TIDMNSN
RNS Number : 9238K
Natasa Mining Limited
05 August 2013
5 August 2013
Natasa Mining Ltd
("Natasa" or the "Company")
Publication of Competent Person's Report by UMC Energy PLC
Natasa is pleased to announce that an update for shareholders
has been released by UMC Energy PLC ("UMC Energy"), in which Natasa
holds 200,251,879 fully paid ordinary shares, representing 41.34
per cent. of the entire issued share capital, following recent
technical reviews of geological data relating to the onshore and
offshore Petroleum Prospecting Licences (PPL), PPL378 West, PPL378
East, PPL405, PPL374 and PPL375, all owned 100 per cent. by Gini
Energy Ltd ("Gini"). UMC Energy owns a 30 per cent interest in
Gini, with CNOOC owning a 70 per cent interest. The competent
person's report ("CPR") is included in a circular to shareholders
which is available for download today from UMC Energy's website:
www.umc-energy.com.
Paua Discovery
UMC Energy together with independent technical consultants
3D-GEO have recently completed a technical review (the "Technical
Review") which has resulted in some changes to the contingent
resource and prospective resource recoverable estimates of the Paua
structure, based on the incorporation of further historical
geological data and revised structural modelling, including revised
2D seismic interpretation and mapping over the Paua structure and
incorporation of additional well and reservoir data.
The Paua-1X well was drilled in 1996 by BP and is a declared
discovery with oil recovered to surface from sands in the Iagifu
Formation. The Paua Anticline is part of a major NW-SE fold trend
bound to the south-west by a major thrust fault. The structure
extends some 12km along strike with up to 450m of vertical closure.
It extends outside PPL378 West into adjacent acreage to the
northwest and southeast. Independent expert assessment of the data
has provided the following contingent resource combined values for
potential oil and gas recoverable from the Iagifu sandstones within
the PPL378 West portion of the Paua Anticline, prepared in
accordance with the definitions and guidelines set out in the
Petroleum Resources Management System ("PRMS"):
All values GROSS CONTINGENT RESOURCES NET ATTRIBUTABLE CONTINGENT RISK
in MMbbls* WITHIN PPL378 West: Paua RESOURCES TO UMC ENERGY: FACTOR
or Bcf* Iagifu Sands Paua Iagifu Sands
-------------- --------------------------------------------- --------------------------------------------- --------
PPL 378 W Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate
Operator: 1C 2C 3C 1C 2C 3C
CNOOC
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
Oil
Contingent
Resource 7.6 25 73 2.3 7.4 39 .55
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
Gas
Contingent
Resource 264 130 56 79 39 17 .55
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
*Note: MMbbls = million barrels of recoverable oil, Bcf =
billion standard cubic feet of recoverable gas
PPL 378 contains a single oil and gas discovery in the Paua-1X
well, which proved the presence of hydrocarbons in the Iagifu
Sandstone, in a relatively low structural position on the Paua
anticline. 3D-GEO has assigned Contingent Resources to the oil and
gas found in the Iagifu, although there is a large element of
uncertainty as to the relative proportions of oil versus gas in the
accumulation. 3D-GEO has assigned Low, Best and High Estimate
resource estimates for the oil volumes, with corresponding gas
volumes representing the balance of the accumulation updip from the
well in each case - resulting in a high gas volume estimate
associated with a Low Estimate oil contingent resource (see
above).
Recoverable Prospective Resources were also calculated for Toro
and Digimu reservoirs within the Paua structure. The Toro C horizon
was intersected at a drillers depth of 2845mKB (-1250mSS). A gas
only case was conducted for this reservoir using gross rock volumes
above the well intersection. Probabilistic calculations were also
conducted for the Digimu sandstone with oil-water contacts above
the existing well penetration for alternative oil and gas cases.
The following table summarises the Paua Anticline recoverable
Prospective Resource estimates within PPL378 West, for the
potential Toro and Digimu reservoirs over and above the Paua
Contingent Resource estimates for the Iagifu reservoir.
