TIDMJUB
RNS Number : 0797L
Jubilant Energy N.V.
30 August 2012
Jubilant Energy N.V.
30 August 2012
Jubilant Energy N.V.
("Jubilant" or "the Company")
Reserves and Resources Update for Jubilant's Kharsang Field
Jubilant is pleased to announce an upward revision in its
Reserves, Contingent Resources and Prospective Resources for the
Kharsang Field in Arunachal Pradesh. The Reserves and Resources
Estimation for the Kharsang Field, prepared by Gaffney Cline &
Associates ("GCA") in August 2012, gives the update as of 31
December 2011.
Key Highlights:
-- Production
o Cumulative Oil production as of 31st December 2011: 9.98
MMBbls (9.00 MMBbls as of 30(th) June 2010)
-- Reserves
o Gross Oil Reserves ranges from 3.65 MMBbls to 6.03 MMBbls with
2P Reserves of 5.31 MMBbls. Gross 2P Oil Reserves has increased by
9.5% in comparison with the previous GCA Gross 2P Oil Reserves as
of 30th June 2010 after adjusting for production.
o Net Entitlement Oil Reserves of Jubilant ranges from 0.74
MMBbls to 1.23 MMBbls with Net 2P Reserves of 1.08 MMBbls. The 2P
Net Entitlement Oil Reserves has increased by 11.9% in comparison
with the previous GCA Net Entitlement Oil Reserves as of 30th June
2010 after adjusting for production.
-- Contingent Oil & Gas Resources
o Gross Contingent Oil Resources ranges from 2.47 MMBbls to 3.85
MMBbls with 2C Oil Resources of 3.13 MMBbls. Gross 2C Oil Resources
has increased by approximately 286% in comparison with the previous
GCA Gross 2C Oil Resources as of 30th June 2010.
o Net Contingent Oil Resources of Jubilant ranges from 0.62
MMBbls to 0.96 MMBbls with Net 2C Oil Resources of 0.78 MMBbls.
o Gross Contingent Gas Resources ranges from 15.9 Bscf to 43.5
Bscf with 2C Gas Resources of 27.7 Bscf. Gross 2C Gas Resources has
increased by 45% in comparison with the previous GCA Gross 2C Gas
Resources as of 30th June 2010.
o Net Contingent Gas Resources to Jubilant ranges from 4.0 Bscf
to 10.9 Bscf with Net 2C Gas Resources of 6.9 Bscf. Net 2C Gas
Resources to Jubilant has increased by 45% in comparison with the
previous GCA Gross 2C Gas Resources as of 30th June 2010.
-- Prospective Oil & Gas Resources
Significant exploration upside- Best Estimate Gross Unrisked
Prospective Resources:
o Namsang Oil Prospects : 2.6 MMBbls with GCoS of 75%
o Lower Girujan Oil Prospects: 9.9 MMBbls with GCoS of 50%
o Lower Girujan Gas Prospect: 102 Bscf with GCoS of 50%
o Tipam Gas Prospect: 296 Bscf with GCoS of 50%.
Reserves
The comparative Reserves as of 31 December 2011 and 30 June 2010
are summarized below:
Particulars Cumulative Gross Reserves Net Entitlement Reserves
Production to Jubilant*
--------------- ------------ ------------------------------------------ -------------------------------------------
Proved Proved Proved Proved Proved Proved
Reserves plus Probable plus Probable Reserves plus Probable plus Probable
Reserves plus Possible Reserves plus Possible
Reserves Reserves
--------------- ------------ ---------- -------------- -------------- ---------- -------------- ---------------
As of 31 December 2011
----------------------------------------------------------------------------------------------------------------------
Oil (MMBbls) 9.98 3.65 5.31 6.03 0.74 1.08 1.23
--------------- ------------ ---------- -------------- -------------- ---------- -------------- ---------------
As of 30 June 2010
----------------------------------------------------------------------------------------------------------------------
Oil (MMBbls) 9.00 2.49 5.83 6.78 0.52 1.16 1.32
--------------- ------------ ---------- -------------- -------------- ---------- -------------- ---------------
Increase
(%) -
adjusted
for
production -- -- 9.5 -- -- 11.9 --
--------------- ------------ ---------- -------------- -------------- ---------- -------------- ---------------
* Net Entitlement Reserves reflect net pre-tax revenue
attributable to the Contractor's Working Interest, converted to
equivalent stock tank barrels
The revision in the Proved Reserves was on account of drilling
additional infill and step-out development wells, which were
drilled under the Phase III drilling programme and the successful
workover activities. As previously announced, the consortium
undertook a seven well development drilling in 2011-12 with six of
the wells testing for oil and put under production. The remaining
one well was tested for gas and has been kept shut for future gas
utilization, as may be commercially viable.
