TIDMJUB
RNS Number : 3306N
Jubilant Energy N.V.
25 July 2014
25 July 2014
Jubilant Energy N.V.
("Jubilant" or "the Company")
Reserves and Resources Update for Jubilant's Kharsang Field
Jubilant is pleased to announce an upward revision in its
Reserves, Contingent Resources and Prospective Resources for the
Kharsang Field in Arunachal Pradesh. The Reserves and Resources
Estimation for the Kharsang Field, prepared by Gaffney Cline &
Associates ("GCA") in June 2014, gives the update as of 30
September 2013.
Key Highlights:
-- Production
o Cumulative gross Oil production as of 30 September 2013:
10.45MMBbls
-- Reserves
o Gross Oil Reserves ranges from 3.34MMBbls to 5.48MMBbls with
2P Reserves of 4.48MMBbls.
o Net Entitlement Oil Reserves to Jubilant ranges from
0.72MMBbls to 1.16MMBbls with Net 2P Reserves of 0.95MMBbls.
-- Contingent Oil & Gas Resources
o Gross Contingent Oil Resources ranges from 6.05MMBbls to
37.18MMBbls with 2C Oil Resources of 15.03MMBbls. Gross 2C Oil
Resources have increased by approximately 380% in comparison with
the previous GCA Gross 2C Oil Resources as of 31 December 2011.
o Net Contingent Oil Resources to Jubilant ranges from
1.51MMBbls to 9.3MMBbls with Net 2C Oil Resources of
3.76MMBbls.
o Gross Contingent Gas Resources ranges from 147.7Bscf to
412.0Bscf with 2C Gas Resources of 248.8Bscf. Gross 2C Gas
Resources have increased by 800% in comparison with the previous
GCA Gross 2C Gas Resource as of 31 December 2011.
o Net Contingent Gas Resources to Jubilant ranges from 36.9Bscf
to 103.0Bscf with Net 2C Gas Resources of 62.2Bscf.
-- Prospective Oil & Gas Resources
o Gross Prospective Unrisked Oil Resources ranges from 5.2MMBbls
(low estimate) to 22.8MMBbls (high estimate) with best estimate
Prospective Oil Resources of 11.0MMBbls and with a Geological
Chance of Success (GCoS) of 75%.
o Net Prospective Unrisked Oil Resources to Jubilant ranges from
1.3MMBbls (low estimate) to 5.7MMBbls (high estimate) with best
estimate Prospective Oil Resources of 2.75MMBbls at a GCoS of
75%.
o Gross Prospective Unrisked Gas Resources ranges from 80Bscf
(low estimate) to 198Bscf (high estimate) with best estimate
Prospective Gas Resources of 127Bscf and with a GCoS of 75%.
o Net Prospective Unrisked Gas Resources to Jubilant ranges from
20Bscf (low estimate) to 49.5Bscf (high estimate) with best
estimate Prospective Gas Resources of 31.8Bscf and a GCoS of
75%.
Reserves
The comparative Reserves as of 30 September 2013 and 31 December
2011 are summarized below:
Particulars Cumulative Gross Reserves Net Entitlement
Production Reserves to Jubilant*
(Gross)
------------- ------------ ---------------------------------- ----------------------------------
Proved Proved Proved Proved Proved Proved
Reserves plus plus Reserves plus plus
Probable Probable Probable Probable
Reserves plus Reserves plus
Possible Possible
Reserves Reserves
------------- ------------ ---------- ---------- ---------- ---------- ---------- ----------
As of 30 September 2013
---------------------------------------------------------------------------------------------------
Oil
(MMBbls) 10.45 3.34 4.48 5.48 0.72 0.95 1.16
------------- ------------ ---------- ---------- ---------- ---------- ---------- ----------
As of 31 December 2011
---------------------------------------------------------------------------------------------------
Oil
(MMBbls) 9.98 3.65 5.31 6.03 0.74 1.08 1.23
------------- ------------ ---------- ---------- ---------- ---------- ---------- ----------
* Net Entitlement Reserves reflect net pre-tax revenue
attributable to the Contractor's Working Interest, converted to
equivalent stock tank barrels
The Proved Reserves have been assigned to existing wells and to
proposed new wells as part of upcoming drilling campaigns.
All the estimated Proved plus Probable (2P) Reserves are present
in the Upper Girujan reservoir. The Possible reserves category
includes some volumes in the Namsang reservoir.
Contingent Resources
Particulars Gross Contingent Resources Net Contingent Resources
to Jubilant
-------------- ------------------------------- -----------------------------
1C 2C 3C 1C 2C 3C
-------------- --------- --------- --------- -------- -------- ---------
As of 30September 2013
------------------------------------------------------------------------------
Oil (MMBbls) 6.05 15.03 37.18 1.51 3.76 9.30
-------------- --------- --------- --------- -------- -------- ---------
Gas (Bscf) 147.7 248.8 412.0 36.9 62.2 103.0
-------------- --------- --------- --------- -------- -------- ---------
As of 31 December 2011
------------------------------------------------------------------------------
Oil (MMBbls) 2.47 3.13 3.85 0.62 0.78 0.96
-------------- --------- --------- --------- -------- -------- ---------
Gas (Bscf) 15.9 27.7 43.5 4.0 6.9 10.9
-------------- --------- --------- --------- -------- -------- ---------
Increase
(%)
Oil -- 380 -- -- 380 --
-------------- --------- --------- --------- -------- -------- ---------
Increase
(%)
Gas -- 800 -- -- 800 --
-------------- --------- --------- --------- -------- -------- ---------
Notes:
1. Net Oil or Gas Contingent Resources are an indication of the
working interest fraction of the Gross Contingent Resources, they
do not represent the actual net entitlement under the current PSC
terms and product pricing, which will be determined when these
volumes are classified as Reserves.
