9 Jan 2015 07:00
Max Petroleum Plc
Reserves Update
9 January 2015
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces Group reserves as at 30 September 2014 as estimated by its Competent Person, Ryder Scott Company LLC ("RSC"). The reserves reflect drilling results, forward oil pricing and other technical information as at that date, including the results from four wells drilled during the six month period ended 30 September 2014, and are presented in the table below.
As at 30 September 2014, RSC estimated that the Group had 9.9 million barrels of oil equivalent ("mmboe") in proved and probable ("2P") reserves. This is an increase of 4% from 9.5 mmboe as at 31 March 2014.
RSC estimated that the Group's total proved, probable and possible ("3P") reserves increased by 4% to 10.8 mmboe as at 30 September 2014 from total 3P reserves of 10.4 mmboe as at 31 March 2014.
OIL & GAS RESERVES 1, 2, 3 |
Proved reserves | Probable reserves | Total 2P reserves | Possible reserves | Total 3P reserves | |
30 SEPTEMBER 2014 | mboe | mboe | mboe | mboe | mboe |
Zhana Makat | 1,980 | 1,328 | 3,308 | - | 3,308 |
Borkyldakty | 94 | 83 | 177 | - | 177 |
Uytas | - | 1,138 | 1,138 | 440 | 1,578 |
Asanketken | 1,165 | 247 | 1,412 | - | 1,412 |
East Kyzylzhar I | 844 | 362 | 1,206 | - | 1,206 |
Sagiz West | 1,559 | 1,018 | 2,577 | 381 | 2,958 |
Baichunas West | 97 | 21 | 118 | 28 | 146 |
Eskene North | - | - | - | - | - |
Total | 5,739 | 4,197 | 9,936 | 849 | 10,785 |
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 |
Baichunas West | 102 | 22 | 124 | 22 | 146 |
Eskene North | - | - | - | - | - |
Total | 5,465 | 4,029 | 9,494 | 899 | 10,393 |
1 As estimated by Ryder Scott Company, the Group's competent person.
Reserves as at 30 September 2014 are net of six months of production since 31 March 2014 of 776,000 barrels of oil (bbls).
2 As at 30 September 2014, RSC estimated that the Group's total 2P reserves of 9.9 mmboe had an after-tax net present value discounted at 10% ("PV10") of US$183 million compared to 9.5 mmboe with a PV10 of US$184 million as at 31 March 2014. RSC also estimated that the Group's total proved, probable and possible ("3P") reserves of 10.8 mmboe had a PV10 of US$197 million compared to 10.4 mmboe with a PV10 of US$197 million as at 31 March 2014.
3 Reserve and PV10 estimates were calculated using the following assumptions: Export oil prices were based on the Brent forward price curve as at 30 September 2014, covering the subsequent eight years and thereafter are inflated at 2% per annum. Over the life of each field, the weighted average export oil price used was US$91 per bbl. Domestic oil prices are based on a forecast of US$45 per bbl during 2014, US$42 per bbl in 2015, US$48 per bbl in 2016 and thereafter are inflated at 2% per annum. Over the life of each field, the weighted average domestic oil price used was US$47 per bbl.
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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 33 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.