Business
Supplement to Form N1 51-101
Supplement to Form N1 51-101.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n Cardinal Resources plc\n11 August 2006\n\nCARDINAL RESOURCES PLC PROVIDES SUPPLEMENT TO THE PRESS RELEASE OF 30 JUNE 2006\nREGARDING FORM NI 51-101F1\n\n\n\nLONDON - Friday, 11th August 2006\n\n\n\nCardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent\noil and gas production and exploration company operating in Ukraine, today\nprovides supplementary information to its 30 June 2006 release regarding the\nForm NI 51-101F1 filed with the Alberta Securities Commission (ASC).\nSpecifically, the following is further explanation of the term 'Contingent\nResources' at the Bytkiv Field in Ukraine as required by the ASC in compliance\nwith Canadian filing requirements. These Canadian filing requirements date back\nto when Cardinal's predecessor, Carpatsky Petroleum Inc., was a public company\nin Canada. All filings can be accessed electronically at www.sedar.com.\n\n\n\nThe data contained in this release is based on that included in Cardinal's press\nrelease dated 15 May 2006 regarding the publication of its reserve report.\n\n\n\nThe Bytkiv Field's net 'Proved plus Probable Reserves' reported in the RPS\nEnergy Canada Ltd. (the Canadian-registered affiliate of Scott Pickford Ltd. and\nformerly known as ECL Canada) May 2006 Reserve Report are stated as 0.320 MMbbls\nand 0.574 Bcf with a net present value discounted at 10% of US$1.7 million after\ntax (US$2.3 million before tax), using a constant price of US$52.70 per bbl.\nThe Proved plus Probable Reserves, which consist of the existing producing wells\n(with appropriate decline incorporated), are significantly less than reported in\nthe 2005 Canadian Reserve Report. Technically, the estimated reserve volumes\nhave not changed but, as a large portion of the reserves are viewed as\nuneconomic in the May 2006 Canadian Reserve Report, 1.191 MMbbls and 2.135 Bcf\npreviously classified as Proved Plus Probable Reserves are now classified as '\nContingent Resources' and consequently have no value assigned to them.\n\n\n\nIn the June 2005 Reserve Report published by ECL Canada, the Bytkiv Field had\nnet Proved plus Probable Reserves of 1.57 MMbbls and 2.805 Bcf with a net\npresent value discounted at 10% of US$17.04 million after tax (US$23.2 million\nbefore tax) using a constant price of US$46.20 per bbl. However, since that\ntime there have been major increases in go...