Dynamic reservoir modelling of the P50 stock tank oil initially in place ('STOIIP') case has recently been completed by
Mark of Schlumberger Subsurface Highlights:
Dynamic reservoir modelling has determined that the P50 estimate of the technically recoverable resources for the Buchan oil field is 126 million stock tank barrels ('MMstb'), representing an increase of over 50% on previous estimates derived from decline curve analysis
The new dynamic model used inputs from the high resolution 2018 PGS 3D seismic survey data, together with the static and dynamic well data and field production history
The Buchan sandstone reservoir is a well-connected, dual porosity and permeability system
Buchan oil quality is light sweet crude at 33.5-degree API
The expected ultimate recovery factor is 54% of original oil in place, with historic field production having recovered 29% of the P50 STOIIP estimate
Planned future production will be achieved using optimally located deviated wells placed high in the structure with water injection
GBA development project update: As a result of this increase, the GBA core volume, including the Buchan oil field and volumes from the J2 and
Preliminary economics for the GBA core development, which includes Buchan, J2 and
Having selected our preferred development concept for the GBA hub development, management is now finalising the Concept Select report and economics for submission to the OGA ('Oil and Gas Authority') with the aim of commencing FEED in Q3 2021
The Company continues to advance its technical and economic evaluation work in respect of electrifying the GBA in order to make it a low
Today's increase in volumes comes ahead of the anticipated launch of the Company's GBA farm-out process later this quarter seeking to attract industry partnership to join JOG in unlocking the significant value that exists within this very exciting major
'We recognised the potential of Buchan at an early stage and have maintained our strategic focus on this area in the heart of the
Contact:
Tel: 020 3757 4983
Notes to Editors
JOG's total GBA acreage is estimated by management to contain more than 180 million barrels of oil equivalent ('mmboe') of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of more than 220 mmboe of prospective resources in close proximity to our planned Buchan platform. JOG is currently progressing the Concept Select phase of an FDP for the Greater
JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
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