RH Petrogras' 2P Reserves Up 93%, Lifted by China's Fuyu 1 Block Resource
RH Petrogas Limited (the Company) reported Monday that its reserve evaluator, RPS Energy Consultants Limited (RPS), has completed an independent qualified person report (QPR) with respect to the oil and gas reserves and resources of the Company and its subsidiaries (the Group) as of Jan. 1. The QPR has been prepared pursuant to and in accordance with the requirements of Rule 1207(21)(a) and paragraph 5 of Practice Note 6.3 of the Listing Manual (the Listing Manual) of the Singapore Exchange Securities Trading Limited (SGX-ST).
Based on the QPR, the aggregate proved plus probable reserves (2P reserves) as of Jan. 1 attributable to the Group’s working interests of its upstream oil and gas assets was around 19.9 million barrels of oil equivalent (MMboe). This represents an increase of 93 percent over the Group’s booked 2P reserves of 10.3 MMboe, which is based on the Group’s reported 2P reserves of 11.9 MMboe as at Jan. 1 and after accounting for actual production during 2014. Best estimate contingent resources (2C resources) attributable to the Group’s working interests as of Jan. 1 was 52.9 MMboe.
The stronger reserve base of the Group was due to the recognition of oil reserves in the Fuyu 1 Block following the recent approval of the Overall Development Plan (ODP) for the first phase development of the Yongping Field. As at Jan. 1, the 2P reserves and 2C resources of the Fuyu 1 Block attributable to the Group was 10.5 million barrels of oil (MMbo) and 19.3 MMbo respectively. These numbers have been calculated based on the Group’s 49 percent working interest in the Fuyu 1 PSC after taking into consideration the rights of China National Petroleum Corporation (CNPC) to back-in for a 51 percent working interest after the commencement of commercial production.
Francis Chang, CEO said: “The independent validation of the reserve and resource base at Fuyu 1 Block is yet another positive and encouraging development of the project since we receive the ODP approval. It further reaffirms the potential of the block as we continue to progress on its development.”
The Fuyu 1 Block is located in Songliao Basin, Jilin Province, the People’s Republic of China and is operated by Kingworld Resources Limited (KRL), a wholly owned subsidiary of the Company. KRL entered into the petroleum contract for Fuyu 1 Block with CNPC in November 2007 (Fuyu 1 PSC). KRL has a 100 percent working interest in the Fuyu 1 Block during the evaluation phase. Upon the commencement of commercial production under the Fuyu 1 PSC, CNPC would back in for a 51 percent working interest.
RH Petrogas Limited (RHP) is an independent upstream oil and gas company headquartered in Singapore. RHP is listed on the mainboard of the Singapore Stock Exchange and is focused on exploration, development and production of oil and gas deposits. RHP has producing, development and exploration blocks in China, Indonesia and Malaysia.
RHP aspires to be a leading independent oil and gas company in the region and is actively looking for further growth opportunities in the sector.
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