11 Jun 2015 07:00
11 June 2015
Ophir Energy plc
Independent Reserves Report
Ophir Energy plc ("Ophir") provides an update on its audited reserves and resources as at 31 December 2014. The independent reserves and resources reports support the previous management estimates. Combined net 2P and 2C resources as at 31 December 2014 were over 1 billion barrels of oil equivalent. This is broken down to certified net proven and probable reserves ("2P") of 59.6 million barrels of oil equivalent ("MMboe") and certified best estimate of contingent resources ("2C") of 950.0 MMboe. In Q1 2015 daily production averaged c.15,500 boepd. The findings of the reserves reports are summarised below:
Statement of 2P Reserves1
2P Reserves | ||||||||
Gross | Net Working Interest | |||||||
Asset | Country | Working Interest | Oil | Gas | Total | Oil | Gas | Total |
(MMbo) | (Bcf) | (MMboe) | (MMbo) | (Bcf) | (MMboe) | |||
Bualuang | Thailand | 100% | 24.9 | - | 24.9 | 24.9 | - | 24.9 |
Sinphuhorm | Thailand | 9.5% | 2.7 | 850.8 | 144.5 | 0.3 | 105.6 | 17.9 |
Kerendan2 | Indonesia | 70% | 1.7 | 122.6 | 24.0 | 1.2 | 85.8 | 16.8 |
Total | 29.3 | 973.4 | 193.4 | 26.4 | 191.4 | 59.6 | ||
1As per report by RPS Energy
Statement of 2C Resources3
2C Resources | ||||||||
Gross | Net Working Interest | |||||||
Field | Country | Working Interest | Oil | Gas | Total | Oil | Gas | Total |
(MMbo) | (Bcf) | (MMboe) | (MMbo) | (Bcf) | (MMboe) | |||
Bualuang | Thailand | 100% | 15.5 | - | 15.5 | 15.5 | - | 15.5 |
Sinphuhorm | Thailand | 9.5% | 2.8 | 652.3 | 111.5 | 0.4 | 81 | 13.9 |
Dong Mun | Thailand | 27.2% | - | 90.4 | 15.1 | - | 24.6 | 4.1 |
Kerendan2 | Indonesia | 70% | 2.2 | 159.6 | 31.2 | 1.5 | 111.7 | 21.8 |
West Kerendan2 | Indonesia | 70% | 0.9 | 313.2 | 57.8 | 0.6 | 219.2 | 40.5 |
Blocks 1 & 4 | Tanzania | 20% | - | 15,030 | 2,505 | - | 3,006 | 501.0 |
Block R4 | Equatorial Guinea | 80% | - | 2,6495 | 441.5 | - | 2,119 | 353.2 |
Total | 21.4 | 18,894.5 | 3,177.6 | 18.1 | 5,561.7 | 950.0 | ||
2RPS has estimated net entitlement volumes for all the Asian assets. Kerendan and West Kerendan are governed by a PSC in which case Ophir's net entitlement volume is less than the reported WI
3Asian assets as per report by RPS Energy / African assets as per report by ERC Equipoise
4Probabilistically aggregated for the FNLG project
5This number excludes 816 Bcf of low risk gross prospective resource (653 Bcf risked) that is included in the base planning case for Fortuna FLNG
Bill Higgs, Chief Operating Officer of Ophir commented:
"These audited figures confirm that, at over 1 billion barrels of oil equivalent, Ophir's net 2P plus 2C resource base is one of the largest in the European mid-cap sector.
The updated reserves and resources certification highlights the long life nature of our producing assets which will generate material cash flow to fund our exploration objectives. We have plans to convert a substantial portion of our 2C resource base to 2P in the next 12 months. This contingent resource base provides line of sight on a production profile that, if we maintain current equity interests, would see over 40% of the contingent resources on-stream and Group production at c.65,000 boepd in 2020.
We have delivered steady average production for the first quarter of 2015 and production has continued to be reliable during the integration of the Salamander assets into Ophir."
Ends
For Further Enquiries please contact:
Ophir Energy plc +44 (0)20 7811 2400
Nick Cooper, Chief Executive Officer
Bill Higgs, Chief Operating Officer
Geoff Callow, Head of Investor Relations
Brunswick Group +44 (0)20 7404 5959
Patrick Handley
Carolina Desmeules