Cooper Energy: 2P reserves at Bunian field jumps 350%
Tuesday, May 19 2015 - 01:30 AM WIB
ASX-listed Cooper Energy Limited said Tuesday that it has made an assessment of the reserves in the Bunian field in the Tangai-Sukananti KSO in South Sumatra, following analysis of the results of the Bunian-3 ST2 well which was completed.
The net share of Proved and Probable (2P) reserves attributable to Cooper Energy at May 18, 2015 is 1.55 million barrels of oil (MMbbl). This represents an increase of 1.26 million barrels of oil compared to the previous assessment of 0.33 million barrels as at June 30, 2014 and taking account of production to May 18, 2015.
Oil reserves estimate for Bunian field, Sukananti KSO, net to Cooper Energy:
| ? |
Net1 Estimate at 18 May 2015 |
|||
| 1P2 | 2P3 | 3P 4 | ||
| TRM3 Sand | MMbbl | 0.52 | 1.19 | 2.26 |
| K1 Sand | MMbbl | 0.18 | 0.36 | 0.75 |
| Total Field5 | MMbbl | 0.70 | 1.55 | 3.01 |
| 1 Net: Reserves attributable to Cooper Energy?s 55% interest in Tangai-Sukananti KSO, 2 1P: Proved reserves, 3 2P: Proved and Probable reserves, 4 3P: Proved, Probable and Possible reserves, 5 Total: Totals may not reflect arithmetic addition due to rounding. The method of aggregation is by arithmetic sum by category. As a result, the 1C (P90) resource may be a very conservative estimate and aggregated 3C (P10) may be a very optimistic estimate due to the effects of arithmetic summation | ||||
Bunian field 2P reserves changes since 30 June 2014:
| Reserves at 30 June 2014 | MMbbl | 0.04 | 0.33 | 0.59 |
| Revisions | MMbbl | 0.70 | 1.26 | 2.46 |
| FY15 Production1 | MMbbl | -0.04 | -0.04 | -0.04 |
| Reserves at 18 May 2015 | MMbbl | 0.70 | 1.55 | 3.01 |
| 1 FY15 Production: Net production in the period 30 June 2014 to 18 May 2015 | ||||
Cooper Energy Managing Director David Maxwell said in a statement: ?Bunian-3 has increased the remaining reserves in the Bunian field by more than 350 percent which is a very pleasing result and reinforces our view of the upside opportunities in our Indonesia portfolio. In addition, Bunian-3 identified further potential in the TRM1 and TRM2 sands and opportunities for additional upside which could be tested by a further well.?
Maxwell said the revision to Bunian reserves is expected to significantly increase the company?s forthcoming FY15 year-end reserves assessment. ?Our year end reserves report will incorporate a review of results and performance from across the company?s entire portfolio. Whilst this process is yet to commence, I expect the addition of 1.26 million barrels 2P oil reserves to be a significant factor in the determination of our total reserves at 30 June as this represents more than double our anticipated production for FY15 of 470,000 to 500,000 barrels of oil.?
Cooper Energy will announce its FY15 reserves with its financial results on August 17, 2015. The company?s most recently reported 2P reserves were 2.01 million barrels as at June 30, 2014.
The Bunian oil field is located in the Tangai-Sukananti KSO, South Sumatra. Joint Venture participants in the Tangai-Sukananti KSO are: Cooper Energy (55% and Operator) and Mega Adhyaksa Pratama Sukananti Ltd (45%).
Editing by Reiner Simanjuntak