Tap Oil Provides Independent Reserve Estimates for Thailand's Manora Field

Australia's Tap Oil Limited provided Wednesday the following update on the estimation of Manora reserves and resources in the G1/48 concession in the Gulf of Thailand as at May 31 undertaken by Netherland, Sewell & Associates, Inc. (NSAI), an independent reserves consultant.

NSAI Reserves Estimates as at May 31

Under the Borrowing Base Debt Facility, an independent report on Manora reserves estimates is required by Tap’s banks following completion of construction of the Manora oil development and commencement of production and sales. NSAI has now completed this report as at May 31, and it was compiled using the results of all the wells drilled to date for the Manora Oil Development. The NSAI estimate includes a requirement for two additional development wells in the east fault block and their production and capital expenditure (Capex) profiles assume this occurs in 2016. The NSAI report at May 31 assumes waterflood recovery process for the reservoirs currently under water injection.

The range of NSAI’s reserves estimates for the Manora Oil Development as at May 31are:

  • Gross 100 Percent Field 
    • Oil Reserves (million stock oil initially in-place or MMstb): 1P - 15.0255; 2P - 18.8208; 3P - 22.9199
  • Tap Share (30 Percent)
    • Oil Reserves (MMstb): 1P - 4.5076; 2P - 5.6463; 3P - 6.876

The estimates are net of cumulative production to May 31 of 2.56 MMstb (net to Tap 0.77 MMstb).

Tap’s Reserves Estimates as at Dec. 31, 2014

Tap has previously announced its estimate of remaining gross Manora reserves and resources as at Dec. 31, 2014 (ASX release April 23). This estimate incorporated all development well data up to March 31 and assumes two additional development wells will be required in the following 18 to 24 month period.

The range of Tap’s reserves estimates for the Manora Oil Development as at Dec. 31, 2014 are:

  • Gross 100 Percent Field 
    • Stock oil initially in-place or STOIIP (MMstb): Low Case - 52.0; Mid Case - 61.4; High Case - 70.5
  • Tap Share (30 Percent)
    • STOIIP (MMstb): Low Case - 15.6; Mid Case - 18.4; High Case - 21.2
  • Gross 100 Percent Field 
    • Oil Reserves (MMstb): 1P - 15.8; 2P - 19.3; 3P - 23.3
  • Tap Share (30 Percent)
    • Oil Reserves (MMstb): 1P - 4.7; 2P - 5.8; 3P - 7.0

The estimates are net of cumulative production to Dec. 31, 2014 of 0.481 MMstb (net to Tap 0.14 MMstb).


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