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Central Java's Trembul Field Holds 32.8M Barrels of Oil

Source: www.gulfoilandgas.com 3/23/2015, Location: Asia

Singapore-listed GSS Energy Limited (GSS Energy, and together with its subsidiaries, the Group) reported that it has received the Qualified Personís Report (QPR) on the reserves and contingent resources of the old oil wells located in the District of Trembul, Central Java, Indonesia. PT Cepu Sakti Energy (CSE), a subsidiary of GSS Energy, had been granted the rights to manage and operate on the Trembul field, together with four other oil fields in Indonesia.

The QPR issued by Senergy Oil & Gas (Singapore) Pte Ltd, an SGX-recognized independent evaluator, concludes that the best estimate for stock tank oil initially-in-place is 32.8 million barrels. The net Proved, Probable and Possible (3P) Reserves attributable to the Group are 3.0 million stock tank barrels, and the net high estimate Contingent Resources attributable to the Group are 5.9 million stock tank barrels. CSE currently has the rights to operate on five oil fields under the old wells program in Indonesia.

The two fields already under production have an estimated net 3P Reserves of 10.4 million stock tank barrels and net high estimate Contingent Resources of 9.9 million stock tank barrels attributable to the Group. With the evaluation for three out of the total five fields, the aggregated 3P Reserves and high estimate Contingent Resources of the Group account for 13.4 million and 15.8 million stock tank barrels, respectively.

Commenting on the QPR for the Trembul field, Sydney Yeung, CEO of GSS Energy, commented, "We are pleased to see the Groupís evaluated 3P reserves grow by 29 percent to 13.4 million stock tank barrels. In addition, Trembulís net 5.9 million stock tank barrels of high estimate Contingent Resources are quite substantial, especially as the contingency primarily relates to the contract extension for the field after 2020, which we are fairly confident to obtain.Ē The Qualified Personís Report will be available for viewing at GSS Energyís office.

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