RISC Releases Resource Report for Oilex-Operated Cambay Field in India
Oilex Ltd. reported Thursday that RISC Operations Pty Ltd. (RISC), an Australian based, internationally recognized independent petroleum advisory group, has completed an independent Resource Report of the Eocene Formation of the Cambay field in Gujarat, India. This work follows on from its evaluation of Cambay-77H flowback and test data in December 2014. RISC has evaluated 2 of 6 potential Eocene reservoirs, the X and Y Zones, and the results for Reserves and Contingent Resources are summarized below.
Table 1: Estimated Cambay Field Reserves (Y Zone)
- Total - Gross: 1P*: Gas (Bcf) - Nil; Condensate (MMbls) - Nil; 2P: Gas (Bcf) - 206; Condensate (MMbls) - 8.0; 3P: Gas (Bcf) - 377; Condensate (MMbls) - 17.3
- Oilex net working interest: 1P: Gas (Bcf) - Nil; Condensate (MMbls) - Nil; 2P: Gas (Bcf) - 93; Condensate (MMbls) - 3.6; 3P: Gas (Bcf) - 170; Condensate (MMbls) - 7.8
*Gross 90 Bcf of gas and 2.9 MMbbls of condensate (Oilex net working interest of 40.5 Bcf of gas and 1.3 MMbbls of condensate) would be categorized as 1P subject to securing finance for the development, according to the PRMS guidelines. These quantities are included in the 1C Contingent Resources in Table 2.
Table 2: Unrisked Cambay Field Contingent Resource Estimates (X and Y Zones)
- Total - Gross: 1C: Gas (Bcf) - 388; Condensate (MMbls) - 23.7; 2C: Gas (Bcf) - 720; Condensate (MMbls) - 52.8; 3C: Gas (Bcf) - 1,239; Condensate (MMbls) - 104
- Oilex net working interest: 1C: Gas (Bcf) - 215**; Condensate (MMbls) - 12**; 2C: Gas (Bcf) - 324; Condensate (MMbls) - 23.8; 3C: Gas (Bcf) - 557.6; Condensate (MMbls) - 46.8
**Includes Oilex net working interest of 40.5 Bcf of gas and 1.3 MMbbls of condensate that would be categorized as 1P subject to securing finance for the development.
Notes to Tables
- The Reserves and Contingent Resources estimates prepared by RISC as of April 1, and stated in the tables above, have been prepared in accordance with the definitions and guidelines set forth in Petroleum Resources Management System, 2007 (PRMS) approved by the Society of Petroleum Engineers (SPE)
- The Reserves and Contingent Resources shown in the above tables have been estimated using probabilistic methods. The total in Table 2 is the statistical aggregate of the relevant volumes
- The estimates included in Table 2 Contingent Resources have not been adjusted for the chance of development due to one or more contingencies
- These estimates have not been endorsed by the Government of India or the Directorate General of Hydrocarbons, India
- Oilex is operator of, and has a 45 percent net working interest in, the Cambay Field Production Sharing Contract (PSC). Net working interest is not the same as the net economic entitlement under the Cambay PSC and the net economic entitlement varies with development strategy and size. For reference, Oilex’s net economic entitlement for the 2P volumes is estimated to be 94.4 percent of its net working interest
- Cambay Field covers 62 square miles (161 square kilometers). and environmental approvals have been granted for 60 wells and modernization and expansion of the Gas Gathering Station (GGS). 34 new wells are estimated to be required for recovery of the Reserves. The actual well count may vary
- Contingent Resources were previously announced Oct. 11, 2011 and there has been no revision until this announcement
The Reserves are attributed to an area of the Cambay Field having multiple vintage and modern well intersections of the X and Y Zones with hydrocarbon flows. The area encompasses recent Oilex operated drilling and production testing activity including the successful Cambay-77H well, the first successfully production tested multi-stage frac’d horizontal well in India. Gas is currently marketed on a competitive tender basis to buyers and will be sold into a low pressure local market, commencing with Cambay-73. Contractual commitments are in place from previous tendering activities and cover gas sales for up to 2 years.
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