RE: Reserves RNS out6 Mar 2020 07:15
2019 Year-end Reserves Report Highlights
· Increased 1P reserves by 6% to 11,840 Mboe and increased 2P reserves by 14% to 22,056 Mboe from the prior year.
· Replaced 2019 annual production by 193% on a 1P reserves basis and 519% on a 2P reserves basis.
· Realized after tax 1P 10% discounted net present value of future net revenues ("NPV10") of $83.7 million, representing an increase of $4.0 million or 5% from the prior year.
· Achieved an after tax 2P NPV10 of $153.9 million, an increase of 6% from $145.4 million in 2018.
· Realized 1P FD&A costs of $7.75 per boe, resulting in a recycle ratio 3.4 times using our unaudited annual 2019 operating netback of $26.62 per boe.
· Achieved 2P FD&A costs of $3.95 per boe, resulting in a 2P recycle ratio of 6.7 times.
· FDC associated with only a portion of our internally identified drilling location inventory and portfolio of low risk recompletion projects totaled $45.4 million for 1P reserves and $71.7 million for 2P reserves.
· Coho was assigned gross working interest 1P reserves of 1,148 Mboe and gross working interest 2P reserves of 3,349 Mboe with a 2P NPV10 of $27.5 million before taxes.
James Shipka, Chief Operating Officer, commented:
"The Company's independent 2019 reserves evaluation reflected the strong performance of our base production and included the first reserves associated with our discoveries on the Ortoire exploration block. With gross working interest 2P reserves of over 20 Bcf (approximately 3.4 million boe) assigned at Coho, the Company has exceeded the best estimates of the recoverable gas in the pool compared to the independent evaluation report prepared for the Company in the prior year. With the second stage of the production test at Cascadura-1ST1 expected to commence this weekend, we look forward to updating our shareholders on this material discovery and the impact it will have on corporate reserves."
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