Australia's 3D Oil Limited announced Tuesday that independent expert Gaffney, Cline & Associates (GCA) has completed its Reserves and Contingent Resources Statement for the West Seahorse (WSH) oil field in the offshore Gippsland Basin, Australia. The main highlights of GCA’s report are:
WSH is being developed for production in early 2015 by a joint venture (JV) comprised of 3D Oil 49.9 percent and Carnarvon Hibiscus Pty Ltd (Hibiscus), a wholly owned subsidiary of Hibiscus Petroleum Berhad, as operator with 50.1 percent.
GCA’s assessment is an update of its 2011 report on WSH which established Contingent Resources for the field. The 2013 update was based on a combination of probabilistic and deterministic methods and incorporated revised field mapping by 3D Oil based on reprocessed 3D seismic. GCA also reviewed the JV’s progress on the WSH development project, including economics, and recognized the recent environmental and regulatory approvals, plus the VIC/L31 Production License for the field which was granted Dec. 5, 2013. Consequently, GCA has upgraded its assessment of the main WSH reservoirs from Contingent Resources to Reserves.
3D Oil has also performed extensive reservoir simulations studies, which were reviewed by GCA and used to define a set of oil production profiles that formed the basis for the economic analysis tests to determine Reserves.
The assessment of Reserves provides the foundation for finalizing the WSH financing plan and the JV will now move as quickly as possible towards Final Investment Decision which is anticipated in early 2014.
The full range of undeveloped Oil Reserves for WSH as at Dec. 31, 2013 are:
Gross 100 percent Field (in million barrels)
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