Ecosse Touts Bigger-Barrel Estimate for Indonesian Resources

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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Senior/Principal Industry Specialist - Oil & Gas
Expertise: Chemical Engineering|Mechanical Engineering|Petroleum Engineering
Location: Washington, DC
United States Elmendorf: Perforating Specialist, Assoc
Expertise: Production Engineering
Location: Elmendorf, TX
United States Duncan: Entry Level Engineer - Electrical/Electronics
Expertise: Drilling Engineering
Location: Duncan, OK
search for more jobs

Brent Crude Oil : $55.45/BBL 0.99%
Light Crude Oil : $52.37/BBL 1.20%
Natural Gas : $3.42/MMBtu 0.88%
Updated in last 24 hours