Asia star chemical money to buy small oil field cost-efficient transformation

Asia Star Chemistry July 23 A paper announcement, proposed to raise capital 1.48 billion acquisition of U.S. oil fields, thus into the oil and gas fields. Although the company's stock price continuous trading, but many people in the industry questioned: "pay a large price to buy a big oil field, the transaction is overvalued." "Cost nearly 1 billion overseas to take a closer look at the announcement, the company intends to raise capital not exceeding 1.48 billion yuan, to buy the top ROSE HOLDINGS Ltd. 158 million U.S. dollars (" tr Company ") 87.5% of the equity, 430 million yuan replenishment liquidity. The company is indirectly holding a 80% per cent stake in the Synergy Oil & Gas company through a complex offshore relationship, with its core assets in the California field ("LCW asset"), where the star chemical spends nearly 1 billion yuan on 190 acres of LCW in California. Synergy Company since its establishment last June to December 31, the loss of 787100 U.S. dollars. Buying a loss-making company on the surface is a lucrative deal. If the company's acquisition of overseas oil fields is the future of the "profitability of the gradual increase" to master the huge oil and gas resources and oil exploration technology, and even after the private enterprises to open the import of oil and gas to return, intended to the long-term. Then it is necessary to analyze the reserves of oil and gas resources of LCW assets. According to the bulletin, October 2012, LCW assets proved total reserves of 2.6154 million equivalent barrels (of which 2.1656 million barrels of crude oil). However, according to the bulletin, Synergy has set ambitious reserves and capacity upgrading plans, 2014 of the next three years, developed production reserves (PDP) will reach 5 million barrels, 10 million barrels and 30 million barrels respectively. In this respect, senior oil and gas industry personage said, this capacity enhancement plan feasibility is doubtful, after all this is the California oil field, but not the Middle East oil field. "Such a small oil and gas block, which could have produced so much oil." "The source also pointed out that the California oil industry's legal and policy environment is very poor, the government and the public do not support the mining of oil and gas in the state, geological risk is also large, the U.S. Energy Information Agency recently announced a significant reduction of technical recoverable reserves of the" giant "Shale play in California. The above reserves and capacity upgrading plan has a huge difference from the actual production of the oil field. The announcement shows that 2012, 2013 and 2014 1-May, the total oil and gas production of LCW assets were only 12.96, 13.54 and 77,400 equivalent barrels respectively, the daily average oil and gas output is 360 equivalent barrels, 376 equivalent barrels and 516 equivalent barrels. Low cost performance reporter Comb notice found that with the United States are holding, and shares, Po mo shares, Ren Zhi oil clothing, such as the acquisition of overseas oil and gas assets, whether it is proven reserves or current production capacity, the LCW assets are to be purchased by the pediatrics, the price is not expensive. The US shares announcement that the company acquired 135 million U.S. dollars at the end of 2013 to acquire the Woodbinesand oil field in the Eagle Ford area, 1.730,000 acres. Sand at that time recoverable oil and gas equivalent of 50.4 million barrels, Nissan Oil and gas equivalent of 8058 barrels equivalent/day, resource acquisition cost of 16 USD/barrel. This shows that the transaction of the United States and the Asian star chemical costs are comparable, the access to the block resources are dozens of times times. Look at the shares again. In June this year, the company raised 3.12 billion to complete a 95% per cent stake in Kazakhstan's oil company. The core asset is the three oil fields in the Caspian Basin, which is rich in oil and gas in Kazakhstan, the total exploration area is 75.2 square kilometers, the output is about 550,000 tons/year, and the density of 7.35 is more than 4 million barrels/year. Maarten Oil 2012 net profit of 113 million U.S. dollars, 2013 years ago three quarter 89.51 million dollars. The oil fields bought by the company's shares appear to be more cost-effective. In January this year, the company acquired the Canadian Sharp Energy company (Rally Canada Resources Ltd.) at no more than RMB 120 million. 51% of the equity. Sharp energy in the Canadian West-Canada Basin three core exploration and development areas with "785 square kilometers 100% mineral oil and gas blocks," the estimated recoverable reserves of 35 million barrels of light crude oil. It is alarming that a listed company has encountered an awkward bureau when acquiring oil fields overseas. Golden Leaf Jewellery The cat Canyon and Casmalia oilfield, which spent $665 million to buy US erg resources in February this year, is located in the state of California, assessing that recoverable reserves of 1p (proven reserves) are about 177 million barrels, after exposure to Cat canyon real reserves of only 2.3 million barrels, Most of its 300 wells were discontinued for more than 20 years. The star chemistry This "spends the big price to buy the small oil field" whether the row, specially the directional additional issue can obtain the supervisory department approval, also needs to observe. A noteworthy detail is that the Asian star chemical June 18 suspension, only one months after the launch of the plan. Some brokerage sponsors have bluntly, usually such acquisitions, involving overseas project verification more difficult, not three months down. It is rare to be so swift. Ren Zhi Oil Clothing in the suspension of six months before the launch of the plan, is and shares is 3 months.