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).

After considering the reserves reports completed by NSAI and the well data from the drilling in 1Q 2015, Tap does not intend to make any changes to its reserves estimates for the Manora oil field.

NSAI Reserves and Resources Estimates as at Dec. 31, 2014

It should be noted that the above NSAI report differs from the NSAI report on Manora 2P reserves as at Dec. 31, 2014 as announced by Tap June 25 which was prepared for the purposes of the annual review of reserves by the Manora joint venture. In that report, NSAI estimated Manora 2P gross reserves of 15.5 MMstb (net to Tap 4.65 MMstb) as at Dec.31, 2014. That report was compiled by NSAI on the basis of the drilling results of the Manora wells to Dec. 31, 2014, and did not include the results of the wells drilled during 1Q 2015. The reserves in this report do not reflect the benefit of water injection as no water injection had occurred at this time nor was a positive pressure response seen in the production wells. The estimate also takes into account cumulative production to Dec. 31, 2014 of 0.481 MMstb (net to Tap 0.14 MMstb).

Summary of Manora 2P Reserves Estimates

  • Evaluation Date of Estimation
    • Dec. 31, 2014 (incorporating data from wells drilled to Dec. 31, 2014)
      • Manora 2P reserves estimate (MMstb): 15.5
      • Cumulative production (Mmstb): 0.481
      • Economic ultimate recovery (MMstb): 15.97
      • Compiled by: NSAI
      • Purpose: Annual reserves estimate by joint venture
    • Dec. 31, 2014 (incorporating data from all wells drilled on the development)
      • Manora 2P reserves estimate (MMstb): 19.3
      • Cumulative production (Mmstb): 0.481
      • Economic ultimate recovery (MMstb): 19.78
      • Compiled by: Tap
      • Purpose: Tap's annual reserves statement
    • May 31, 2015 (incorporating data from all wells drilled on the development)
      • Manora 2P reserves estimate (MMstb): 18.8
      • Cumulative production (Mmstb): 2.56
      • Economic ultimate recovery (MMstb): 21.38
      • Compiled by: NSAI
      • Purpose: Lending bank report


WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Most Popular Articles