If SN is convinced about the gas in place the CPR would be instructed to report on reserves. ...if not it can't be a bad management decision but can only be total incompetence! It all seemed to good to be true but let's wait and see I can't imagine Fronted would be so stupid as to carry on like this....
Apparently SN stated in AGM to FOF attendee that reserves would be booked to CPR this time. What do people think all the infrastructure is there for. And that infrastructure is making some great humming noises if you've seen any of the latest videos.
Fez that was exactly the discussion we had last year and the disappointment was huge when it landed. Not booking reserves this year is unacceptable after 20 years of exploration in a year where large debts fall due again deferred from 2011/12 when they last ran out of money having not delivered. The very strong Georgian news article from yesterday should act as a prompt to FRR if they continue on the slow and uncommunicative path of what could happen. Everyone is fed up of talk and slow progress. News for me is due on the unreported 2014 work programme and 2015 .I don't think it's a ponzi scheme or a pump and dump as they alleged yesterday but increasingly it will look like an unfocussed and badly managed company no matter how good SN thinks he is as petro geologist or mover and shaker in regional politics.
Bugsy-b mentioned the location of the v wells the other day. The april 15 cpr mentions Vashliani - this is probably the reference v & is just north east of tiblisi - looks like it's nearing the edge of block 12?
Just re-read last year's cpr & the opening line is:
In accordance with your request, we have estimated the undiscovered original gas-in-place (OGIP) and unrisked gross (100 percent) prospective gas resources.
So there were never going to be any reserves as they were never asked for - they were only asked to assess undiscovered OGIP.
No wonder the press, be it Russian or not are sceptical, the previous NSA assessment isn't really worth the paper it's written on when it comes to proving the field - reserves & contingent reserves are required, not undiscovered OGIP figures.
Are we going to get reserves this time around? Not so sure as this is the extract from the rns':
Frontera is now in the process of completing the second independent assessment of its gas resource estimates associated with the South Kakheti Gas Complex. Earlier this year, Frontera announced results of the first report that it commissioned by the U.S.-based consulting firm of Netherland, Sewell & Associates. This report was associated with two sub-areas situated within the South Kakheti Gas Complex and confirmed combined prospective natural gas resources of as much as 12.9 trillion cubic feet (365 billion cubic meters) of gas-in-place, with as much as 9.4 trillion cubic feet (266 billion cubic meters) of recoverable prospective natural gas resources. As reported in September 2015, the Company concluded that the South Kakheti Gas Complex was one integrated geologic unit. The Company has since engaged Netherland, Sewell & Associates to complete a further independent assessment of the gas potential associated with the balance of the South Kakheti Gas Complex. Results of this work are expected during the first quarter of next year.
Sounds like to me they are only getting the same again - independent assessment of frontera estimates of OGIP.
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