JUB Jubilant Energy

TIDMJUB

RNS Number : 5218E

Jubilant Energy N.V.

10 April 2014

10(th) April 2014

Jubilant Energy NV

("Jubilant" or "the Company")

Declaration of Commerciality of Kathalchari Discovery in Tripura Block (AA-ONN-2002/1)

Jubilant is pleased to declare commerciality of Kathalchari Discovery in Tripura Block. Jubilant Oil and Gas Private Limited ("JOGPL"), the Operator of the block, had submitted a declaration of commerciality of Kathalchari Discovery, to the Management Committee ("MC") on 28th December 2012, for its review with following parameters-

 
      (a) Gas Initially in Place            :   1,078 BCF (Best estimate) 
                                                 (High estimate 3,401 BCF and Low estimate 354 BCF) 
      a) Contingent Recoverable Resources   :   128.6 BCF 
      b) Development Wells                  :   9 wells 
      c) Production Facilities              :   Early Production Facilities including Gas Gathering Station, 
                                                Separators, Pipelines, Flow-lines 
                                                and Manifolds etc 
 

The proposal for Declaration of Commerciality ("DOC") of Kathalchari Discovery has been reviewed by MC with the following parameters-

 
      a) Gas Initially In Place   :   1,211.69 BCF (Best estimate) 
      b) Contingent Recoverable   :   71.02 BCF 
       Resources 
      c) Development Wells        :   9 wells 
      d) Production Facilities    :   Early Production Facilities 
                                       including Gas Gathering 
                                       Station, Separators, 
                                       Pipelines, Flow-lines 
                                       and Manifolds etc 
 

The Contingent Recoverable Resources reviewed by MC are based on Lowest Known Gas for the Middle Bhuban pay around the Kathalchari-1 discovery, as opposed to being based on the maximum area as originally proposed in DOC. The consortium will now submit a Field Development Plan by 12(th) January 2015 in accordance with the PSC provisions.

Jubilant holds 20% participating interest in this block through its subsidiary Jubilant Oil & Gas Private Limited, India, which is also the operator of the block. GAIL India Limited holds the remaining 80% participating interest.

 
 Enquiries: 
  Jubilant Energy      Vipul Agarwal           +91 120 4025700 
                     Katherine Roe,Callum 
                      Stewart,               +44 20 7459 
 Panmure Gordon       Adam James              3600 
 

Competent Person's - Consent for Release

Mr Ramesh Bhatia - Chief Operating Officer; holds a Master's of Science degree in Applied Petroleum Geology and has over 20 years of experience in the Oil and Gas Exploration, Development and Production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies.

Notes and Glossary of abbreviations

The above resource figures have been estimated using the Petroleum Resources Management System published by the Society of Petroleum Engineers/ World Petroleum Council American Association of Petroleum Geologists/ Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in March 2007 ("SPEPRMS").

 
BCF           Billion Cubic Feet 
------------  ----------------------------------------------- 
              are those quantities of petroleum estimated, 
               as of a given date, to be potentially 
               recoverable from known accumulations by 
               application of development projects, but 
               which are not currently considered to 
               be commercially recoverable due to one 
               or more contingencies. Low/Best/High Estimates 
Contingent     represent the reasonable range of estimated 
 Recoverable   potentially recoverable volumes at varying 
 Resources     degrees of uncertainty. 
------------  ----------------------------------------------- 
DOC           Declaration of Commerciality 
------------  ----------------------------------------------- 
GCA           Gaffney Cline & Associates 
------------  ----------------------------------------------- 
GIIP          Gas Initially in Place 
------------  ----------------------------------------------- 
JOGPL         Jubilant Oil & Gas Private Limited 
------------  ----------------------------------------------- 
              Management Committee, the members of which 
               comprise representatives from the Directorate 
               General of Hydrocarbons, the Ministry 
               of Petroleum & Natural Gas, JOGPL and 
MC             GAIL India Limited 
------------  ----------------------------------------------- 
PSC           Production Sharing Contract 
------------  ----------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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