POE Provides Prospective Resource Report for Sumatra's East Jabung PSC
Canada's Pan Orient Energy Corp. (Pan Orient) disclosed Tuesday the results of a recently completed third party engineer NI-51-101 compliant Prospective Resource Report for the onshore Anggun Prospect, East Jabung Production Sharing Contract (PSC) in South Sumatra, Indonesia effective June 30 and conducted by Gaffney Cline & Associates (GCA).
Mean estimated ultimate recoverable (EUR) oil Prospective Resources of 44, 28 and 51 million barrels net to Pan Orient's 49 percent working interest in three respective potential reservoir horizons at the Anggun prospect.
Pan Orient President and CEO Jeff Chisholm commented: "We are very pleased to disclose to shareholders the third party engineer estimates for a prospect of a size that is typically found only in deepwater or very remote areas of the world. The Anggun prospect is a relatively shallow, onshore, high impact target adjacent to existing infrastructure and possesses some of the best fiscal terms in Indonesia. Success at Anggun would have the potential to materially transform Pan Orient within a framework of manageable appraisal and development costs and in the context of Pan Orient's available financial resources. Lastly, we are pleased to be partnered with the operator Talisman Energy Inc., one of the most experienced operators in South Sumatera, Indonesia."
The Anggun Prospect at the Indonesia East Jabung PSC as at June 30 was evaluated by GCA. Prospective Resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have an associated geological chance of success (GCOS). Prospective Resources are further classified as "High", "Best" and "Low" in accordance with the range of uncertainty. "Mean" refers to the expected average value of all possible successful outcomes. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked.
Anggun Prospect, East Jabung PSC, Prospective Resources (Gross 100 percent) (million barrels except where indicated)
- Intra Air Benakat Fm Prospect/Zone
- Low Estimate (P90) - 13; Best Estimate (P50) - 58; Mean (P10) - 89; High Estimate - 288; GCOS - 20 percent
- Gumai Fm Prospect/Zone
- Low Estimate (P90) - 8; Best Estimate (P50) - 36; Mean (P10) - 58; High Estimate - 212; GCOS - 11 percent
- Batu Raja Fm Prospect/Zone
- Low Estimate (P90) - 11; Best Estimate (P50) - 59; Mean (P10) - 104; High Estimate - 350; GCOS - 26 percent
- Gross Prospective Resources are 100 percent of the volumes estimated to be recoverable from the Prospect. Pan Orient's working interest share is 49 percent of the Gross Prospective Resources
- The GCOS reported herein represents an indicative estimate of the probability that drilling this Prospect would result in a discovery. This does not include any assessment of the risk that the discovery, if made, may not be developed
- The volumes reported here are "unrisked" in the sense that no adjustment has been made for the risk, that no discovery will be made, or that any discovery would be developed
- Identification of Prospective Resources associated with a Prospect is not indicative of any certainty that the Prospect will be drilled, or will be drilled in a timely manner
- Prospective Resources should not be aggregated with each other, because of the different levels of risk involved
- Anggun is an oil-and-associated gas prospect. The conversion gas to barrels of oil equivalent (boe): 1 million barrels of oil equivalent = 6 billion cubic feet (Bcf)
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