ShaMaran Announces Increase in Atrush Year-End Reserves Estimate

Source: www.gulfoilandgas.com 2/15/2016, Location: Middle East

ShaMaran Petroleum Corp. reports updates to estimated reserves and contingent resources for the Atrush block as of December 31, 2015. The reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).

Positive well test results in the Chiya Khere-5, Chiya Khere-8 and Atrush-3 wells as well as positive interference tests across the field have resulted in an increased proven reserves area. Furthermore, the gradual increase in oil density with depth has now fully been incorporated.

Chris Bruijnzeels, President and CEO of ShaMaran, commented, "This year-end reserves increase demonstrates the world class nature of the Atrush field. Total oil in place is estimated at 1.5 to 2.8 billion barrels, with Total Field Proven plus Probable ("2P") Reserves on a property gross basis increasing from 61.5 million barrels (MMbbl) to 85.1 MMbbl, an increase of 38 percent. Total Field Unrisked Best Estimate Discovered Recoverable Resources ("2P+2C")(1) on a property gross basis increased from 372 million barrels oil equivalent (MMboe) to 389 MMboe(2). We continue to target first oil from Atrush mid-2016, although significant challenges remain in Kurdistan, which may impact our schedule. We view the recent announcement of the KRG regarding international oil companies receiving fiscal entitlements pursuant to their production sharing contracts as positive."

ShaMaran currently has a 26.8 percent working interest in the Block and is continuing to fund expenditure on that basis. However the Kurdistan Regional Government ("KRG") has an option to back in and take up to 25 percent working interest in the Block, which would dilute the ShaMaran working interest to 20.1 percent. It is normal evaluation practice to assume, as it would be economic to do so, that the KRG will exercise their option, and as such the reserves and respective net present values were reported on a diluted basis.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects


Morocco >>  8/9/2022 - Sound Energy, the transition energy company, is pleased to provide an update on the Phase 2 development financing of its Tendrara Production Concessio...
United Kingdom >>  8/8/2022 - The Operator of PEDL241, Egdon Resources U.K. Limited, has filed an appeal on behalf of the Joint Venture partnership against Lincolnshire County Coun...

Colombia >>  7/29/2022 - Petrobras confirms the discovery of natural gas accumulation in the Uchuva-1 exploratory well, drilled in deep waters of Colombia, 32 kilometers off t...
Ireland >>  7/29/2022 - Europa Oil & Gas, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, has announced that the ...

United Arab Emirates >>  7/29/2022 - Abu Dhabi National Oil Company (ADNOC) announced today a second discovery of natural gas resources in the first exploration well in Abu Dhabi’s Offsho...
Gambia >>  7/28/2022 - FAR Limited an independent, Africa focused, oil & gas exploration company, provides its quarterly activities report for the quarter ended 30 June 2022...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.