higher CAPEX cost mainly due to: • E&A drilling campaign (2 wells) • Infill drilling campaign (8 wells) • Phase 6 EPCIC Lower OPEX cost due to: • 24 days full SD (AGR dehydrator sorbead change out, AGR coolers change out) • 38 days partial SD (BC#1 power turbine change out, BC & SC PM) Higher UPC due to higher Production volume and lower production OPEX 29
APPENDIX
30
Project Engineering Work Program Phase 6 Integrated Schedule Q4 Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May FDP Phase 6 Geophysical & Geotechnical (G&G) Contract Amendment (call-out) Survey FEED Bidding (Umbralla contract) Bidding (Mini bidding) FEED Engineering EPCI Bidding EPCADC JKDJune July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 2024 2025 2026 2027 Activities Q2 Q4 (ver20230630) 2020 2021 2022 2023 MTJA BoD (26 Nov 2022) Contract Award Submit to SHs MTJA BoD (Sep 2022) Contract Award
JKC ADD ADE OFFSHORE T&I Host tie-in Pipelines ADC JKD JKC ADD ADE DEVELOPMENT DRILLING Survey & Evaluation ADC (16 wells) - Rig#1 JKC (16 wells) - Rig#1 JKD (13 wells) - Rig#2 ADE (12 wells) - Rig#2 ADD (16 wells) - Rig#2 HOOK-UP & COMMISSIONING ADC (SIMOPS Batch#1,2,3,4) JKC (No SIMOPS) JKD (SIMOPS Batch#1,2,3) ADE (SIMOPS Batch#1,2) ADD (No SIMOPS) ADC, JKD & ADE JKC & ADD First Gas (Dec 2024) Approved 2023 WP&B 2023 Revised 2023 WP&B and Proposed 2024 WP&B Completed 31
Project Engineering Work Program Phase 7 Integrated Schedule Q1 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Depletion Studies Feasibility studies - Topside Reuse Screening and In-house study In-house Procurement Process & Handover Procurement Handover E&A Post Drill and Volumetric Evaluation FDP Phase 7 Geophysical & Geotechnical (G&G) Contract Award (Existing Contract) Survey FEED Engineering Bidding (Mini bidding) FEED Engineering (including reuse) EPC - Topside Reuse (2 WHPs Refurbishment) Bidding EPCMay June July Aug Sept Oct Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Activities Q2 Q2 Q4 (ver20230630) 2022 2023 2024 2025 2026 July Aug Sept Oct Nov Dec Jan Feb Mar Apr 2027 2028 2029 Nov Rev.0 MTJA BoD (Sep 2024) Rev.1 TP approve by MTJA MTJA BoD (Nov 2025)
Approved 2023 WP&B 2023 Revised 2023 WP&B and Proposed 2024 WP&B New Completed MDH (with topside reuse) JSC (with topside reuse) EPCI - 4 new Jackets and 2 new Topside Bidding EPCMDH (new Jacket) JSC (new Jacket) ADG (new Jacket & Topside) MLA (new Jacket & Topside) OFFSHORE T&I Host tie-in Pipelines MDH (with topside reuse) JSC (with topside reuse) ADG MLA DRILLING GTI (LPA) by DPD Rig Preparation and Mobilization MDH (11 wells) JSC (7 wells) ADG (16 wells) MLA (9 wells) HOOK-UP & COMMISSIONING Bidding EPC MDH (SIMOPs) JSC (SIMOPs) ADG (No SIMOPS) MLA (No SIMOPS) MTJA BoD (June 2025) First Gas (Sep 2027) TP approve by MTJA First Gas (June 2027) 32
Q1 Q2 Q3 Q4 Capital Expenditure (CAPEX) 1. Development CAPEX 63,504 106,208 65,006 119 Development & Appraisal Drilling 2,079 1,350 17,471 90 Development Project 60,128 103,557 46,054 24 Development Studies 1,296 1,301 1,481 32. Fixed Assets 120 85 419 A. CAPEX Subtotal 63,624 106,293 65,425 120Operating Expenditure (OPEX) 3. Production OPEX 23,187 34,542 27,737 28 Operation 6,290 6,611 6,541 8 Maintenance 3,822 14,899 8,540 8 Modification Activities 704 601 545 Production Well Service 1,867 1,734 1,807 1 Logistic Operation Support 6,404 7,798 7,507 6 Operation G&A Departmental & Allocation Cost 4,099 2,899 2,797 24. General Administrative Expenses 6,416 5,033 5,177 65. Admin Overhead 1,611 1,653 990 16. Decommissioning Fund 0 15,662 0 18B. OPEX Subtotal 31,214 56,890 33,905 55Grand Total (A+B) 94,838 163,183 99,329 1752024 PROPOSED WORK PROGRAMME & BUWORK PROGRAM BLOCK B-17-01 CARIGALI-PTTEPI OPERA2024 WORK PROGBLOCK (ALL FIGURES IN
