Consultant NSAI Raises KrisEnergy's 2015 2P Reserves by 48% to 105 MMboe
KrisEnergy Ltd. (KrisEnergy or the Company, and together with its subsidiaries, the Group), an independent upstream oil and gas company, provided Monday an update for oil and gas production and preliminary reserve estimates for the year-end 2015.
Group working interest production of oil and gas stood at 19,935 barrels of oil equivalent per day (boepd) as at Jan. 1 from four fields in the Gulf of Thailand and one onshore gas field in Bangladesh, more than double the average rate for full-year 2015 of 9,698 boepd. In 2014, working interest production was 7,612 boepd.
Preliminary estimates for the Group’s total working interest 2P reserves, as reviewed by third-party independent consultants, Netherland, Sewell & Associates, Inc. (NSAI) as at Dec. 31, 2015, are 105 million barrels of oil equivalent (MMboe), a near 48 percent increase compared with 71 MMboe at the end of 2014. The rise is attributable to increases in estimates for the Bangora gas field in Block 9 in Bangladesh and the G10/48 license, as well as the conversion of best estimate contingent resources (2C) to 2P reserves for the Block A Aceh gas development onshore Sumatra in Indonesia, and in the G6/48 contract area following the approval in November 2015 of the production license for the Rossukon oil field.
A full breakdown of the Group’s 2P reserves and 2C resources as reviewed and finalized by NSAI will be provided when the Company issues full-year 2015 financial statements and an operational update in February.
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