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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K

The propos depleted facilities storage fa geological suitable contemplat season cap and third injected pressures be kept at

ed undergrou reservoir at . Our design cility was pr and mechanic for natural es increment acity is 25 B season onwa into the re from 2,400 ps 500 MMCFD to

storage

facility

will be

located in the

n-Brasil

Field and

include

above ground

reservoir as a

depleted

this

of

nd

natural

gas

the B1

Horizo

proposal

for

the use

epared

by

Nethe

al modeling,

r

rland Sewell. Netherland Sewell, after eported the reservoir at the B1 horizon as

al

increases i

CF

(billion cub

rd

is 50 BCF.

gas

storage.

The design n capacity

capacity of the storage

over

three

seasons.

The

ic feet), second season capacity is

The

design

proposes

that

natural

field first

40 BCF gas be

at 350

MMCFD(million

3,200 p

si. Extraction

cubic

feet per

day) at

flows

of natural

gas will

servoir i up to

maintain stru

ctural

integrity

of the

reservoir.

The

storage facility ground facilities

plans call for 22 i will include compres

njection and extraction sion stations.

wells.

The

above

We submitted the storage permit to the for full review on October 14, 2005. the filing of this permit due to the p storage permit applications having management has no reliable estimate co be presented for decision by staff to

CRE on Several roposed

August 5, 2005 and it was accepted

unique questions location and the

are presented by lack of previous

been

considered

by

CRE.

As a

result,

ncerning when this permit the CRE Commissioners.

application

will

Regasifica

tion

company

TORP

Station will

be

based on

technology

Technology.

It

utilizes

an unmanned

The

proposed

Offshore

LNG

developed

by the

Norwegian

floating

station

called a HiLoad.

I

cubic feet pe

r

day). This

technology

and carry

out

regasification

operati

utilizes

LNG

vaporizers of

the she

heating

medium.

The LNG

station will

from the

coast at

a depth

of 450 feet.

system and central mooring of the LNG and pipelines will

control

will be l

carrier connect

vessels. the HiLoad

E

t has a p permits ons witho ll and t be locat A suppor ocated o lectrical to the on

eak capacity of 1.4 BCFD (billion any LNG carrier vessel to connect

ut

any

vessel

modifications.

It

ube type, ed no less

with sea water as the than 40 nautical miles

t station

with a

n-shore.

A buoy

power generation will support the

power cables, control umbilicals

  • -

    shore support station.

There are generation

proactive

significant

challenges f

industry in

Northeastern

role

in

this

region

wit

or the

n

h

Mexico. a view

atural

gas

supply

to the power

to

We believe the substantially

CFE has taken a

improving

the

  • -

    24-

reliability, flexibility and

pricing of the natural gas supply. Presently, there

are

three LNG

regasification

at

Altamira,

Rosarito and

projects permitted or under

Manzanillo.

Additionally,

construction in Mexico

there

new

electrical

generation forecasted

plants and natural gas

associated

pipelines

demand

growth

in

the

under

region

construction.

from

2004

through

The CFE has

year

2013.

The CFE

forecasts gas demand will increase from

2013.

Natural

gas

storage

facilities

in

northern

1.7 BCFD in Mexico will

2004 to provide

4.2 BCFD in a reliable,

flexible gas supplies while pricing.

creating

conditions

for

competitive

natural gas

With the financing

assistance of our

of

the

project

financial should b

e

advisory firm , we

possible

under

a

have determined that commercial structure

acceptable to deb agreements with c project. Another raise debt finan strategic and/or required by debt making presentat equity investors.

On this basis,

we

configuration,

c

t provide reditwort

essenti cing is t

financi provider ions of

We have could co

ould

att

rs that would invo hy counterparties al factor that is he ability of Terr al investors in s. Our financial the project to the received positive nclude that the pr

ract

considerable

lve

long-term

capacity

reservation

for each constituent element of the critcal for the project's ability to

anova to attract equity

the

amounts

which

are

capital from likely to be

advisory potential

firm has assisted us in strategic and financial

feedback from

several such parties.

oject,

in

its

currently

envisioned

equity

capital

from

the

potential

28

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