Singapore-listed RH Petrogas Ltd.'s unit Kingworld Resources Limited (KRL) provided Wednesday an update on the Fuyu 1 Production Sharing Contract (PSC) in the Songliao Basin in China's Jilin Province.
KRL appointed independent reserve evaluator RPS Energy Consultants Limited (RPS) to conduct an annual assessment on Fuyu 1 Block's oil and gas reserves and resources as of Jan. 1 and the independent qualified person report (QPR) was completed in April.
Based on the QPR, the aggregate proved plus probable reserves (2P reserves) and best estimate contingent resources (2C resources) of the Fuyu 1 Block attributable to the Group’s 49 percent working interest were 13.4 million barrels of oil (MMbo) and 13.8 MMbo, respectively.
"These represent an increase of around 28 percent in 2P reserves and a decrease of around 28 percent in 2C resources since the previous announcement dated May 7, 2015 due primarily to changes in the field’s reservoir properties as assessed by RPS given new available data," RH Petrogas said in the press release.
KRL did not carry out any development activities for the three months that ended April 30 given its focus on conserving cash and optimizing capital spending. It will however continues to monitor the oil market to review its drilling plan in Fuyu 1 Block, which covers an area of approximately 98 square miles (255 square kilometers), accordingly.
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