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)
2. Proved Undeveloped Reserves of 2.4 million barrels (net to Carnarvon)
3. Probable Undeveloped Reserves of 8.3 million barrels (net to Carnarvon)
4. Possible Undeveloped Reserves of 21.3 million barrels (net to Carnarvon)
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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