GCA Reports Higher Reserves at West Linapacan 'A' Field off Palawan Island
Nido Petroleum Limited (Nido or the Company) revealed Wednesday the results of an independent reserves and resources assessment of the West Linapacan ‘A’ oil field in Service Contract 14C2 offshore Palawan Island, the Philippines as at Feb. 28 undertaken by Gaffney Cline and Associates (GCA) on behalf of Nido. GCA’s latest assessment updates the West Linapacan ‘A’ reserves announcement released to the market Sept. 4, 2013.
Increased Reserves Booking
Total West Linapacan ‘A’ field 1P (Proved) Reserves are now booked at 11.6 million stock tank barrels (MMstb) on a gross basis, based on a three multi-lateral well development scenario. 2P (Proved plus Probable) and 3P (Proved plus Probable plus Possible) Reserves were estimated at 18.2 and 22.8 MMstb respectively on a gross basis.
The table below summarizes Nido’s net Entitlement Reserves for the West Linapacan ‘A’ field at the 1P (Proved), 2P (Proven plus Probable) and 3P (Proven plus Probable plus Possible) as at Feb. 28.
Reserves Category (Un-developed Reserves Justified for Development)
- 1P (Proved): Reserves Gross 100 percent field - 11.60 (MMstb of crude oil); Reserves Net to Nido's Entitlement Interest - 2.4 (Mmstb of crude oil)
- 2P (Proved plus Probable): Reserves Gross 100 percent field - 18.20 (MMstb of crude oil); Reserves Net to Nido's Entitlement Interest - 3.5 (Mmstb of crude oil)
- 3P (Proved plus Probable plus Possible): Reserves Gross 100 percent field - 22.80 (MMstb of crude oil); Reserves Net to Nido's Entitlement Interest - 4.3 (Mmstb of crude oil)
GCA’s Reserves have been estimated in accordance with the SPE/WPC/AAPG/SPEE Petroleum Resource System (SPE PRMS) Definitions and Guidelines and the ASX Listing Rules including proposed Listing Rules 5.25 to 5.44 where applicable.
Nido’s Managing Director, Phil Byrne, commenting on the increased Independent Reserves Estimation, stated: “The updated independent reserves assessment by GCA for a three well re-development of the West Linapacan oil field, which materially increases the 1P, 2P and 3P reserves in the main Linapacan Limestone reservoir, further demonstrates the robustness and attractiveness of this project for our Company.
In addition to the updated reserves assessment, I am pleased with the progress made by SC 14C2 Operator RMA West Linapacan Pte Ltd (RMA) over the past few weeks with respect to finalizing the Front End Engineering and Design (FEED) work for the project, including securing key long lead drilling items, advancing discussions with FPSO and rig owners, and finalizing the Field Development Plan.
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