Interra Resources Limited announced Monday that further to its proposed acquisition of PT Benakat Barat Petroleum the Company has commissioned Gaffney Cline & Associates (Consultants) Pte. Ltd. (GCA), to provide an independent assessment of the reserves and resources of the Benakat Barat Block in South Sumatra, Indonesia and to prepare an independent reserve report in connection therewith (the Updated Reserve Report).
The Updated Reserve Report will cover the following:
(a) Estimates of Proved (1P), Proved + Probable (2P), and Proved + Probable + Possible (3P) Reserves, according to Society of Petroleum Engineers-Petroleum Reserves Managment System (SPE-PRMS) definitions and the Listing Rules of the Singapore Exchange Securities Trading Limited (SGX-ST). Reserves will be reported on an Economic Entitlement basis
(b) Estimates of Contingent Resources associated with the 1C, 2C and 3C categories, according to SPE-PRMS definitions and the Listing Rules of the SGX-ST. Appropriate descriptions of risk factors for the Contingent Resources will be stated
(c) Estimates of Prospective Resources for prospects according to SPE-PRMS definitions and the Listing Rules of the SGX-ST. Corresponding estimates of the Geological Chance of Success (GCOs) will be tabulated along with the range of un-risked volume numbers (Low, Best, High) for each prospect
(d) The report will represent a GCA independent opinion and therefore only GCA-sanctioned economic parameters and procedures will be employed unless the Company has a preferred oil and gas price outlook which is acceptable to GCA
GCA will be performing the work according to the guidelines and definitions as published in March 2007 and referred to as the Petroleum Resources Management System (SPE-PRMS) that was approved by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, and the Society of Petroleum Evaluation Engineers.
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