ATTACHMENT 1 Total Q1 Q2 Q3 Q4 TOTAL 9,715 354,432 63,504 106,208 65,006 119,715 354,432 0,960 111,860 2,079 1,350 17,471 90,960 111,860 APPENDIX 1 4,880 234,620 60,128 103,557 46,054 24,880 234,620 APPENDIX 2 3,874 7,953 1,296 1,301 1,481 3,874 7,953 APPENDIX 3 355 979 120 85 419 355 979 APPENDIX 4 0,070 355,411 63,624 106,293 65,425 120,070 355,411 8,534 114,000 23,187 34,542 27,737 28,534 114,000 8,654 28,096 6,290 6,611 6,541 8,654 28,096 8,266 35,528 3,822 14,899 8,540 8,266 35,528 791 2,641 704 601 545 791 2,641 1,742 7,150 1,867 1,734 1,807 1,742 7,150 6,142 27,852 6,404 7,798 7,507 6,142 27,852 2,938 12,734 4,099 2,899 2,797 2,938 12,734 6,041 22,666 6,416 5,033 5,177 6,041 22,666 APPENDIX 6 1,743 5,998 1,611 1,653 990 1,743 5,998 8,750 34,412 0 15,662 0 18,750 34,412 5,068 177,077 31,214 56,890 33,905 55,068 177,077 5,137 532,488 94,838 163,183 99,329 175,137 532,488 APPENDIX 5 REMARKS UDGET FOR ATING COMPANY SDN BHD RAMME & BUDGET B-17-01 THOUSAND USD) MTJA APPROVED BUDGET FOR BLOCK B-17-01
QDevelopment & Appraisal Drilling E&A Wells Phase 6 Development Wells at Andalas-C (ADC) Platform Phase 6 Development Wells at Jengka-D (JKD) Platform Phase 6 General Operating Expenditure for Drilling Wells Muda-F (MDF) Infill Platform (2 wells) Grand Total CARIGALI-PTTEPI OPERA2024 WORK PROGBLOCK (ALL FIGURES IN DESCRIPTION
APPENDIX 1 Q1 Q2 Q3 Q4 TOTAL 0 0 15,474 42,177 57,651 0 0 1,097 48,783 49,880 1,350 1,350 900 0 3,600 729 0 0 0 729 2,079 1,350 17,471 90,960 111,860 ATING COMPANY SDN BHD RAMME & BUDGET B-17-01 THOUSAND USD) MTJA APPROVED BUDGET FOR BLOCK B-17-01 REMARKS
Q1 Development Phase 3 11 Project Support 11 Development Phase 4 2 Project Support 2 Development Phase 5 57 Tapi-B (TPB) Project Support 29 Muda-G (MDG) Project Support 29 Development Phase 6 57,431 Andalas-C (ADC) Platform 13,923 Andalas-D (ADD) Platform 10,641 Andalas-E (ADE) Platform 9,685 Jengka-C (JKC) Platform 9,177 Jengka-D (JKD) Platform 14,005 Development Phase 7 216 Jengka South Center (JSC) Project Support 54 Mali-A (MLA) Project Support 54 Muda-H (MDH) Project Support 54 Andalas-G (ADG) Project Support 54 Modification Activities 2,412 Grand Total 60,128 DESCRIPTION MTJA CARIGALI-PTTEPI OPERA2024 WORK PROGBLOCK (ALL FIGURES IN
APPENDIX 2 Q2 Q3 Q4 TOTAL 86 0 0 96 86 0 0 96 77 0 0 78 77 0 0 78 27 0 0 84 13 0 0 42 13 0 0 42 98,270 43,585 18,347 217,634 21,359 14,821 673 50,776 18,295 2,190 8,079 39,206 18,234 2,092 8,466 38,478 19,678 9,424 301 38,580 20,703 15,057 828 50,593 165 244 238 863 41 61 59 216 41 61 59 216 41 61 59 216 41 61 59 216 4,932 2,225 6,295 15,865 103,557 46,054 24,880 234,620 APPROVED BUDGET FOR BLOCK B-17-01 REMARKS ATING COMPANY SDN BHD RAMME & BUDGET B-17-01 THOUSAND USD)
Q1 Development Studies Subsurface: Geological & Geophysical 0 Subsurface: Petroleum Engineering 0 Allocated Sub Surface G&A 1,296 Grand Total 1,296 DESCRIPTION MTJACARIGALI-PTTEPI OPERA2024 WORK PROGBLOCK (ALL FIGURES IN