Contingent Resources
Particulars Gross Contingent Resources Net Contingent Resources
to Jubilant
--------------- ------------------------------- -----------------------------
1C 2C 3C 1C 2C 3C
--------------- ---------- ---------- ------- --------- -------- --------
As of 31 December 2011
-------------------------------------------------------------------------------
Oil (MMBbls) 2.47 3.13 3.85 0.62 0.78 0.96
--------------- ---------- ---------- ------- --------- -------- --------
Gas (Bscf) 15.9 27.7 43.5 4.0 6.9 10.9
--------------- ---------- ---------- ------- --------- -------- --------
As of 30 June 2010
-------------------------------------------------------------------------------
Oil (MMbbl) 0.47 0.81 1.02 0.12 0.20 0.25
--------------- ---------- ---------- ------- --------- -------- --------
Gas (Bscf) 8.6 19.1 32.6 2.2 4.8 8.2
--------------- ---------- ---------- ------- --------- -------- --------
Increase
(%) Oil -- 286 -- -- 286 --
--------------- ---------- ---------- ------- --------- -------- --------
Increase
(%)
Gas -- 45 -- -- 45 --
--------------- ---------- ---------- ------- --------- -------- --------
Notes:
1. Net Oil or Gas Contingent Resources are an indication of the
working interest fraction of the Gross Contingent Resources
2. The volumes reported here are "unrisked" in the sense that
"Chance of Development" values have not been arithmetically applied
to the designated volumes within this assessment. "Chance of
Development" represents an indicative estimate of the probability
that the Contingent Resource will be developed, which would warrant
the re-classification of that volume as a Reserve.
Contingent Oil Resources:
Projects that have been assigned Contingent Resources (Oil)
consist of the following:
-- The recoverable volumes beyond PML period (June 2020) for the "Reserves" projects
-- Full reservoir development of the A-B heavy oil (60cp)
reservoirs utilizing thermal recovery techniques, which could
possibly occur with first production in mid 2014.
-- Gas lift using compressed gas in 10-15 wells
Contingent Gas Resources:
Contingent Resources have been assigned to gas in the Upper
Girujan considering the possibility of selling gas utilizing the
non-associated gas ("NAG") and associated gas from the field. The
gas cap GIIP was increased by 30% based on preliminary indications
after the discovery of an additional gas up-structure in the deeper
upper Girujan reservoirs during the recent 2010-11 appraisal cum
development drilling of several wells. Quantification of the gas in
the deeper upper Girujan reservoirs was still ongoing at the time
of the GCA report and it is possible that the GIIP could be much
higher.
Prospective Resources
Prospect Gross Prospective Resources Net Prospective Resources GCoS (%)
Name to Jubilant
--------------- ------------------------------------- ------------------------------------- ---------
Low Estimate Best High Low Estimate Best High
Estimate Estimate Estimate Estimate
--------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
As of 31 December 2011
--------------------------------------------------------------------------------------------- ---------
Oil (Namsang)
(MMBbls) 0.2 2.6 15.8 0.05 0.65 4.0 75
--------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Oil (Lower
Girujan)
(MMBbls) 2.7 9.9 24.5 0.68 2.5 6.1 50
--------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Gas (Lower
Girujan)
(Bscf) 45 102 202 11 26 51 50
--------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Gas (Tipam)
(Bscf) 122 296 560 31 74 140 50
--------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Notes:
1. Although the above prospects have been drilled, results to
date have not been definitive enough to warrant their
classification as discoveries, and hence Contingent Resources,
instead they are retained as Prospective Resources pending further
exploration activities.
2. Net Oil or Gas Prospective Resources are an indication of the
working interest fraction of the Gross Prospective Resources
3. The GCoS reported here represents an indicative estimate of
the probability that further drilling this prospect would result in
a discovery, which would warrant the re-classification of that
volume as a Contingent Resource. The GCoS value for Contingent
Resource is by definition, unity. These GCoS values have not been
arithmetically applied to the designated volumes with in this
assessment. Thus the volumes are "unrisked".
GCA has estimated the Reserves, Contingent Resources and
Prospective Resources using the Petroleum Resources Management
System published by the Society of Petroleum Engineers/ World
Petroleum Council American Association of Petroleum Geologists/
Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in
March 2007 ("SPE PRMS").
GeoEnpro Petroleum Ltd., a joint venture between GeoPetrol and
Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is
the operator of the Kharsang Field. Jubilant holds a 25 percent
interest in the block through its subsidiary, Jubilant Energy
(Kharsang) Pvt. Ltd. The other members of the consortium are Oil
India Ltd. and GeoPetrol.
Enquiries:
Ajay Khandelwal, Vipul
Jubilant Energy Agarwal +91 120 4025700
Katherine Roe, Adam
Panmure Gordon James +44 20 7459 3600
Rajat Katyal, Drew
Deutsche Bank Price +44 20 7547 8000
Nick Elwes, Alexandra
College Hill Roper +44 20 7457 2020
Competent Person's - Consent for Release
Mr. Ramesh Bhatia - Vice President (Exploration), holds a
Master's of Science degree in Applied Petroleum Geology and has
over 20 years of experience in the Oil and Gas Exploration,
Development and Production industry. He has reviewed and approved
the technical information contained in this announcement pursuant
to the AIM guidance note for mining and oil and gas companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFVDTAIIVIF
Jubilant Energy (LSE:JUB)
Historical Stock Chart
From Jul 2024 to Aug 2024
Jubilant Energy (LSE:JUB)
Historical Stock Chart
From Aug 2023 to Aug 2024