All values GROSS PROSPECTIVE RESOURCES NET ATTRIBUTABLE PROSPECTIVE RISK
in MMbbls* WITHIN PAUA PPL378 West RESOURCES TO UMC ENERGY FACTOR
or Bcf*
-------------- --------------------------------------------- --------------------------------------------- --------
PPL 378 West Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate
Operator: P90 P50 P10 P90 P50 P10
CNOOC
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
Oil
Prospective
Resource:
Digimu 1.9 15.8 128 0.6 4.7 38.4 .55
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
Total Oil 1.9 15.8 128 0.6 4.7 38.4
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
Gas
Prospective
Resource:
Toro 140 249 427 42.0 74.7 128.1 .55
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
Gas
Prospective
Resource:
Digimu 9.3 73.9 607 2.8 22.2 182.1 .55
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
Total Gas 149.3 322.9 1,034 44.8 96.9 310.2
-------------- ------------- -------------- -------------- ------------- -------------- -------------- --------
*Note: MMbbls = million barrels of recoverable oil, Bcf =
billion standard cubic feet of recoverable gas
Prospective Resources for Poro, PPL378 East and PPL405
The Technical Review of PPL378 West and PPL378 East identified
four untested structures, Poro, Lead A, Lead A' and Lead B. In
relation to PPL 405, prospective resource values have previously
been announced for the Wasuma prospect, where a 5m gross oil column
was intersected in the Iagifu B sands by the Wasuma-1 well, drilled
in 2010. The prospectivity review of PPL405 has also identified
three untested structures, Lead C, Warra Deep and Lead D.
Probabilistic volumes of potential resources calculated by Monte
Carlo simulations have provided the following recoverable
prospective resources for alternative oil or gas cases for each of
these leads within the permits, prepared in accordance with the
definitions and guidelines set out in the PRMS:
GROSS PROSPECTIVE RESOURCES NET ATTRIBUTABLE PROSPECTIVE
- OIL RESOURCES TO UMC ENERGY
All values in MMbbls*
--------- ----------- -------------------------------------- ---------------------------------------- ------------
Low Best High Low Best High Chance
Estimate Estimate Estimate Estimate Estimate Estimate of Success
LICENCE LEAD P90 P50 P10 P90 P50 P10 (%)
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
PPL378 Poro
West Prospect 219 511 1141 66 153 342 14
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
PPL378 Lead
East A 19 49 122 6 15 37 5
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
A' 35 96 252 11 29 76 3
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
B 75 240 769 23 72 231 6
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Wasuma
Prospect 16 35 74 5 11 22 48
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
C 100 372 812 30 112 244 4
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Warra
Deep
Lead 60 221 481 18 66 144 8
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
PPL405 D 48 168 361 14 50 108 4
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
P50 Total Oil 1,692 508
---------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
*Note: MMbbls = million barrels of recoverable oil; assumes all
oil with no gas fill in mapped closure
GROSS PROSPECTIVE RESOURCES NET ATTRIBUTABLE PROSPECTIVE
- GAS RESOURCES TO UMC ENERGY
All values in Bcf*
--------- ----------- -------------------------------------- ---------------------------------------- ------------
Low Best High Low Best High Chance
Estimate Estimate Estimate Estimate Estimate Estimate of Success
LICENCE LEAD P90 P50 P10 P90 P50 P10 (%)
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
PPL378 Poro
West Prospect 555 1336 3011 167 401 903 14
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
PPL378 Lead
East A 28 69 163 8 21 49 5
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
A' 64 168 218 19 50 65 3
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
B 109 345 1098 33 104 329 6
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Wasuma
Prospect 19 36 64 6 11 19 48
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
C 176 657 1464 53 197 439 4
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Warra
Deep
Lead 108 393 449 32 118 135 8
--------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
Lead
PPL405 D 98 343 734 30 103 220 4
--------- ----------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
P50 Total Gas 3,347 1,005
---------------------- ----------- ----------- ------------ ------------ ----------- ------------- ------------
*Note: Bcf = billion standard cubic feet of recoverable gas;
assumes all gas with no oil fill in mapped closure
Offshore Permits PPL374 and PPL375
The Technical Review of PPL374 and PPL375 identified eight
untested structures. Probabilistic volumes of potential resources
