TIDMJUB
RNS Number : 6426L
Jubilant Energy N.V.
06 September 2012
6 September 2012
Jubilant Energy N.V.
("Jubilant" or "the Company")
Reserves and Resources Update for Jubilant's Deen Dayal Field in
Krishna Godavari Block post the approval of Deen Dayal West
Extension Area and Drilling of Appraisal wells in Deen Dayal East
Area
Jubilant is pleased to announce that the Gross Contingent
Resources (2C) in the Deen Dayal Structural complex in the Krishna
Godavari Block have been revised upwards by approximately 11% for
gas and 10.2% for condensate. Gaffney Cline & Associates
("GCA") prepared a Reserves & Resources Update for Deen Dayal
Field Offshore East Coast, India in August 2012 and reports a
Reserves and Resources update as of 31st May 2012.
The revision in the Contingent Resources is the result of the
following:
1. Significant addition to 2C resources pursuant to the award of
the additional 20.5 sq km of DDW Contract area extension for
Development in January 2012 by Government of India.
2. Revision of Deen Dayal East Contingent Resources following
the drilling of two appraisal wells and interpretation of the newly
acquired Q-marine seismic data.
Deen Dayal West Extension ("DDWE")
As previously announced, the Ministry of Petroleum and Natural
Gas of the Government of India ("MoPNG"), had approved an extension
of 20.5 square kilometres to the existing contract area for the
Krishna Godavari Block (KG-OSN-2001/3) in January 2012. As a result
of the extension, the approved development area for Deen Dayal West
(DDW) has increased from 17 square kilometres to a total of 37.5
square kilometres.
DDWE Reserves and Resources were not included in the GCA's
"Competent Person's Report on Indian Assets of Jubilant Energy
N.V." dated 22 November, 2010, whilst the approval was pending. The
Contingent Resource estimates audited by GCA as of 31st May 2012
for the DDWE area are summarized below:
Particulars Gross Contingent Resources Net Contingent Resources
to Jubilant
DDWE
------------------------ -------------------------------- -----------------------------
1C 2C 3C 1C 2C 3C
------------------------ --------- ---------- --------- --------- -------- --------
As of 31 May 2012
-----------------------------------------------------------------------------------------
Recoverable Gas (Bscf) 585 1111 2098 59 111 210
------------------------ --------- ---------- --------- --------- -------- --------
Recoverable Condensate
(MMBbls) 7.00 22.20 50.40 0.70 2.22 5.04
------------------------ --------- ---------- --------- --------- -------- --------
Notes:
1. Resources Net to Jubilant Working Interest. These volumes do
not represent JODPL net economic entitlement under the PSC that
governs Block KG-OSN-2001/3, which will be lower
2. Hydrocarbon liquid volumes represents Condensate, estimated
to be recovered during field separation and are reported in
millions of stock tank barrels.
3. Natural gas volumes represent expected gas sales but have not
been reduced for fuel usage in the field, and are reported in
billion standard cubic feet at standard conditions of 14.7 psia and
60 degF.
4. Royalties payable to the state have not been deducted from reported net interest volumes.
Deen Dayal East ("DDE"):
The revised Deen Dayal East Contingent Resources following the
interpretation of the newly acquired Q-marine seismic data and
drilling of two appraisal wells drilling (DDE-A-1 & DDE-A-2)
was carried out by GCA. The comparative Contingent Resources as of
31 May 2012 and 30 June 2010 are summarized below:
Particulars Gross Contingent Resources Net Contingent Resources
to Jubilant
DDE
------------------------ ------------------------------- -----------------------------
1C 2C 3C 1C 2C 3C
------------------------ --------- --------- --------- --------- -------- --------
As of 31 May 2012
----------------------------------------------------------------------------------------
Recoverable Gas (Bscf) 1,348 2,586 4,376 135 259 438
------------------------ --------- --------- --------- --------- -------- --------
Recoverable Condensate
(MMBbls) 16.20 51.70 105.00 1.62 5.17 10.5
------------------------ --------- --------- --------- --------- -------- --------
As of 30 June 2010
----------------------------------------------------------------------------------------
Recoverable Gas (Bscf) 2,593 3,113 3,353 259 311 353
------------------------ --------- --------- --------- --------- -------- --------
Recoverable Condensate
(MMBbls) 41.50 62.30 80.50 4.15 6.23 8.05
------------------------ --------- --------- --------- --------- -------- --------
Notes:
1. Resources Net to Jubilant Working Interest. These volumes do
not represent JODPL net economic entitlement under the PSC that
governs Block KG-OSN-2001/3, which will be lower
2. Hydrocarbon liquid volumes represents Condensate, estimated
to be recovered during field separation and are reported in
millions of stock tank barrels.
