Drillsearch Raises 2P Reserves at its Cooper Basin Projects to 29.1 MMboe

Drillsearch Energy Limited (Drillsearch or DLS) provided Thursday an update on Resources and Reserves at its projects in the Cooper Basin of Central Australia.

2P Reserves rose to 29.1 million barrels of oil equivalent (MMboe) at Dec. 31, 2013, from 28.5 MMboe at June 30, 2013, with the increase attributed to a combination of acquisition and reserves replacement through a review of producing assets, coupled with exploration and appraisal drilling success. The revision follows the latest independent Reserves Audit Review by RISC and DeGolyer and MacNaughton.

The biggest contributor came from the acquisition of an additional 29 percent stake in the Tintaburra Field in the Eastern Margin from Santos Limited, which was recognized as of Oct. 1, 2013. Drillsearch’s share of 2P Reserves from the Eastern Margin rose to 1.8 MMboe, from 0.5 MMboe. An additional increase came from the inclusion of the Narrabeen Discovery in PEL 632 (formerly PEL 106A).

In the Western Flank Oil Fairway, Drillsearch’s share of production was 1.4 million barrels during the first half, while reserves fell by only 0.7 MMboe to 6.9 MMboe as successful appraisal and development drilling and remapping helped to substantially offset the barrels produced from the Bauer, Chiton and Hanson fields. The result does not fully incorporate the recent results from the Chiton-3 and Bauer-12 wells which will be reflected in the June 30 audit.

Overall 2C Contingent Resources increased to 20.0 MMboe at Dec. 31, 2013, from 14.8 MMboe at June 30, 2013, following the Tintaburra acquisition and the inclusion of an additional 3.1 MMboe of 2C Contingent Resources from the Marengo South discovery, drilled in 1998 in ATP 924P in southwest Queensland.

Managing Director Brad Lingo said:

“Despite our record first half production performance, we have managed to achieve an increase in reserves as the Tintaburra acquisition and our successful appraisal and development program helped us to offset barrels produced.


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