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12 Jun 2014 07:00
Max Petroleum Plc
(the "Company")
Reserves and Production Update
12 June 2014
Max Petroleum Plc, an oil and gas company focused on Kazakhstan, announces Group reserves as at 31 March 2014 as estimated by its Competent Person, Ryder Scott Company LLC ("RSC"). The reserves reflect drilling results and other technical information as at that date, including the results from 35 wells drilled during the fiscal year ended 31 March 2014, and are presented in the table below.
As at 31 March 2014, RSC estimated that the Group had 9.5 million barrels of oil equivalent ("mmboe") in proved and probable ("2P") reserves with an after-tax net present value discounted at 10% ("PV10") of US$184 million. This is an increase of 11% from 8.6 mmboe as at 30 September 2013, with a PV10 of $140 million, and a decrease of 14% from 10.9 mmboe as at 31 March 2013, with a PV10 of US$184 million.
RSC estimated that the Group's total proved, probable and possible ("3P") reserves increased by 7% to 10.4 mmboe as at 31 March 2014, with a PV10 of US$197 million, from total 3P reserves of 9.7 mmboe as at 30 September 2013, with a PV10 of US$157 million.
OIL & GAS RESERVES 1 |
Proved reserves | Probable reserves | Total 2P reserves | Possible reserves | Total 3P reserves | |
31 MARCH 2014 | mboe | mboe | mboe | mboe | mboe |
Zhana Makat | 2,021 | 1,301 | 3,322 | - | 3,322 |
Borkyldakty | 130 | 69 | 199 | - | 199 |
Uytas | - | 1,138 | 1,138 | 440 | 1,578 |
Asanketken | 1,316 | 245 | 1,561 | - | 1,561 |
East Kyzylzhar I | 263 | 261 | 524 | - | 524 |
Sagiz West | 1,633 | 993 | 2,626 | 437 | 3,063 |
Baichonas West | 102 | 22 | 124 | 22 | 146 |
Eskene North | - | - | - | - | - |
Total | 5,465 | 4,029 | 9,494 | 899 | 10,393 |
Proved reserves | Probable reserves | Total 2P reserves | Possible reserves | Total 3P reserves | |
30 SEPTEMBER 2013 | mboe | mboe | mboe | mboe | mboe |
Zhana Makat | 2,145 | 1,429 | 3,574 | - | 3,574 |
Borkyldakty | 144 | 88 | 232 | - | 232 |
Uytas | - | 1,119 | 1,119 | 404 | 1,523 |
Asanketken | 1,515 | 239 | 1,754 | - | 1,754 |
East Kyzylzhar I | 96 | 59 | 155 | - | 155 |
Sagiz West | - | 1,621 | 1,621 | 685 | 2,306 |
Baichonas West | 102 | 22 | 124 | 22 | 146 |
Eskene North | - | - | - | - | - |
Total | 4,002 | 4,577 | 8,579 | 1,111 | 9,690 |
Proved reserves | Probable reserves | Total 2P reserves | Possible reserves | Total 3P reserves | |
31 MARCH 2013 | mboe | mboe | mboe | mboe | mboe |
Zhana Makat | 2,818 | 1,621 | 4,439 | - | 4,439 |
Borkyldakty | 180 | 71 | 251 | - | 251 |
Uytas | - | 858 | 858 | 1,864 | 2,722 |
Asanketken | 1,720 | 238 | 1,958 | - | 1,958 |
East Kyzylzhar I | 92 | 57 | 149 | - | 149 |
Sagiz West | - | 2,543 | 2,543 | 1,362 | 3,905 |
Baichonas West | - | 671 | 671 | 111 | 782 |
Eskene North | - | - | - | - | - |
Total | 4,810 | 6,059 | 10,869 | 3,337 | 14,206 |
1 As estimated by Ryder Scott Company, the Group's competent person. |
Reserves as at 31 March 2014 are net of production during the fiscal year of 1,423 mbbls.
Total production during the fiscal year ended 31 March 2014 averaged 3,899 barrels of oil per day ("bopd"), an increase of approximately 17% from average production of 3,346 bopd in the prior year. Production during the first two months of the current fiscal year has been variable but averaged approximately 4,500 bopd.
Enquiries:
|
Instinctif Partners
| David Simonson/ Anca Spiridon | Tel: +44 (0)207 457 2020 |
Kenneth Hopkins, Chief Operating Officer of Max Petroleum Plc, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hopkins holds a Bachelor of Science degree in Marine Sciences and a Master of Science degree in Geology from Texas A&M University and is a certified petroleum geologist with 32 years of experience in the oil and gas industry.
Reserve estimates have been compiled in accordance with the 2011 Petroleum Resources Management System produced by the Society of Petroleum Engineers.
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