CALGARY, Alberta, October 22, 2014 /PRNewswire/ --
PetroMaroc Corporation plc (TSXV: PMA) ("PetroMaroc" or the
"Company") is pleased to announce that GLJ Petroleum Consultants
("GLJ"), a premier oil and gas resource consulting firm
headquartered in Calgary, has
completed an independent evaluation of the Undiscovered Petroleum
Initially in Place (UPIIP) and prospective resources of the
Kechoula structure located in the Sidi Moktar Exploration License,
Morocco, incorporating the
technical information obtained from the Koba-1 and Kamar-1 wells,
which were drilled in 2013 and 2014.
GLJ's evaluation report will be available as soon as it has been
received, however GLJ has given PetroMaroc permission to report the
main conclusions to shareholders and the general public.
Highlights of the GLJ Report include:
- Confirmation of PetroMaroc's Geological and Geophysical model
for the Lower Liassic reservoir for the Kechoula structure.
- Confirmation (81 percent probability "Pg") that the Lower
Liassic clastic reservoir is filled to spill point.
- Incorporation of the recently received sidewall core analyses
of the Lower Liassic reservoir intersected in the Kamar well
showing reservoir properties and visual porosities of
13 to 20 percent.
- Confirmation of significant natural gas potential in the
Kechoula structure indicating the economic potential of our Sidi
Moktar license.
"We are very pleased with the result of this evaluation because
it independently confirms that PetroMaroc has encountered a
significant accumulation of natural gas on the company's Sidi
Moktar exploration license in Morocco. We will now move ahead with plans for
an appraisal and delineation program aimed at proving the
commerciality of this asset," stated Tom
Feuchtwanger, PetroMaroc's President and CEO.
The results of this resource evaluation are shown in the Tables
below:
Table 1
Summary of Undiscovered Petroleum in
Place (UPIIP) Prospective Resources for the Lower Liassic
Gross Lease
Prospect Gross Lease Unrisked UPIIP (BCF) Pg Partially Risked UPIIP (BCF)
Low Est Best Est Mean High Est Low Est Best Est Mean High Est
Liassic 85.4 293.4 393.7 835.4 0.81 69.2 237.7 318.9 676.7
Table 2
Summary of Geological Risks (Pg) Lower
Liassic
Source Maturity Migration Reservoir Trap Timing Seal Pg
1.00 1.00 1.00 0.90 1.00 1.00 0.90 0.81
Table 3
Prospective Resources for the Lower
Liassic
Gross Lease Unrisked Gross Lease Partially Risked
Prospective Gas Resources Prospective Gas Resources
Prospect (BCF-Sales) (BCF-Sales)
Low Est Best Est Mean High Est Low Est Best Est Mean High Est
Liassic 44.90 156.0 215.5 462.3 36.40 126.4 174.6 374.4
Gross Lease Unrisked Gross Lease Partially Risked
Prospect Prospective NGL Resources (MMSTB) Prospective NGL Resources(MMSTB)
Low Est Best Est Mean High Est Low Est Best Est Mean High Est
Liassic 1.39 5.7 8.2 17.94 1.13 4.62 6.65 14.53
Gross Lease Unrisked Gross Lease Partially Risked
Prospect Prospective Resources (MMBOE) Prospective Resources (MMBOE)
Low Est Best Est Mean High Est Low Est Best Est Mean High Est
Liassic 8.9 31.7 44.1 95.0 7.2 25.7 35.7 76.9
The GLJ UPIIP assessments were prepared in accordance with the
definitions, standards and procedures contained in the Canadian Oil
and Gas Evaluation Handbook (the "COGE Handbook") and National
Instrument 51-101 "Standards of Disclosure for Oil and Gas
Activities" ("NI 51-101").
UPIIP (equivalent to undiscovered resources) is that quantity of
petroleum that is estimated, on a given date, to be contained in
accumulations yet to be discovered. The recoverable portion of
undiscovered petroleum initially in place is referred to as
"prospective resources," the remainder as "unrecoverable."
Undiscovered resources carry discovery risk. There is no certainty
that any portion of the UPIIP disclosed in this press release will
be discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the UPIIP disclosed
in this press release. A recovery project cannot be defined for
this volume of UPIIP at this time. The UPIIP estimates contained
herein have been risked for the chance of discovery but have not
been risked for the chance of development and hence are considered
partially risked estimates.
