The Board of Directors of RH Petrogas Limited is pleased to announce that its reserve evaluator, RPS Energy Consultants Limited(“RPS”), has completed an independent qualified person report (“QPR”)with respect to the oil and gas reserves and resources of the Company and its subsidiaries (the “Group”)as of1January2015.
The QPR has been prepared pursuant to and in accordance with the requirements of Rule 1207(21) (a) and paragraph 5 of Practice Note 6.3 of the Listing Manual(the “Listing Manual”)of the Singapore Exchange Securities Trading Limited (“SGX-ST”).Based on the QPR, the aggregate proved plus probable reserves(“2P reserves”)asof1January2015attributable to the Group’s working interests of its upstream oil and gas assets was around19.9million barrels of oil equivalent (“MMBOE”).
This represents an increase of93%overtheGroup’sbooked2P reserves of10.3MMBOE, which is based on the Group’s reported 2P reservesof11.9MMBOE as at 1 January 2014 and after accounting for actual production during 2014.Bestestimatecontingent resources(“2Cresources”) attributable to the Group’s working interests as of1January 2015was 52.9 MMBOE.
The stronger reserve base of the Group was due to the recognition of oil reserves in theFuyu1Blockfollowing the recent approval of the Overall Development Plan (“ODP”) for the first phase development of the Yongping Field (please refer to the Company’s SGXNet AnnouncementNoSG141016OTHR1XA5of16 October 2014).As at 1 January 2015, the2P reserves and 2Cresourcesof the Fuyu1Blockattributable to the Group was10.5 MMBO (million barrels of oil) and19.3MMBO respectively.
These numbers have been calculated based on the Group’s 49% working interest in the Fuyu1 PSC after taking into consideration the rights of China National Petroleum Corporation (“CNPC”) to back-in for a 51% working interest after the commencement of commercial production. Mr Francis Chang, Chief Executive Officer said: “The independent validation of the reserve and resource base at Fuyu1 Block is yet another positive and encouraging development of the project since we receive the ODP approval. It further reaffirms the potential of the block as we continue to progress on its development.”