Genesis Energy Ltd. reported Wednesday it has upgraded its developed reserves in the Kupe gas and oil field, situated off the south Taranaki coast, New Zealand.
Genesis Energy has reviewed data provided by the field operator. As a result, Genesis Energy has determined that the Proved plus Probable developed reserves of the field have increased by approximately 33 percent from 27.7 million barrels of oil equivalent (MMboe) to 36.9 MMboe. Genesis Energy's share (31 percent) of Proved plus Probable developed reserves has increased from 8.6 MMboe to 11.4 MMboe.
The reserves increase and improved well performance will provide additional volume from within the existing Kupe development, and is likely to delay the need for further capital investment for the second phase of drilling currently planned under the Kupe Field Development Plan.
Genesis Energy Chief Executive Albert Brantley said Kupe is a consistent contributor to the Company's diverse income streams. This significant reserves upgrade provides long-term fuel supply and revenue upside.
Further work is being performed to assess future development options at Kupe, including options for the undeveloped reserves that were included in Genesis Energy's total Kupe Proved plus Probable reserves as at June 30. An updated Field Development Plan is expected to be completed in the second quarter of 2016.
The reserves statement indicated below is based on information and supporting documentation prepared and approved by Gaffney Cline & Associates and Genesis Energy.
Genesis Energy Share
Note: numbers may not add due to rounding
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