Jubilant Energy N.V. Declaration of Commerciality of 6 Discoveries (7558A)
24 Fevereiro 2014 - 6:11AM
UK Regulatory
TIDMJUB
RNS Number : 7558A
Jubilant Energy N.V.
24 February 2014
24 February 2014
Jubilant Energy NV
("Jubilant" or "the Company")
Declaration of Commerciality of 6 Discoveries in Block
KG-OSN-2001/3
Jubilant is pleased to declare commerciality of six discoveries
(KG-16, KG-22, KG-31, KG-21, KG-19 and KG-20SS) in Block
KG-OSN-2001/3. GSPC, the Operator of the block, had submitted a
commerciality analysis report on the six discoveries to the
Ministry of Petroleum & Natural Gas on 14th February 2013 and
the same has been reviewed by the Management Committee as required
under the terms of the Production Sharing Contract.
The Declaration of Commerciality ("DOC") of the six discoveries
has been examined with the following parameters and reviewed by the
Directorate General of Hydrocarbons, India ("DGH"):
a) Gas Initially : Gross 8.392 TCF as estimated
In Place ("GIIP") by DGH;Net to Jubilant being
839 BCF.
b) Recoverable Gas : Gross 1.015 TCF as estimated
(Contingent Resources) by DGH; Net to Jubilant being
102 BCF
c) Development Wells : 25 wells (combination of
dry tree and sub-sea wells)
d) Production Facilities :Platforms, Pipelines, Flow-lines,
Process Umbilicals and Modifications
of DDW Platform and Onshore
Terminal
The Operator has prepared a long term phased resource maturation
plan for the development of total available resources in the
discovery area. As part of this phased development, the approved
DOC considers recoverable gas of 1.015 TCF for initial development
out of 2C recoverable gas resources of 4.708 TCF on gross basis
(corresponding GIIP 8.392 TCF). GCA had estimated 2C recoverable
resources of 4.888 TCF (corresponding GIIP 9.178 TCF), as was
announced on 6 September 2012.
The above discoveries exclude the DeenDayal West ("DDW") and DDW
Extension areas.
Reconciliation between the Contingent Resource estimates as
considered in the DOC compared to the GCA estimates announced on 6
September is detailed in the table below:
Discovery Area Particulars
Gross Resources as Gross Resources as Net Resources to
per GCA report per DOC Jubilant as per DOC
(TCF) (TCF) (BCF)
----------------------- ----------------------- ---------------------- --------------------- ---------------------
Other than DDW and DDW
Extension GIIP 9.178 8.392 839
----------------------- ----------------------- ---------------------- --------------------- ---------------------
Recoverable 2C 4.888 4.708 471
Contingent Resources (of which 1.015 TCF (of which 102 BCF
considered under considered under
DOC, for initial DOC, for initial
development) development)
----------------------- ----------------------- ---------------------- --------------------- ---------------------
DDW Extension GIIP 2.276 Not part of DOC Not part of DOC
----------------------- ----------------------- ---------------------- --------------------- ---------------------
Recoverable 2C Contingent Resources 1.111
----------------------------------------------- ---------------------- --------------------- ---------------------
Total GIIP 11.454 n/a n/a
----------------------- ----------------------- ---------------------- --------------------- ---------------------
Recoverable 2C Contingent Resources 5.999 n/a n/a
----------------------------------------------- ---------------------- --------------------- ---------------------
Jubilant holds a 10% participating interest in this block
through its subsidiary, Jubilant Offshore Drilling Private Limited
in India. GSPC holds an 80% participating interest and is the
Operator for the block. GeoGlobal Resources Inc. holds 10%.
Enquiries:
Jubilant Energy Vipul Agarwal +91 120 4025700
Katherine Roe, Callum
Panmure Gordon Stewart, Adam James +44 20 7459 3600
Competent Person's - Consent for Release
Mr. Ramesh Bhatia- Chief Operating Officer, holds a Master's of
Science degree in Applied Petroleum Geology and has over 20 years
of experience in the Oil and Gas Exploration, Development and
Production industry. He has reviewed and approved the technical
information contained in this announcement pursuant to the AIM
guidance note for mining and oil and gas companies.
Notes and Glossary of abbreviations
The above resource figures have been estimated using the
Petroleum Resources Management System published by the Society of
Petroleum Engineers/ World Petroleum Council American Association
of Petroleum Geologists/ Society of Petroleum Evaluation Engineers
(SPE/WPC/AAPG/SPEE) in March 2007 ("SPE PRMS").
2C Contingent Resources are those quantities
of petroleum estimated, as of a given
date, to be potentially recoverable from
known accumulations by application of
development projects, but which are not
currently considered to be commercially
recoverable due to one or more contingencies.
2C Contingent Resource is the Best Estimate.
---- ----------------------------------------------
BCF Billion Cubic Feet
---- ----------------------------------------------
DDW DeenDayal West
---- ----------------------------------------------
DGH Directorate General of Hydrocarbons
---- ----------------------------------------------
DOC Declaration of Commerciality
---- ----------------------------------------------
GCA Gaffney Cline & Associates
---- ----------------------------------------------
GIIP Gas Initially in Place
---- ----------------------------------------------
GSPC Gujarat State Petroleum Corporation
---- ----------------------------------------------
TCF Trillion Cubic Feet
---- ----------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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