1ST JUNE 2002
Overall Project Status update June 2002
May was a significant month for the Bayu-Undan Gas Recycle Project with several key milestones being achieved.
1. On May 12, the CPP jackets departed from Jay Ray McDermotts yard in Batam Indonesia for Bayu-Undan field.
These milestones are all key steps to progressing the Gas Recycle production towards commercial production in 1Q 2004.
June will see the continuation of the offshore installation program with the installation of the CPP jackets. Work will continue to progress on the FSO at Samsung Heavy Industrys yard in Koje, Korea towards the milestone of ready for launch of the FSO on July 28. A significant focus area remains the deck fabrication in Hyundai Heavy Industrys yard in Ulsan, Korea.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR"
PROVISIONS OF THE U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The contents of this website contain forward-looking statements made by, or on behalf of, Phillips and the other Unit Participants. Neither Phillips nor the other Unit Participants undertake to update or revise any of these forward-looking statements. These include, without limitation, statements relating to operations, plans, strategies, objectives, expectations and limitations. These statements are not guarantees of future performance or result. Rather, due to risks, uncertainties and other factors, actual results may differ materially from those expressed in any such forward-looking statement. The following are certain (but not necessarily all) important risk factors that could cause actual results to so differ:
Plans to drill wells and develop Bayu-Undan are subject to: the ability to obtain agreements or consents between or from co-venturers and governmental authorities; engaging drilling, construction and other contractors; geological, land or sea conditions; world prices for oil, natural gas and natural gas liquids; applicable law and regulatory requirements; and the availability of economical financing.
Estimates of proved reserves, raw natural gas supplies, and project cost estimates have been developed using the latest available information and data, and recognized techniques of estimating, including those prescribed by the U.S. Securities and Exchange Commission, generally accepted accounting principles and other applicable requirements.
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