Tap Oil Updates on Estimates of Manora's Reserves in the Gulf of Thailand

Australia's Tap Oil Limited provided Monday the following update on the estimation of the Manora reserves and resources in the Gulf of Thailand as at Dec. 31, 2015 undertaken by Netherland, Sewell & Associates, Inc. (NSAI), an independent reserves consultant.

The Dec. 31, 2015 2P reserves report has now been completed by NSAI. It was compiled using the results of all the wells drilled to Dec. 31, 2015 for the Manora Oil Development and includes production performance during 2015.

The range of NSAI’s reserves estimates (not adjusted for Risk) for the Manora Oil Development as at Dec. 31, 2015 are:

  • Gross 100 Percent Field
    • Oil Reserves at Dec. 31, 2015 (million stock tank barrels or MMstb): 1P - 11.2; 2P - 13.6; 3P - 16.24
  • Tap Share (30 Percent)
    • Oil Reserves at Dec. 31, 2015 (MMstb): 1P - 3.36; 2P - 4.07; 3P - 4.87

The estimates are net of cumulative production to Dec. 31, 2015 of 5.46 MMstb (net to Tap 1.64 MMstb).

NSAI Contingent Resources Estimates as at Dec. 31, 2015

NSAI has calculated a best estimate 2C contingent resource of 5 MMstb gross (1.5 MMstb net to Tap). The contingent resource is broken down into additional reservoir volumes (gross 4 MMstb; net to Tap 1.2 MMstb) and extension volumes (gross 1 MMstb; net to Tap 0.3 MMstb). Fifty five percent of the additional reservoir’s layer is due to updip volumes in the east fault block 620 reservoir which NSAI believes will not be drained from the existing wells. The extension layer refers to volumes contingent upon improved economic conditions.

Northern Gulf Petroleum Considerations

As previously disclosed, under the agreement relating to Tap’s acquisition of its 30 percent interest in the G1/48 Concession and the Manora Oil Development from Northern Gulf Petroleum Holdings (NGPH) Tap is required to calculate a reserve payment to NGPH for the three years following commencement of Manora production.

On the basis of this 2015 NSAI report, Tap calculates an additional reserves payment of $4.60 million to NGPH during 2016 based on the Operator’s 2P reserves estimate for the Manora oil field as at Dec. 31, 2015 (2P Reserves Deferred Payment). This is in addition to the $1.31 million Reserves Deferred Payment calculated for the reserves as at Dec. 31, 2014.


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