IEV Holdings receives report on Pabauran KSO block
Saturday, August 15 2015 - 02:53 AM WIB
SGX-listed IEV Holdings Limited announced on Thursday that PT. IEV Pabuaran KSO (a 95%-owned subsidiary of the Group) has received an Independent Qualified Person?s Report (IQPR) in respect of the Cilamaya Selatan structure at the Pabuaran KSO block, located in West Java.
The IQPR was issued by Senergy Oil & Gas (Singapore) Pte Ltd (LR Senergy), an independent evaluator and part of the Lloyds Register Group. The IQPR was prepared following the completion of drilling and production testing of the CLS-1TW well at the Cilamaya Selatan structure in April 2015. LR Senergy has prepared the IQPR in accordance with Practice Note 4C of the Singapore Exchange Securities Trading Limited (SGX-ST) Listing Manual Section B: Rules of Catalist (Catalist Rules).
LR Senergy has based its estimation of Reserves and Resources on the guidelines prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE). These guidelines are the March 2007 Petroleum Resources Management System (PRMS).
LR Senergy has estimated the Reserves and Resources on gross (100%) as well as net entitlement to PT. IEV Pabuaran (Net Entitlement) bases, as of 1 July 2015, as shown in the following tables.
| Gross Oil Reserves (Approved for Development) (MMstb) | Net Entitlement Oil Reserves (Approved for Development) (MMstb) | ||||
| 1P | 2P | 3P | 1P | 2P | 3P |
| 0.66 | 0.82 | 1.02 | 0.24 | 0.32 | 0.43 |
| Gross Gas Contingent Resources (Development Pending) (Bscf) | Net Entitlement Gas Contingent Resources (Development Pending) (Bsc | ||||
| 1C | 2C | 3C | 1C | 2C | 3C |
| 5.17 | 7.83 | 14.25 | 0.86 | 3.15 | 9.84 |
Commenting on the IQPR, President and CEO of the Group, Christopher Do stated ?The independent validation of the proved reserves and contingent resources after the first onshore well drilled by the Group in Cilamaya Selatan is a positive and encouraging development of the project. Despite the low commodity price environment, the Group can now proceed to enact the approved production plan for oil for Cilamaya Selatan. Since the gas price from wellheads in Indonesia has not been affected by the current oil glut, the Group will accelerate the plan of development for gas from Pabuaran KSO. The Group also plans to continue the appraisal of the potential of the shallower Cisubuh and deeper Talang Akar and Jatibarang Formations in future development wells.?
Save for their respective shareholdings in the company (if any), none of the Directors and controlling shareholders of the company, as well as their respective associates, has any interest, direct or indirect, in Pabuaran KSO. The Directors are also not aware of any substantial shareholders that have any interest, direct or indirect, in Pabuaran KSO. Investors and potential investors are advised to exercise caution when dealing with the shares of the Company in relation to this announcement.
Editing by Johannes Simbolon