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ShaMaran Announces 25% Increase in Atrush Reserves Estimates

Source: www.gulfoilandgas.com 2/15/2018, Location: Middle East

ShaMaran Petroleum Corp. reports an increase by 25% in estimated Proven plus Probable (“2P”) Oil Reserves for the Atrush block as of December 31, 2017 after accounting for Atrush 2017 production. 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).

Chris Bruijnzeels, President and CEO of ShaMaran, commented: “These year-end reserve estimates demonstrate the world class nature of the Atrush field. Total Field Proven plus Probable (“2P”) Reserves on a property gross basis for Atrush increased from 85.1 MMbbl to 102.7 MMbbl which, when 2017 Atrush production of 3.4 MMbbl is included, represents an increase of 25 percent. Total Field Unrisked Best Estimate Contingent Oil Resources (“2C”) on a property gross basis for Atrush remained essentially the same at around 296 MMbbl, resulting in an overall increase in Atrush best estimate resources of 5%. Our 2018 work program aims to move more of the contingent resources into reserves.”

McDaniel’s estimates reflect the encouraging production results from the Atrush field following start of production in July 2017, as well as the positive drilling results of Chiya Khere-7 well which found the top of the reservoir 114 meters higher to prognosis. McDaniel’s reserves estimates assume that four extra production wells will be drilled to further develop the medium gravity oil in the reserves area of the field, increasing medium oil recovery. Reserves associated with the heavy oil extended well test planned in 2018 for the Chiya Khere-6 well have also been included. Reserves which were included in McDaniel’s previous estimate for heavy oil production from the wells currently producing have now been transferred to Contingent Resources because production to date has shown no indication of heavy oil.

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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