JUBILANT ENERGY NV 25 July 2014
Jubilant Energy N.V.("Jubilant" or "the Company")
Reserves and Resources Update for Jubilant's Kharsang FieldJubilant 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%.
ReservesThe comparative Reserves as of 30 September 2013 and 31 December 2011 are summarized below:
Particulars | Cumulative Production (Gross) | Gross Reserves | Net Entitlement Reserves to Jubilant* | ||||
Particulars | Cumulative Production (Gross) | Proved Reserves | Proved plus Probable Reserves | Proved plus Probable plus Possible Reserves | Proved Reserves | Proved plus Probable Reserves | Proved plus Probable plus Possible 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 |
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.
Particulars | Gross Contingent Resources | Net Contingent Resources to Jubilant | ||||
Particulars | 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 Girujan | Gross Prospective Resources (MMBbl) | Net Prospective Resources to Jubilant (MMBbl) | GCoS (%) | ||||
Lower Girujan | Low Estimate | Best Estimate | High Estimate | Low Estimate | Best Estimate | High Estimate | GCoS (%) |
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 Panmure Gordon | Vipul Agarwal Callum Stewart, Adam James | +91 120 7186000 +44 20 7886 2500 |
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 abbreviationsGCA 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 Resources | those quantities of petroleum estimated, 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 Resources | those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations |
Proved Reserves or '1P' | those quantities of petroleum, which, by analysis of geoscience and engineering 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 + Probable Reserves or '2P' | when added to 1P, those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than 1P but more certain to be recovered than 3P |
Proved + Probable + Possible Reserves or '3P' | when added to 2P, those additional reserves which analysis of geoscience and engineering data suggest are less likely to be recoverable than 2P |
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 |
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