3. Natural gas volumes represent expected gas sales but have not
been reduced for fuel usage in the field, and are reported in
billion standard cubic feet at standard conditions of 14.7 psia and
60 degF.
4. Royalties payable to the state have not been deducted from reported net interest volumes.
A summary of the Reserves and Resources for the whole KG block
as of 31 May 2012 is tabulated below:
Reserves
Particulars Gross Reserves Net Entitlement Reserves
to Jubilant
DDW
---------------------- -------------------------------------------- --------------------------------------------
Proved Proved Proved Proved Proved Proved
Reserves plus Probable plus Probable Reserves plus Probable plus Probable
Reserves plus Possible Reserves plus Possible
Reserves Reserves
---------------------- ---------- --------------- --------------- ---------- --------------- ---------------
Recoverable Volumes
- Gas (Bscf) 1,045 1,612 1,931 80.5 118 136
---------------------- ---------- --------------- --------------- ---------- --------------- ---------------
Recoverable Volumes-
Condensate (MMBbls) 16.70 32.20 46.30 1.26 2.28 3.15
---------------------- ---------- --------------- --------------- ---------- --------------- ---------------
Notes:
1. Reserves Net to JODPL represent the economic entitlement
under the PSC that governs Block KG-OSN-2001/3
2. The statement of Reserves for DDW field are as of 30th June
2010 and should be read in conjunction with GCA's Report "Competent
Person's Report on Indian Assets of Jubilant Energy N.V." dated
22(nd) November, 2010.
3. Hydrocarbon liquid volumes represents Condensate, estimated
to be recovered during field separation and are reported in
millions of stock tank barrels.
4. Natural gas volumes represent expected gas sales but have not
been reduced for fuel usage in the field, and are reported in
billion standard cubic feet at standard conditions of 14.7 psia and
60 degF.
5. Royalties payable to the state have been deducted from
reported net interest volumes.
Contingent Resources - Gas
Particulars Gross Contingent Resources Net Contingent Gas Resources
Gas (Bscf) to Jubilant (Bscf)
--------------------- ------------------------------- ---------------------------------
1C 2C 3C 1C 2C 3C
--------------------- --------- --------- --------- ---------- ---------- ---------
DDE * 1,348 2,586 4,376 135 259 438
--------------------- --------- --------- --------- ---------- ---------- ---------
DDWE * 585 1,111 2,098 59 111 210
--------------------- --------- --------- --------- ---------- ---------- ---------
DDN 529 597 665 53 60 67
--------------------- --------- --------- --------- ---------- ---------- ---------
DDNE- BRU 942 1,134 1,970 94 113 197
--------------------- --------- --------- --------- ---------- ---------- ---------
DDW-DT 340 391 439 34 39 44
--------------------- --------- --------- --------- ---------- ---------- ---------
DD Tertiary 17 41 105 2 4 10
--------------------- --------- --------- --------- ---------- ---------- ---------
DD Upper Cretaceous 30 85 165 3 9 16
--------------------- --------- --------- --------- ---------- ---------- ---------
DD Lower Cretaceous 18 54 99 2 5 10
--------------------- --------- --------- --------- ---------- ---------- ---------
TOTAL 3809 5999 9917 381 600 992
--------------------- --------- --------- --------- ---------- ---------- ---------
Contingent Resources - Condensate
Particulars Gross Contingent Resources Net Contingent Resources
Condensate (MMBbls) to Jubilant Condensate
(MMBbls)
--------------------- ------------------------------- -----------------------------
1C 2C 3C 1C 2C 3C
--------------------- -------- ---------- --------- --------- -------- --------
DDE * 16.2 51.7 105.0 1.62 5.17 10.5
--------------------- -------- ---------- --------- --------- -------- --------
DDWE * 7.0 22.2 50.4 0.70 2.22 5.04
