Ecosse Energy has increased its onshore resources estimate based on an independent evaluation by Chapman Petroleum Engineering of Calgary of Onshore Prospective Resources for the Bengkulu PSC in South Sumatra Indonesia.
"The independent evaluation carried out by Chapman Petroleum Engineering increases our Best Estimate Ultimate Recoverable Oil In Place from 110 million barrels to over 206 million barrels -- a substantial increase of 87% from the original figures when we listed on CNSX last year," said Alan Morrison, President and CEO of Ecosse Energy Corp. "This increase has been due to two new major Prospects N and O being identified onshore from the geological and geophysical interpretation we performed in the last five months. The undiscounted net present value based on the Best Estimate figures has also increased by 77% from US $311 million to US $552 million."
"These figures are for the onshore portion of the Bengkulu PSC. An independent evaluation report is currently being completed for the offshore portion of the Bengkulu PSC and is due to be available shortly. We are working towards maximizing the potential of the Bengkulu PSC and are currently negotiating to acquire majority interest in other PSC oil and gas blocks in Indonesia," said Mr. Morrison.
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