2. The volumes reported here are "unrisked" in the sense that
"Chance of Development" values have not been arithmetically applied
to the designated volumes within this assessment. "Chance of
Development" represents an indicative estimate of the probability
that the Contingent Resource will be developed, which would warrant
the re-classification of that volume as a Reserve.
Contingent Oil Resources:
Projects that have been assigned Contingent Resources (Oil)
consist of the following:
-- Full field development of the Namsang reservoirs
-- Recoverable volumes beyond the PML period for the "Reserves" projects, for the Upper Girujan
-- Full reservoir development utilising thermal recovery
techniques, for the A-B sands, Upper Girujan
-- Full field development of the Tipam reservoirs
Contingent Gas Resources:
Contingent Resources have been assigned to gas in Upper Girujan
(C-T reservoirs), however over 90% of the additional gas Contingent
Resources are in the highly over pressured Tipam reservoirs.
Prospective Resources:
Potentially recoverable, but as yet undiscovered volumes
classified as Prospective Resources are present in Lower Girujan
Reservoirs. The estimated prospective resources are given
below:
Lower Gross Prospective Net Prospective GCoS (%)
Girujan Resources Resources to Jubilant
(MMBbl) (MMBbl)
------------- ---------------------------------- ---------------------------------- ---------
Low Best High Low Best High
Estimate Estimate Estimate Estimate Estimate Estimate
------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
As of 30September 2013
------------------------------------------------------------------------------------- ---------
Oil (MMbbl) 5.2 11.0 22.8 1.3 2.75 5.7 75
------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Gas (Bscf) 80 127 198 20.0 31.8 49.5 75
------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Notes:
The GCoS reported here represents an indicative estimate of
probability that re-drilling this Prospect would result in a
discovery, which would warrant the re-classification of that volume
as a Contingent Resource. The GCoS value for Contingent Resource
is, by definition, unity. These GCoS values have not been
arithmetically applied to the designated volumes within this
assessment, thus the volumes are "Unrisked".
GeoEnpro Petroleum Ltd., a joint venture between GeoPetrol and
Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is
the operator of the Kharsang Field. Jubilant holds a 25 percent
interest in the block through its subsidiary, Jubilant Energy
(Kharsang) Pvt. Ltd. The other members of the consortium are Oil
India Ltd. and GeoPetrol.
Enquiries:
Jubilant Energy Vipul Agarwal +91 120 7186000
Callum Stewart,
Panmure Gordon Adam James +44 20 7886 2500
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 terms and abbreviations
GCA has estimated the Reserves, Contingent Resources and
Prospective Resources 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 ("SPE PRMS").
Bscf billion standard cubic feet
--------------- -------------------------------------------------
Contingent those quantities of petroleum estimated,
Resources 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.
--------------- -------------------------------------------------
GCA Gaffney Cline & Associates
--------------- -------------------------------------------------
Low/Best/High the range of uncertainty of the recoverable
and/or potentially recoverable volumes
as represented by a probability distribution
such that there should be at least a 90%
/ 50% / 10% probability (respectively)
that the quantities actually recovered
will equal or exceed the low / best /
high estimate (respectively). For Contingent
Resources, the estimates are denoted as
1C / 2C / 3C, respectively.
--------------- -------------------------------------------------
MMBbls millions of barrels
--------------- -------------------------------------------------
Net Entitlement the portion that is attributed to the
equity interests of Jubilant
--------------- -------------------------------------------------
PSC Production Sharing Contract
--------------- -------------------------------------------------
Prospective those quantities of petroleum which are
Resources estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations
--------------- -------------------------------------------------
Proved those quantities of petroleum, which,
Reserves by analysis of geoscience and engineering
or '1P' data, can be estimated with reasonable
certainty to be commercially recoverable,
from a given date forward, from known
reservoirs and under defined economic
conditions, operating methods, and government
regulations
--------------- -------------------------------------------------
Proved when added to 1P, those additional Reserves
+ Probable which analysis of geoscience and engineering
Reserves data indicate are less likely to be recovered
or '2P' than 1P but more certain to be recovered
than 3P
--------------- -------------------------------------------------
Proved when added to 2P, those additional reserves
+ Probable which analysis of geoscience and engineering
+ Possible data suggest are less likely to be recoverable
Reserves than 2P
or '3P'
--------------- -------------------------------------------------
Reserves those quantities of petroleum anticipated
to be commercially recoverable by application
of development projects to known accumulations
from a given date forward under defined
conditions
--------------- -------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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