APPENDIX 3 Q2 Q3 Q4 TOTAL 0 349 1,681 2,030 0 0 1,050 1,050 1,301 1,132 1,143 4,872 1,301 1,481 3,874 7,953 A APPROVED BUDGET FOR BLOCK B-17-01 REMARKS ATING COMPANY SDN BHD RAMME & BUDGET B-17-01 THOUSAND USD)
Q1 Fixed Assets Furniture & Fixture Office Equipment 0 Telecommunication Equipment 0 Computer Hardware 0 Computer Software 120 Motor Vehicles Expandable Capital Improvement Consumable Asset 0 MDLQ Asset 0 Grand Total 120 DESCRIPTION MTJACARIGALI-PTTEPI OPERA2024 WORK PROGBLOCK (ALL FIGURES IN
APPENDIX 4 Q2 Q3 Q4 TOTAL 0 20 0 20 0 270 0 270 45 125 0 170 40 0 350 510 0 1 0 1 0 3 5 8 85 419 355 979 A APPROVED BUDGET FOR BLOCK B-17-01 REMARKS ATING COMPANY SDN BHD RAMME & BUDGET B-17-01 THOUSAND USD)
Q1 Operation 6,2 Administrative Costs Lease / Insurance / Others 5,3 Purchase, Consumable, and Related Expenses 3 Work & Services 5Maintenance 3,8 Purchase, Consumable, and Related Expenses 1,5 Work & Services 2,2 Administrative Costs Modification 7 Operating Costs 5 Work & Services 3 Purchase, Consumable, and Related Expenses Transportation Product Transportation Supply Base Cost Administrative Costs 1 Property, Plant and Equipment Costs Production Well Services 1,8 Operating Costs 1,0 Work & Services 8 Purchase, Consumable, and Related Expenses Transportation Supply Base Cost 1 Administrative Costs 7Logistic Operation Support 6,4 Transportation 5,6 Vessel Transport 3,8 Air Transport 1,8 Product Transport Purchase, Consumable, and Related Expenses 1 Supply Base Cost 5Operating G&A Department & Allocation Cost 4,0Grand Total 23,1DESCRIPTION CARIGALI-PTTEPI OPERA2024 WORK PROGBLOCK (ALL FIGURES IN
APPENDIX 5 Q2 Q3 Q4 TOTAL 290 6,611 6,541 8,654 28,096 15 15 15 15 60 385 5,461 5,513 5,681 22,039 343 443 343 343 1,474 547 691 669 2,615 4,523 822 14,899 8,540 8,266 35,528 591 2,639 2,052 2,598 8,880 231 12,260 6,488 5,668 26,647 704 601 545 791 2,641 536 469 392 638 2,035 397 337 300 555 1,589 8 8 8 8 33 93 85 47 37 263 38 38 38 38 150 160 124 152 153 591 8 8 0 0 16 867 1,734 1,807 1,742 7,150 096 1,285 1,065 999 4,445 877 835 877 877 3,466 0 36 6 9 52 82 216 88 63 450 137 198 93 49 476 770 449 743 743 2,705 404 7,798 7,507 6,142 27,852 694 7,077 6,609 5,426 24,806 876 5,224 4,916 4,103 18,119 818 1,853 1,693 1,324 6,687 45 45 45 45 180 164 171 319 171 824 501 506 534 500 2,041 099 2,899 2,797 2,938 12,734 187 34,542 27,737 28,534 114,000 MTJA APPROVED BUDGET FOR BLOCK B-17-01 REMARKS ATING COMPANY SDN BHD RAMME & BUDGET B-17-01 THOUSAND USD)
Q1 General Administrative Expenses Manpower Costs & Benefits 3,632 Staff Development (Training, Seminars) 20 Business Travelling Expenses 73 Consultancy & 3Rd Party Services 1,152 Office Expenses & Others 1,539 Grand Total 6,416 CARIGALI-PTTEPI OPERA2024 WORK PROGBLOCK (ALL FIGURES IN DESCRIPTION MTJA
APPENDIX 6 Q2 Q3 Q4 TOTAL 1,919 2,227 2,025 9,803 45 38 68 170 85 107 107 372 1,345 1,129 1,720 5,346 1,639 1,676 2,121 6,975 5,033 5,177 6,041 22,666 ATING COMPANY SDN BHD RAMME & BUDGET B-17-01 THOUSAND USD) A APPROVED BUDGET FOR BLOCK B-17-01 REMARKS
Feel free to reach us if you require further details Mohd Rafik Md Taha [email protected]
Mohd Nizrul Khalid [email protected] Nur Syahirah Ali [email protected] Nurul Huda Manab [email protected] Intan Shafinaz Ab Aziz [email protected] Hazizul Aziz M. Hashim [email protected] Haizum Hamdan [email protected] Nurul Shazwani Abdullah [email protected] Harun Dalugamin [email protected]
Prepared by: Management Account & Budgeting Finance & Accounts Department