PARIS, March 28, 2012 /PRNewswire/ --
P1+P2 Reserves net of royalties: 229 Mboe
Integration of Sabanero reserves in Colombia: 7.8 Mboe
Following certification of the Sabanero field reserves in Colombia, the Group is updating its reserves report.
As at 1 January 2012 the Group's (oil + gas) reserves totalled 229 Mboe, although it should be noted that this figure has been retreated of the reserves in Nigeria and Venezuela as these two entities left the Group's scope in 2011.
P1+P2 reserves net of royalties as at 01/01/2012 in Mboe* 2011 production revision 2012 P1** P2*** OMOUEYI oil 85% 173.2 -5.3 8.5 176.4 56.5 119.9 BANIO oil 100% 0.4 -0.1 0.2 0.5 0.3 0.1 GABON 173.6 -5.4 8.7 176.8 56.8 120.0 SABANERO oil 50% 0.0 0.0 7.8 7.8 2.9 4.9 COLOMBIA 0.0 0.0 7.8 7.8 2.9 4.9 MNAZI BAY[1] gas 38% 44.5 -0.2 0.0 44.3 16.3 28.0 TANZANIA 44.5 -0.2 0.0 44.3 16.3 28.0 Total Oil 173.6 -5.4 16.5 184.6 59.7 124.9 Total Gas 44.5 -0.2 0.0 44.3 16.3 28.0 TOTAL 218.1 -5.6 16.5 228.9 76.0 152.9
[1] before exercise of rights of pre-emption (February 2012)
*Mboe = Million barrels of oil equivalent.
** P1 = proven reserves *** P2 = probable reserves
The Group's P1+P2 reserves net of royalties in Gabon were 177 Mboe. Work carried out at the fields, such as improved water injection and the many drillings undertaken, revealed an additional 8.7 Mboe, compared to a production level net of royalties of 5.4 Mboe in 2011.
In Tanzania, P1+P2 reserves net of royalties are 44 Mboe. They would be 55.7 Mboe after taking into account the exercising of rights of pre-emption in Mnazi Bay.
In Colombia, the Sabanero field reserves were evaluated by GLJ, an independent certifier based in Canada. It showed that Maurel & Prom's share of reserves (50%) net of royalties equated to 2.9 Mboe (P1) and 4.9 Mboe (P2). The reserves published by our partner Pacific Rubiales Energy are slightly above Maurel & Prom's one; their certification being based on historical data from similar Quifa and Rubiales fields and to which GLJ had no access.
M&P share of hydrocarbon reserves net of royalties as at 1 January 2012
The resources shown in the table below were evaluated by DeGolyer and MacNaughton on 1 January 2012 in Gabon and by GLJ in Colombia, and correspond to an evaluation of resources (net of royalties) linked to discoveries or to wells that have revealed the presence of hydrocarbons, but which have not yet been assessed.
Hydrocarbon reserves (M&P share net of royalties) Type of in Mboe* hydrocarbons 2012 Characterisation GABON P3 OMOUEYI 85% Oil 85 P3** COLOMBIA Sabanero 50% Oil 6 P3** Sabanero 50% Oil 6 2C*** CPO 17 25% Oil 21 2C*** Muisca 50% Oil 9 2C*** SSJN 9 25% Oil 8 2C*** PERU Lote 116 50% Oil 76 2C*** TANZANIA Mnazi Bay 38.22% Gas 103 P3** SICILY Fiume Tellaro 60% Gas 98 P3** SUB TOTAL 412
* Mboe = Million barrels of oil equivalent.
** P3 = possible reserves
*** 2C= contingent unrisked reserves
In Gabon, in addition to its P1 and P2 reserves, the Group also has 85 Mboe P3 reserves net of royalties.
In Colombia and Peru, resources have been evaluated by GLJ in Canada. The resources are 50 Mboe in Colombia and 76 Mboe in Peru.
In Tanzania, the Group has 103 Mboe of reserves related to the Mnazi Bay field.
To this, the potential linked to the drilling of the Mafia Deep well must be added. The volume of local natural gas for this well was evaluated by Schlumberger to be between 1.97 and 4.15 Tcf (the Group share net of royalties would be between 1.0 and 2.2 Tcf).
These resources do not take into account the potential for future exploration activity, which the Group intends to pursue in these countries.
Disclaimer:
The Group's reserves correspond to hydrocarbon volumes revealed by exploration and delineation drilling that can be exploited commercially.
In line with the Group's historical policy, reserves are presented as Maurel & Prom's share, net of royalties and before taxes specific to each type of contract (Production sharing, concession, etc.).
For more information: http://www.maureletprom.fr
This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as, fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
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