calculated by Monte Carlo simulations have provided the following
recoverable prospective resources for alternative oil or gas cases
for each of these leads within the offshore permits, prepared in
accordance with the definitions and guidelines set out in the
PRMS:
GROSS PROSPECTIVE RESOURCES NET ATTRIBUTABLE PROSPECTIVE
- OIL RESOURCES TO UMC ENERGY
All values in MMbbls*
----------- ------- --------------------------------------- ----------------------------------------- ------------
Low Best High Low Best High Chance
Estimate Estimate Estimate Estimate Estimate Estimate of Success
LICENCE LEAD P90 P50 P10 P90 P50 P10 (%)
----------- ------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
A 450 1284 2909 135 385 873 2
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
B/B1 787 2089 4468 236 627 1340 2.2
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
C/C1 47 135 310 14 41 93 0.6
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
PPL374 D 338 1078 2658 101 323 797 2.8
----------- ------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
E 70 208 480 21 62 144 1.5
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
F 127 361 810 38 108 243 1.4
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
G 52 133 289 16 40 87 2.1
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
PPL375 H 59 200 473 18 60 142 5
----------- ------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Grand P50 Total
Oil 5,421 1,626
-------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
*Note: MMbbls = million barrels of recoverable oil; assumes all
oil with no gas fill in mapped closure
GROSS PROSPECTIVE RESOURCES NET ATTRIBUTABLE PROSPECTIVE
- GAS RESOURCES TO UMC ENERGY
All values in Bcf*
----------- ------- --------------------------------------- ----------------------------------------- ------------
Low Best High Low Best High Chance
Estimate Estimate Estimate Estimate Estimate Estimate of Success
LICENCE LEAD P90 P50 P10 P90 P50 P10 (%)
----------- ------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
A 559 1522 3286 168 457 986 2
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
B/B1 1048 2704 5603 314 811 1689 2.2
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
C/C1 65 180 397 20 54 119 0.6
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
PPL374 D 399 1189 2762 120 357 829 2.8
----------- ------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
E 93 227 464 28 68 139 1.5
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
F 136 339 701 41 102 210 1.4
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
G 57 144 299 17 43 90 2.1
------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Lead
PPL375 H 97 368 894 29 110 268 5
----------- ------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
Grand P50 Total
Gas 6,673 2,002
-------------------- ------------ ----------- ------------ ------------ ------------ ------------- ------------
*Note: Bcf = billion standard cubic feet of recoverable gas;
assumes all gas with no oil fill in mapped closure
Chris Hart, Technical Director of UMC Energy, stated this recent
independent confirmation of the Paua Contingent Resources in PPL378
West, and Prospective Resources in the onshore and offshore permits
continues to confirm UMC Energy's confidence in the prospectivity
of its PNG exploration assets. CNOOC as the permit Operator is
presently seeking permission from the PNG authorities to conduct an
extensive data acquisition program over the two offshore permits.
This program is planned to consist of acquisition of approximately
3,000 line kilometres of 2D seismic and magnetic data, and when
fully interpreted is expected to develop a number of the identified
leads into drillable prospects. Following approval and confirmation
of the seismic contractor, it is expected acquisition will be
completed during the fourth quarter of 2013.
An updated presentation relating to its Papua New Guinea
Petroleum Project will shortly be made available for download from
UMC Energy's website at www.umc-energy.com.
Competent person
Dr Jeffrey Keetley, Director and Subsurface Specialist with
3D-Geo Pty Ltd, has reviewed and approved the technical information
contained in this announcement in his capacity as a qualified
person under the AIM rules. Dr Keetley graduated with a Bachelor of
Sciences with Honours from the University of La Trobe, Australia
and a Doctor of Philosophy (Ph.D) from the University of Melbourne,
Australia.
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Executive Chairman +44(0) 20 7290 3102
Strand Hanson Limited (Nominated
Adviser)
Angela Hallett / James Spinney +44 (0) 20 7409 3494
HD Capital Partners LLP
Philip Haydn-Slater / Paul Dudley +44 (0) 20 3551 4870
This information is provided by RNS
The company news service from the London Stock Exchange
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