Drillsearch Energy Limited reported a significant increase of 157 percent in the Company’s 2P (proven and probable) Reserves to 28.5 million barrels of oil equivalent (MMboe) and a 41 percent increase in its 2C Contingent Resources to 14.8 MMboe as at the end of the 2013 Financial Year (FY). The uplift in Reserves and Contingent Resources follows the completion of the Company’s latest annual independent Reserves and Contingent Resources review by RISC and DeGolyer and MacNaughton.
The table below sets out the Company’s Reserves and Contingent Resources position as June 30.
Business Segment Reserves (MMboe)
Business Segment Contingent Reserves (MMboe)
Reserves and Contingent Resources in the above table for the Western Cooper Wet Gas Project – PEL 106A Gas Project Area have been adjusted by Drillsearch to show Reserves and Contingent Resources with a 40 percent interest to reflect the impending Joint Venture farmin by Santos Limited. As announced July 4 Drillsearch ownership in PEL 106A and PEL 513 will reduce to 40 percent and operatorship pass to Santos Limited upon completion. This transaction is expected to complete in September 2013.
The increases in Reserves and Contingent Resources since July 1 were driven by four factors:
Drillsearch Managing Director Brad Lingo said, “We are very pleased with the ongoing growth in the Company’s Reserves and Resources, which demonstrates Drillsearch’s ability to deliver on our focused strategy. The success of exploration, development and production across our Cooper Basin acreage has established a strong platform of Reserves and Resources upon which we can continue to grow the Company into a significant Cooper Basin-focused oil and gas producer.”
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