Oil Search Makes Material Progress Across Pikka Unit Development

  • Dec 18, 2019 AEDT
  • Team Kalkine

Oil Search Limited (ASX: OSH) makes material progress concerning the development of Pikka Unit in Alaska North Slope and upgrades resource.

  • The Board approved the entry into the FEED phase of the Pikka Unit post the completion of pre-FEED studies.
  • A resource specialist certified gross 1C, 2C and 3C contingent recoverable oil resources to be at 513, 728 and 907 million barrels, respectively.
  • The increase in 2C resources underpins the growth of 46 per cent from the acquisition case of 500 million barrels.
  • The Plan for the Pikka Development Project and re-zoning received the consent of the local government North Slope Borough Assembly, and the company also inked a landmark Land Use Agreement with Kuukpik Corporation.

 

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