RCMA Australia Pty Ltd – Restart of Oil Production at Jingemia in Western Australia

PERTH, 20 December 2017 – RCMA Australia Pty Ltd (“RCMA Australia”) is pleased to announce the recommencement of revenue-generating oil production at the Jingemia oilfield in L14 in the onshore Perth Basin, Western Australia (the “Field”) (the “Title”).

RCMA Australia holds a 60% interest in the Title, together with the operator of the Field, Cyclone Energy Pty Ltd (33.722%), and Norwest Energy NL (6.278%) (collectively the “JV”).

After more than five (5) years of care and maintenance, and following final approvals from the Department of Mines, Industry Regulation, and Safety (‘DMIRS’) obtained on 13 December 2017, the Field achieved first oil again on 17 December 2017.

On 18 December 2017 the JV entered into a sale and purchase agreement with BP Australia Pty Ltd and BP Refinery (Kwinana) Pty Ltd for the sale by the JV of crude oil from the Field.

Revenues from the sale of crude oil from the Field are expected to commence in Q1 of 2018. Current estimates indicate a remaining 11.9 million barrels of crude remaining in the Field, with 4.4 million barrels produced to date.

The JV is working closely to ensure production within safe and sustainable parameters in this initial start-up phase.

Chris Pardey, Chief Executive Officer of the RCMA Group, said,

“Production in the Jingemia field is an exciting development for RCMA Group’s Energy business as we approach the end of 2017. We see many opportunities to develop our Energy business in Australia and Singapore in 2018 and the coming years.

The RCMA Group is an international trading house active in the rubber, cotton, sugar, coffee, and energy markets. RCMA Australia represents the RCMA Group’s interests in the Australian energy market.

 

RCMA Australia Pty Ltd
20 December 2017