Interra unveils results of QPRs on assets in RI, Myanmar
Friday, March 27 2015 - 01:39 AM WIB
SGX-listed Interra Resources Limited informed shareholders Thursday that the company has commissioned an independent qualified person, Gaffney, Cline & Associates (GCA), to prepare Qualified Person?s Reports (QPRs) with respect to the reserves and resources of its various petroleum concessions in Indonesia and Myanmar.
The QPRs have been prepared in accordance with the requirements set out in paragraph 5 of Practice Note 6.3 to the Listing Manual of the Singapore Exchange Securities Trading Limited, and conform to the standards promulgated by the Petroleum Resources Management System (SPE-PRMS). Results of the QPRs are summarised in the table below and will be included in the annual report of the Company for the financial year ended 31 December 2014.
Summary of oil reserves and resources as at 31 December 2014
| Reserves Oil | 1P | 2P | 3P | ||||||
| Gross (mmstb)? | Net (mmstb) | Change (%) | Gross (mmstb)? | Net (mmstb) | Change (%) | Gross (mmstb)? | Net (mmstb) | Change (%) | |
| Myanmar | 2.02 | 1.21 | 63.5 | 2.38 | 1.43 | 44.4 | 2.87 | ?1.72 | 35.4 |
| Indonesia | 0.29 | 0.29 | (68.1) | 0.34 | 0.34 | (78.1) | 0.37 | 0.37 | (86.5) |
| Contingent Resources Oil | 1C | 2C | 3C | ||||||
| Gross (mmstb)? | Net (mmstb) | Change (%) | Gross (mmstb)? | Net (mmstb) | Change (%) | Gross (mmstb)? | Net (mmstb) | Change (%) | |
| Myanmar | 4.61 | 2.77 | (8.9) | 5.69 | 3.41 | (4.5) | 7.18 | 4.31 | 4.4 |
| Indonesia | 1.18 | 0.92 | (32.4) | 1.73 | 1.29 | (56.6) | 2.59 | 1.87 | (76.8) |
Gross reserves refer to 100% of the estimated commercially recoverable hydrocarbons (i.e. after economic cut-offs have been applied) before taking into account the contractual terms with the host government.
Net reserves attributable to the Group refer to the proportion of gross reserves attributable to the Group?s effective interest in the contract. Net reserves do not take into account the contractual terms with the host government and do not represent the Group?s actual net entitlement or net economic interest under the contract, which would be lower.
Gross contingent resources refer to 100% of the estimated hydrocarbons recoverable from the field on an unrisked basis (i.e. before the application of chance of development factor).
Net contingent resources attributable to the Group refer to the proportion of gross contingent resources attributable to the Group?s effective interest in the contract. Net contingent resources do not take into account the contractual terms with the host government and do not represent the Group?s actual net entitlement under the contract, which would be lower.
The above gross reserves and contingent resources data are compiled from the respective QPRs with an effective date of 31 December 2014 prepared in accordance with the requirements set out in paragraph 5 of Practice Note 6.3 to the Listing Manual and the standards promulgated by SPE-PRMS by:
- Name of Qualified Person : Stephen M Lane of GCA
- Professional Society Affiliation/Membership : Society of Petroleum Engineers/3416400
- Date : 26 March 2015
The above data do not contain information on the Kuala Pambuang block in Central Kalimantan, which is an exploration block with no geophysical or geological data available for reporting.
Editing by Reiner Simanjuntak