Ecosse Energy announced its offshore resources estimate based on an independent evaluation by Chapman Petroleum Engineering of its offshore acreage in its Bengkulu PSC.
The independent evaluation carried out by Chapman Petroleum Engineering for the offshore portion of Bengkulu PSC gives a Best Estimate Recoverable Oil In Place (ROIP) of more than 290 million barrels. This, combined with the recently updated onshore resource figures, give a total Best Estimate ROIP for the Bengkulu PSC of 496 million barrels. The offshore resource numbers are for 12 prospects identified from the geological and geophysical interpretation performed by the Company this year. The undiscounted net present value of Bengkulu PSC based on the Best Estimate figures for offshore and onshore now totals USD $1,104 million.
"Based on this improved resource estimate Ecosse Energy is now planning an offshore drilling program for 2012 as a follow on to our 2010 onshore drilling activities," said Alan Morrison, President and CEO of Ecosse Energy Corp. "In an effort to begin unlocking some of the value present at Bengkulu, we are putting together a full data package with the intent of farming out part of our offshore acreage."
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