In 2021 Australis adopted a conservative approach to estimating its oil and gas reserves and resources, this has been continued with the YE2022 assessment which considers existing production only as a reserve and leaves any further development activity to be subject to securing a funding partner. Therefore, the YE2022 reserve and resource estimate consists of a proved, probable and possible developed reserve estimate only and no reserve estimates have been generated for undeveloped acreage.
A contingent resource estimate is provided and, as in previous years, the mid case 2C contingent resource is subject to a qualifying development plan to transition volumes to an appropriate reserve category of proved, probable and possible
Net Oil Developed Reserves
Ryder Scott made the following estimates1 of developed recoverable oil volumes, net to Australis (variance vs YE20212).
Proved - 2.50 MMbbls (-16%)
Probable & Proved - 3.14 MMbbls (-15%)
Possible, Probable & Proved - 3.95 MMbbls (-13%)
The NPV(10) of the PDP reserves is
Contingent Resource
Ryder Scott have made the following estimates1 of low, mid and high case contingent resources (variance vs YE20212).
1C - 21.07 MMbbls (-10%)
2C - 117.06 MMbbls (-21%)
3C - 211.98 MMbbls (-21%)
The assumptions made by Ryder Scott for contingent resource have not changed from previous reports, the reductions reflect the reduction in leased acreage only.
Australis year end 2022 reserve and resource estimates
At the effective date of the report,
TMS Net Contingent Resource reconciliation
Table 4 below summarises the change in net contingent resource estimated on
The following key factors contributed to the changes in contingent resource.
All subsurface assumptions on in place volumes and recovery factors remained identical for both the YE2021 and the YE2022 resource estimates.
All undeveloped acreage was evaluated for contingent resource based on the decision not to consider a development plan.
During 2022 Australis carried out strategically targeted leasing, to maintain control and footprint in the play, without necessarily simply maintaining an acreage position. The net resultant reduction was from 98,000 to 79,500 net acres and this directly influences the contingent resource calculation. The 1C figure is influenced less as it is predominantly HBP acreage and the incremental acreage considered in 2C and the 3C estimate is all term lease and subject to expiry.4
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Managing Director
T: +61 8 9220 8700
Finance Director
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Competent Persons Statement
The reserves and contingent resource estimates provided in this announcement pertaining to the
Forward Looking Statements
This document may include forward looking statements. Forward looking statements include, but are not necessarily limited to, statements concerning Australis' planned development program and other statements that are not historic facts. When used in this document, the words such as 'could', 'plan', 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward looking statements. Although Australis believes its expectations reflected in these statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.
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