Information on Reserves and Resources
As at 30 June 2016 (net to Range)
|Proved plus probable (2P)||24.4|
|Proved plus probable plus possible (3P)||36.9|
|Contingent (2C best estimate)||3.1|
|Prospective (unrisked best estimate)||14.8|
The independent reserves and resources audit of the Company's Trinidad assets has been prepared by Rockflow Resources Limited, as at 30 June 2016.
The reserve figures (1P, 2P and 3P) include reserves associated with the Company’s Morne Diablo, South Quarry and Beach Marcelle licences in Trinidad.
The Central block and the deeper sands of the North East block of the Beach Marcelle waterflood project were considered uneconomic at current oil prices and will require further studies. These have been classified as contingent resources.
The reported prospective resources relate solely to the Guayaguayare licence.
The St Mary’s exploration licence was not included in any of the estimates, as further technical studies had not been finalised at the time of the audit. The Company has been working with the government of Trinidad and Tobago to obtain high resolution gravity surveys and additional seismic data for the block. Subsequent to the finalisation of the audit, this technical data was received. The Company now intends to conduct further studies utilising the data provided.
The evaluation was performed in accordance with the definitions and guidelines of the SPE Petroleum Resources Management System (SPE-PRMS).
The reserve and resource estimates were calculated using the probabilistic method.