Low Estimate is considered to be a conservative estimate of the
quantity of Gas Initially In Place. It is likely that the actual
Gas Initially In Place will exceed the low estimate. If
probabilistic methods are used, there should be at least a 90
percent probability (P90) that the actual Gas Initially In Place
will equal or exceed the low estimate.
Best Estimate is considered to be the best estimate of the
quantity of Gas Initially In Place. It is equally likely that the
actual Gas Initially In Place will be greater or less than the best
estimate. If probabilistic methods are used, there should be at
least a 50 percent probability (P50) that the actual Gas Initially
In Place will equal or exceed the best estimate.
High Estimate is considered to be an optimistic estimate of the
quantity of Gas Initially In Place. It is unlikely that the actual
Gas Initially In Place will exceed the high estimate. If
probabilistic methods are used, there should be at least a 10
percent probability (P10) that the actual Gas In Place will equal
or exceed the high estimate.
Mean estimate is the arithmetic average from the probabilistic
assessment.
There are numerous uncertainties inherent in estimating
quantities of UPIIP, including many factors beyond the Company's
control. The UPIIP information set forth herein represents an
estimate only. Due to the uncertainty as to how the play will
be developed and the lack of definition of a recovery project for
the UPIIP at this time, the UPIIP estimates disclosed herein are
the most specific assignable category that can be provided at this
time.
About PetroMaroc
PetroMaroc is an independent oil and gas company focused on its
significant land position in Morocco. The Company has a 50 percent operated
interest in the Sidi Moktar licence area covering 2,683 square
kilometres and is working closely with ONHYM as a committed
long-term partner to unlock the hydrocarbon potential of the
region. Morocco offers a
politically stable environment to work within and has favourable
fiscal terms to energy producers.
Additional information about the Company can be found
at http://www.petromaroc.co and under the Company's SEDAR
profile at http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This press release contains forward-looking information within
the meaning of applicable securities laws and is based on the
expectations, estimates and projections of management of PetroMaroc
as of the date of this news release unless otherwise stated. The
use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information. In particular,
all statements related to UPIIP, as a category of resources, are
deemed to be forward-looking information and are based upon the
independent evaluation of GLJ. Statements related to
UPIIP involve the implied assessment, based on certain estimates
and assumptions about the characteristics of the resources
described. Readers are also cautioned that estimates of UPIIP are
not necessarily indicative of ultimate recovery. In respect of the
forward-looking information, PetroMaroc has provided such in
reliance on certain assumptions that it believes are reasonable at
this time, including assumptions as to the timing and drilling of
wells and the Company's ability to meet its operational commitments
and expectations and assumptions concerning, among other things:
commodity prices and interest and foreign exchange rates; capital
efficiencies and cost-savings; applicable tax laws; the sufficiency
of budgeted capital expenditures in carrying out planned
activities; and the availability and cost of labour and
services. Accordingly, readers should not place undue
reliance on the forward-looking information contained in this press
release.
Since forward-looking information addresses future events and
conditions, by its very nature it involves inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to the risks associated with the
industries in which PetroMaroc operates in general such as the
inherent risks involved in the exploration of development of oil
and gas properties; the uncertainties involved in interpreting
geological data; operational and exploration risks; delays or
changes in plans with respect to growth projects or capital
expenditures; delays in obtaining or the failure to obtain
governmental approvals, permits or financing or political risks in
the completion of development or construction activities; access to
drilling rigs, completion equipment, seismic equipment and
operational personnel; costs and expenses; political risks; risks
of litigation; title disputes; health, safety and environmental
risks; commodity price, interest rate and exchange rate
fluctuations; environmental risks; competition; ability to access
sufficient capital from internal and external sources; and changes
in legislation, including but not limited to tax laws and
environmental regulations. Specifically, there is a risk that
the UPIIP estimates in the report prepared by GLJ prove not to be
accurate as estimates by their very nature are uncertain.
The failure of the Company to achieve results in the manner
described in this press release, or at all, could have a material
adverse impact on the Company and on the value of the Company's
securities.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could
affect the operations or financial results of PetroMaroc are
included in reports on file with applicable securities regulatory
authorities, including but not limited to; PetroMaroc's Annual
Information Form for the year ended December
31, 2013, which may be accessed on PetroMaroc's SEDAR
profile at http://www.sedar.com.
The forward-looking information contained in this press release
is made as of the date hereof and PetroMaroc undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Tom Feuchtwanger, President and
Chief Executive Officer, Tel: +1-403-474-2775; Martin Arch, Chief Financial Officer and
Secretary, Tel: +44-203-137-7756
SOURCE PetroMaroc Corporation plc