GSS Energy receives report on Trembul field reserves
Monday, March 23 2015 - 01:02 AM WIB
SGX-listed GSS Energy Ltd said it has received the qualified person?s report (QPR) prepared Senergy Oil and Gas Singapore Pte Ltd (LR Senergy) on the reserves and contingent resources of the old oil wells located in the District of Trembul, Blora Regency, Central Java.
The company and its subsidiaries had commissioned LR Senergy to review, and provide an independent evaluation of, the recoverable hydrocarbon resources expected from the non-producing Trembul Old Wells Project. The Trembul Old Wells Project comprises old oil wells for which PT Cepu Sakti Energy (CSE), a subsidiary of the company, had been granted the rights to manage.
GSS said on Monday the QPR concludes that the best estimate for stock tank oil initially-in-place is 32.8 million barrels. The net Proved, Probable and Possible (3P) Reserves attributable to the group are 3.0 million stock tank barrels, and the net high estimate Contingent Resources attributable to the group are 5.9 million stock tank barrels.
CSE currently has the rights to operate on five oil fields under the old wells programme in Indonesia. The two fields already under production have an estimated net 3P Reserves of 10.4 million stock tank barrels and net high estimate Contingent Resources of 9.9 million stock tank barrels attributable to the group.
With the evaluation for three out of the total five fields, the aggregated 3P Reserves and high estimate Contingent Resources of the group account for 13.4 million and 15.8 million stock tank barrels, respectively.
Commenting on the QPR for the Trembul field, Sydney Yeung, CEO of GSS Energy, commented, "We are pleased to see the Group?s evaluated 3P reserves grow by 29% to 13.4 million stock tank barrels. In addition, Trembul?s net 5.9 million stock tank barrels of high estimate Contingent Resources are quite substantial, especially as the contingency primarily relates to the contract extension for the field after 2020, which we are fairly confident to obtain.?
Editing by Reiner Simanjuntak