Carnarvon Updates on Reserves at its Assets in Thailand

Australia-listed Carnarvon Petroleum Limited (Carnarvon) provided the following update on its reserves position following the release of a Reserve and Economic Evaluation undertaken by independent expert Chapman Petroleum Engineering Ltd (Chapman). Oil reserves in Thailand at Dec. 31, 2012 have been assigned to Carnarvon’s three on-shore concessions in Thailand, being Concession SW1, Concession L44/43, and Concession L33/43 where it has a 40 percent working interest. Eco Orient Energy (Thailand) Ltd (Eco), the Operator of the Phetchabun Basin producing assets since mid-2012, commissioned Chapman to undertake a third party independent appraisal for financial planning purposes.

Following is a summary of Chapman’s assessment:

1. Developed Producing Reserves of 1.5 million barrels (net to Carnarvon)

  • There are 3.8 million barrels gross of developed producing reserves (a combination of Proved and Probable) comprising:
    • 2.4 million barrels gross of developed producing sandstone reserves; and
    • 1.4 million barrels gross of developed producing igneous reserves

2. Proved Undeveloped Reserves of 2.4 million barrels (net to Carnarvon)

  • There are 6.1 million barrels of undeveloped proven reserves (gross) comprising:
    • 0.8 million barrels of undeveloped proven sandstone reserves (gross). To develop these reserves requires an additional 9 wells at an approximate capital expenditure of $11.6 million or AUD 13 million (gross); and
    • 5.3 million barrels of undeveloped proven igneous reserves (gross). To develop these reserves requires an additional 24 wells at an approximate capital expenditure of $32.2 million or AUD 36 million (gross)

3. Probable Undeveloped Reserves of 8.3 million barrels (net to Carnarvon)

  • There are 20.7 million barrels of undeveloped probable reserves (gross) comprising:
    • 5.5 million barrels of undeveloped probable sandstone reserves (gross). To develop these reserves requires an additional 27 wells at an approximate capital expenditure of $34 million or AUD 38 million (gross); and
    • 15.2 million barrels of undeveloped probable igneous reserves (gross). To develop these reserves requires an additional 56 wells at an approximate capital expenditure of $75.2 million or AUD 84 million (gross)

4. Possible Undeveloped Reserves of 21.3 million barrels (net to Carnarvon)

  • There are 53.1 million barrels of undeveloped possible reserves (gross) comprising:
    • 18.6 million barrels of undeveloped possible sandstone reserves (gross). To develop these reserves requires an additional 38 wells at an approximate capital expenditure of $47.4 million or AUD 53 million (gross); and
    • 34.6 million barrels of undeveloped possible igneous reserves (gross). To develop these reserves requires an additional 101 wells at an approximate capital expenditure of $135.2 million or AUD 151 million (gross)

The timing of the reserves development is dependent on several factors, including environmental approvals, joint venture and government approvals, and availability of equipment such as drilling rigs.


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