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Updated Reserves and Resource
Updated Reserves and Resource.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 0297J Cadogan Petroleum PLC 23 March 2010 \n \n\nCadogan Petroleum PLC\n(\"Cadogan\" or the \"Company\")\nUpdated Reserves and Resources Report\n \nAs advised during 2009, the Board commissioned an independent Reserves and Resources Evaluation of the Group's assets in Ukraine, as at 31 December 2009 (the \"Report\"). The Board received the Report on 22 March 2010 and the results of the Report are summarised in the tables below. \nSUMMARY OF RESERVES\nAS OF 31 DECEMBER 2009\n\n\n\n\n\n\n\nWorking interest basis\n\n\n\n\n\n\n\nGas\nbcf\n\n\nCondensate\nmmbbl\n\n\nOil\nmmbbl\n\n\n\n\nProved and Probable Reserves at 1 January 2009\n\n\n330.5\n\n\n22.7\n\n\n0.8\n\n\n\n\nRevisions\n\n\n(318.5)\n\n\n(22.1)\n\n\n(0.8)\n\n\n\n\nProduction\n\n\n(0.5)\n\n\n-\n\n\n-\n\n\n\n\nProved and Probable Reserves at 31 December 2009\n\n\n11.5\n\n\n0.6\n\n\n-\n\n\n\n\nPossible Reserves at 1 January 2009\n\n\n284.0\n\n\n21.2\n\n\n0.9\n\n\n\n\nRevisions\n\n\n(264.5)\n\n\n(19.7)\n\n\n(0.9)\n\n\n\n\nPossible Reserves at 31 December 2009\n\n\n19.5\n\n\n1.5\n\n\n-\n\n\n\n\n \nSUMMARY OF CONTINGENT RESOURCES\nAS OF 31 DECEMBER 2009\n \n\n\n\n\n\n\n\nWorking interest basis\n\n\n\n\n\n\n\nGas\nbcf\n\n\nCondensate\nmmbbl\n\n\nOil\nmmbbl\n\n\nTotal\nmmboe\n\n\n\n\nContingent Resources at 1 January 2009\n\n\n1,583.2\n\n\n48.0\n\n\n1.5\n\n\n334.4\n\n\n\n\nRevisions\n\n\n904.8\n\n\n(60.1)\n\n\n(1.5)\n\n\n221.5\n\n\n\n\nContingent Resources at 31 December 2009\n\n\n2,488.0\n\n\n108.1\n\n\n-\n\n\n555.9\n\n\n\n\nThe most significant change in the Group's Reserves and Resources, as compared to 1 January 2009, is the reclassification of most of the Reserves in the Pirkovskoe field as Contingent Resources. Additionally, best estimate Prospective Resources of 237 bcf gas and 8.4 mmbbl of condensate are attributed to the Pokrovskoe prospect.\nDespite the re-classification, the Group retains a significant level of Reserves and Contingent and Prospective Resources. Successful operations in the future (based on in-house studies underway or completed) should enable some of these Resources to be re-classified as Reserves. \nThe reason for this re-classification is the disappointing results of the drilling campaign conducted by the Group during 2008 and the first part of 2009, under the previous management. Although petrophysical analysis of ...