--------------------- -------- ---------- --------- --------- -------- --------
DDN 8.46 11.9 15.9 0.85 1.19 1.60
--------------------- -------- ---------- --------- --------- -------- --------
DDNE BRU 15.1 22.7 47.3 1.51 2.27 4.73
--------------------- -------- ---------- --------- --------- -------- --------
DDW-DT 5.44 7.82 10.5 0.54 0.78 1.05
--------------------- -------- ---------- --------- --------- -------- --------
DD Tertiary 0.27 1.54 8.40 0.03 0.15 0.84
--------------------- -------- ---------- --------- --------- -------- --------
DD Upper Cretaceous 1.20 6.80 26.4 0.12 0.68 2.64
--------------------- -------- ---------- --------- --------- -------- --------
DD Lower Cretaceous 0.29 1.08 2.37 0.03 0.11 0.24
--------------------- -------- ---------- --------- --------- -------- --------
TOTAL 54.0 125.7 266.3 5.4 12.6 26.6
--------------------- -------- ---------- --------- --------- -------- --------
Notes:
1. Resources Net to Jubilant Working Interest. These volumes do
not represent JODPL net economic entitlement under the PSC that
governs Block KG-OSN-2001/3, which will be lower.
2. The figures marked in asterisk (*) denotes estimates from
Reserves & Resources Update for Deen Dayal Field Offshore East
Coast, India prepared by GCA in August 2012 as of 31st May
2012.
3. Other Figures were taken from GCA's Report "Competent
Person's Report on Indian Assets of Jubilant Energy N.V." dated
22(nd) November, 2010 as of 30th June 2010.
4. Hydrocarbon liquid volumes represents Condensate, estimated
to be recovered during field separation and are reported in
millions of stock tank barrels.
5. Natural gas volumes represent expected gas sales but have not
been reduced for fuel usage in the field, and are reported in
billion standard cubic feet at standard conditions of 14.7 psia and
60 degF.
6. Royalties payable to the state have not been deducted from reported net interest volumes.
Prospective Resources
Particulars Gross Prospective Resources Net Prospective Resources GCoS
(Bscf) to Jubilant (Bscf)
------------------ ------------------------------------- ------------------------------------- -----
Low Estimate Best High Low Estimate Best High %
Estimate Estimate Estimate Estimate
------------------ ------------- ---------- ---------- ------------- ---------- ---------- -----
DDNE-BRU Rift
Fill (Prospect) 2,781 4,455 6,266 278 445 627 40
------------------ ------------- ---------- ---------- ------------- ---------- ---------- -----
DD Downthrown
Strat (Lead) - 823 - - 82 - 15
------------------ ------------- ---------- ---------- ------------- ---------- ---------- -----
Notes:
1. Figures were taken from GCA's Report" Competent Person's
Report on Indian Assets of Jubilant Energy N.V." dated 22(nd)
November, 2010 as of 30th June 2010.
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").
Jubilant holds a 10% participating interest in this block
through its subsidiary Jubilant Offshore Drilling Private Limited
in India. Gujarat State Petroleum Corporation Limited, with an 80%
participating interest, is the operator for the block. Geo Global
Resources holds 10%.
Ajay Khandelwal, CEO of the Company commented:
"The overall increase of around 11percent in the Contingent
Resources in the KG Block is a reconfirmation of the immense
potential of this block. The DD West Extension area has added
significantly to the resources, more than our initial assessment,
of about 8-10% increase, thus more than making up for the lowering
of the estimates in DDE. The consortium will now focus on
submitting a revised FDP that includes DDWE, which once approved,
will convert the contingent resources to reserves."
Enquiries:
Ajay Khandelwal, Vipul
Jubilant Energy Agarwal +91 120 4025700
Katherine Roe, Adam
Panmure Gordon James +44 20 7459 3600
Deutsche Bank Rajat Katyal, Drew 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
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