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Greenfields Confirms Waterflood Development Opportunity and Provides Revised 2017 Guidance

Source: www.gulfoilandgas.com 3/20/2018, Location: Asia

Greenfields Petroleum Corporation Confirms Waterflood Development Opportunity in the Bahar Field and Miocene Exploration Objective Beneath the Gum Deniz field offshore Azerbaijan and Provides Revised 2017 Guidance. Greenfields Petroleum Corporation (Greenfields) announces the release of the ‘Resource Assessment Report of Gross Contingent and Gross Prospective Resources’ (the ERCE Report) a resource assessment report prepared by ERC Equipoise Ltd. (ERCE), an independent, qualified reserves evaluator and provides an update on its production results for the year ended December 31, 2017. THE ERCE REPORT The ERCE Report assesses the contingent resources in the Bahar Fasila Waterflood project (the Contingent Resources) and the prospective resources in the Gum Deniz Miocene Prospect (the Prospective Resources). The ERCE Report is dated and effective as of March 2, 2018. The independent assessment was carried out in accordance with the standards and the resources definitions contained in the Canadian Oil and Gas Evaluation Handbook (COGEH) as established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101), and consistent with the classification and reporting requirements of the March 2007 SPE/ EPC/ AAPG/ SPEE Petroleum Resources Management System (PRMS). The tables below summarize certain information contained in the ERCE Report. Waterflood Development Bahar Energy Limited (BEL) plans to initiate a waterflood of the FS reservoir in Bahar in 2019 starting with the implementation of five waterflood pilots. Assuming a positive reservoir response to the pilot flood, a full-scale water injection project would be implemented by BEL. Initially the drilling of two down dip injection wells located in the water leg of the FS reservoir would be carried out. The drilling of a total of nine injection wells is planned over a five-year period from three existing platforms and one new platform to be constructed on the western flank of the reservoir. Contingent Resources for the planned pilot water injection followed by a water flood of the Bahar Fasila Reservoir are presented in the table below.

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