Rich Glory Coin
A Security Debt Tokenization
StormHarbour is a client-focused investment banking partnership,
founded on the bases of Integrity, Trust and Global Expertise
Since 2010, StormHarbour’s Asian franchise has been focusing in private placement financing solutions, providing expertise in pricing and structuring with extensive distribution capabilities in Greater China, Japan, Korea, Australia and SE Asia, covering a wide spectrum of investors.
As an independent, client relationship driven business, we are transparent at every level of our business, from communication to pricing. We have experienced and knowledgeable teams completely focused on our clients’ needs.
Key Strengths
Seven offices worldwide, covering thousands of institutional counterparties, across all major global liquidity pools
160 hands-on industry and product veterans who have held leadership positions at some of the world’s largest financial institutions
Trusted advisor to clients ranging from project & development sponsors to Fortune 500 corporations
Balance sheet light, conflict-free business model that places our clients’ interests first
Actively pursue complex advisory and financing assignments that leverage our global platform
Customized analysis combined with real-time market insights drives our recommendations
Notable Transaction
USD 115 Million
Debt Restructuring Advisory
Sole Arranger & Joint Book Runner
Undisclosed Private Placement
Exclusive Placement Agent
Colombia
Sale of LUKOIL Overseas Colombia
Exclusive Financial Advisor
United States
USD 50 Million
Private Equity Placement
Co-Lead Placement Agent
Global Office Location
Business Structure
A Security Debt Tokenization
Fund raising of the oil field in Dagang Kongnan Block to increase the oil production capacity
Rich Glory Coin, a digital asset, that is backed by secured loan asset, with 3 years’ maturity shall bear fixed 4.5% p.a. interest coupon payable quarterly with potential additional return calculated based on 10% of the positive percentage difference of the 3-month average price of BRENT crude oil spot price between the Drawdown Date and the Maturity Date payable at maturity.
Lead Consultant & Global Coordinator
Project Facilitator
Background of Pan-China Resources Ltd
- In 1997, Pan-China Resources Ltd (PCR) signed a 100% production sharing contract with PetroChina with a maximum term of 30 years.
- PCR was designated as the contractor and operator to develop the Dagang Kongnan Block area.
- Kongnan Block is in southern part of Bohai Bay Basin and is approximately 100 km south of Tianjin metropolis.
- The product sharing contract is currently covering 3 areas and the Kongnan Block currently includes three sub block areas, which are Xixiepo (15.5 km2), Xiaoji (1.04 km2) and Duannan (14.75 km2) with a combined total area of 31.29 km2.
- With the steady production, Kongnan Block is less risky than oil fields in exploration stage. Hence with investments, growth of production is expected.
- Summary of PCR’s Oil Reserves in Kongnan Block as of March 31, 2019
| Oil Reserves | Proven | Proven +Probable | Proven +Probable +Possible |
|---|---|---|---|
| Gross Field (kbbl) | 4.82 | 8.06 | 11.67 |
| PCR’s Net Entitlement (kbbl) | 3.33 | 5.43 | 7.63 |
Production Summary
- PCR has drilled 70 wells in Kongnan Block. The depth of reservoirs are around 2500-3000 meters, as of April 30, 2020
- The project has 72 oil production wells, 12 water injection wells.
- From Jan to May 2020, The cumulative oil production for Kongnan is 210,069 bbl.
| 2018 | 2019 | 2020, Jan-May | |
|---|---|---|---|
| Gross Field (kbbl) | 1,414 | 1,626 | 1,203 |
| PCR’s Net Entitlement (kbbl) | 953 | 1,315 | 983 |
UNIWE International Energy Limited has estimated the Market Value of PCR’s oil assets is between
US$43 million and US$47 million.
Oil Sales
- PCR has drilled 70 wells in Kongnan Block. The depth of reservoirs are around 2500-3000 meters, as of April 30, 2020.
- PCR has drilled 70 wells in Kongnan Block. The depth of reservoirs are around 2500-3000 meters, as of April 30, 2020.
- From Jan to May 2020, The cumulative oil production for Kongnan is 210,069 bbl.
2017 |
2018 |
2019 |
2020 |
|
|---|---|---|---|---|
| Annual sales price (US/bbl) | 54.17 | 71.34 | 64.26 | 44.97 |
Produced oil from Kongnan is being gathered in oil tanks placed at each oil producer well site, and each well has one or a pair of oil gathering tanks.
At that point, oil is passed through a flow meter and enters Dagang Oil Field joint gathering station.
The central processing facility of the Dagang Oil Field which is operated by PetroChina, a subsidiary of China National Petroleum Corporation (CNPC).
Kongnan Annual oil Sales Production Forecast (Gross Basis)
Year |
Kongnan Annual Oil Sales Production Forecast (Gross Basis) (Bbl) |
|||
|---|---|---|---|---|
Proved |
Probable |
Possible |
Proved + Probable |
|
| 2020 | 653,098 | 21,624 | 16,320 | 674,722 |
| 2021 | 711,648 | 206,694 | 200,374 | 918,342 |
| 2022 | 712,788 | 539,682 | 575,183 | 1,252,470 |
| 2023 | 611,621 | 612,426 | 795,832 | 1,224,047 |
Base Price Forecasts as of December 31,2019
The international benchmark Brent crude oil price averaged US$64/bbl in 2019
- Annual daily low: US$55/bbl in early January 2019
- Annual daily high: US$75/bbl in late April 2019
- Annual fluctuation range of US$20/bbl
| Year | Brent Oil Price by Sproule (US$/bbl) | Brent Oil Price by Ryder Scott (US$/bbl) | Brent Oil Price by UNIWE (US$/bbl) | Oil sales Price Forecast for Kongnan Block (US$/bbl) |
|---|---|---|---|---|
| 2020 | 65.00 | 67.20 | 60.00 | 53.08 |
| 2021 | 68.00 | 70.56 | 63.00 | 55.94 |
| 2022 | 70.00 | 72.60 | 65.00 | 57.80 |
| 2023 | 71.40 | 73.44 | 66.30 | 58.96 |
| 2024 | 72.83 | 74.20 | 67.63 | 60.13 |
| 2025 | 74.28 | 75.60 | 68.98 | 61.34 |
| 2026 | 75.77 | 78.23 | 70.36 | 62.56 |
| 2027 | 77.29 | 79.80 | 71.77 | 63.82 |
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