Voya Asia Pacific High Dividend Equity Income Fund T.IAE

Primary Symbol: IAE

Voya Asia Pacific High Dividend Equity Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is total return through a combination of current income, capital gains and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of dividend yielding equity securities of Asia Pacific companies. The Fund will seek to achieve its investment objective by investing at least 80% of its managed assets in dividend producing equity securities of, or derivatives having economic characteristics similar to the equity securities of Asia Pacific Companies that are listed and traded principally on Asia Pacific exchanges. The Fund will invest in approximately 60-120 equity securities and will select securities through a bottom-up process that is based upon quantitative screening and fundamental analysis. Voya Investments, LLC is an investment adviser of the Fund.

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Voya Asia Pacific High Dividend Equity Income Fund

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Comment by Irulecrapon Aug 26, 2010 11:48am

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Post# 17386016

RE: RE: Experts who have talked about

They will be drilling production wells on there current holdings and the price is cheap for what they are already producing.

Stella discovery successfully de-risked by the 30/6a-8 appraisal well

Post appraisal well independent reserves audit of Stella (Sproule, April 2010):

Over 500 ft Gas / Condensate column with 222 ft Oil rim

2P net reserves: 14.37 mmboe

NPV10: US$ 294 M (before tax)

Confirmation of the development of Stella de-risks development of Harrier by providing an off-take route and significant Capex synergies
GSA Development Team has been assembled to undertake concept selection and detailed development planning
A number of potential off-take hosts are already engaged in constructive commercial discussions

Background

The Greater Stella Area became a core focus for Ithaca with the purchase of a 66.66% working interest in the Stella and Harrierundeveloped discoveries from Shell and Esso in August 2008. Ithacaexpanded its portfolio in this area with awards for three part blocksin the area in the 25th UKCS Licensing Round. These blocks contain theHurricane undeveloped discovery and significant exploration upside inthe shallow Palaeocene and deep HPHT (high pressure, hightemperature) plays to the north west, just south of the Totaloperated Elgin/Franklin and Shell operated Shearwater giant HPHT gascondensate fields. This area lies in the heart of the prolific CentralGraben of the North Sea and is surrounded by numerous producing fieldsand undeveloped discoveries. Major E&P companies including Total,Shell, ExxonMobil, BG, BP, Maersk and ConocoPhillips operate platformsand pipelines in the area which provide several options for the exportof hydrocarbons from the development.

Havingtaken over operatorship of the Stella/Harrier block from Maersk inNovember 2009 and following through on the intent to unlock thepotential of the Greater Stella Area, Ithaca drilled an appraisal wellon the Stella discovery in early 2010. Following the success of thiswell and its sidetrack Ithaca plans to submit a joint Field DevelopmentPlan for the Stella and Harrier discoveries in Q1 2011. Severaloff-take routes are under serious consideration and discussions withthe hosts have already been advanced beyond the initial stages.Detailed development planning is ongoing but, the development scheme islikely to involve 5 production wells drilled from a sub-sea drillingcentre on Stella and 2 further production wells drilled from a secondsub-sea drilling centre on Harrier. The Harrier centre will be tiedback to the Stella centre where the hydrocarbons from both fields (oiland gas) will be passed through a sub-sea pipeline to a host facility.

Tofully leverage the operational synergies available through thedevelopment drilling campaign on Stella and Harrier, the appraisal ofthe Hurricane discovery is planned at the same time. This will allowthe fast track development of the discovery, currently planned as 2 oilproducers and a water injector tied back to the Stella drilling centreand represents the second major development phase for the GreaterStella Area Development,

First Gas / Condensate and Oil production fromStella / Harrier is expected to be Q4 2012 with First Oil fromHurricane expected Q3 2013.

Ithaca intends to continue to hunt for additionalopportunities to in the area including potentially economic undevelopeddiscoveries. This will allow the company to take advantage ofoperational synergies and to create "economies of scale".