Triton holds a participating interest of 36% in onshore Block M, located in the southern region of Brunei Darussalam. Block M is comprised of 3,100 sq km of hydrocarbon prolific acreage, and lies immediately adjacent to the billion barrels Seria field. The block contains the undeveloped Belait oil and gas accumulation and the acreage is characterised by shallow reservoirs, with evidence of numerous oil seeps across its surface area.
Block M has been independently certified as holding a contingent resource of 45-264 million barrels of oil equivalent. The Operator for Block M is Tap Oil Limited (ASX: TAP).
Investment Highlight
Brunei, Asia's Largest Oil Producer
In June 2007, Triton acquired a 25% equity interest in Block-M onshore Brunei, through the acquisition of 100% of the shares in the capital of Valiant International Petroleum Limited, which has changed its name to Triton Borneo Limited;
In June 2008, Triton acquired an additional 11% participating interest in Block-M, from Jana Corp. Sdn. Bhd., taking Triton's total participating interest in the Block to 36%;
Block-M is comprised of 3,100 sq km of hydrocarbon prolific acreage, including the Belait oil and gas field;
The Block includes known hydrocarbons and proven trap system; and
The acreage is characterised by shallow reservoirs, with evidence of numerous oil seeps across its surface area.
Click on the image to enlarge.
Existing Discovery - Belait Oil & Gas Field
Discovered in early 1990s but never formerly developed;
A Contingent Resource of 26-95 million barrels of oil equivalent
(net to Triton) based on independent analysis by Netherland Sewell;
Estimates may increase substantially in the near-term as other field
formations are mapped; and
Negotiated contractor take is significantly better than typical Brunei PSCs.
Tremendous Exploration Potential
Considered underexplored despite successful historical exploration activity;
No drilling since 1988;
Portfolio of significant play types identified;
Several trillion cubic feet of gas potential; and
Several billion barrels of oil potential.
Regional Overview
Brunei is situated in the northwest of the island of Borneo, between the Malaysian states of Sarawak on the west and Sabah on the east.
The block is dominated by two structural features: the Belait Syncline and the Belait Anticline, commonly known as Belait Field. Belait Field is situated over the convergence of the Beliat Fault and the eastward-verging faults of the Belait Anticline.
The Belait Field area covers almost 122 sq km. Oil was discovered in 1913 and was produced from 1924 to 1931 from the Belait 2 well. Successful oil and gas tests were confirmed from several other wells after that time. A total of 18 wells have been drilled within Belait Field since 1912.
The very first recorded exploration in the area was in the early 1900s by British Borneo, Anglo Saxon, Malayan and Nederland companies. These companies conducted mostly geological field operations and mapping. Numerous surface hydrocarbon seeps were noted and a drilling campaign was undertaken.
Brunei Shell Petroleum (‘BSP’) acquired the first seismic data during the 1970s and 1980s, and wells drilled based on seismic data soon followed. The last exploration well drilled in Block M was in early 1988. Block M has produced oil and gas on a limited basis with reported cumulative oil production of 32 MBO and tested gas rates as high as 15 MMCFD. Numerous wells reported hydrocarbons on test and indications of hydrocarbons through mud logs and log analysis.
The last major drilling campaign took place in the mid 1980’s when significant gas flows were reported from the Belait region. At that time there was no demand for the gas and, with a drop in crude oil prices in 1986, activity on the block was suspended.
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Brunei Darussalam Snapshot
Official Name Negara Brunei Darussalam
Government Type Constitutional Sultanate
Capital Bandar Seri Begawan
Size Total - 5,770 km2 Land - 5,270 km2 Water - 500 km2
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