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Bina Bawi and Miran West gas resource update
Bina Bawi and Miran West gas resource update.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3288C Genel Energy PLC 19 January 2018 \n\n19 January 2018\n \nGenel Energy plc\n \nBina Bawi and Miran West gas resource update\n \nGenel Energy ('Genel' or 'the Company') is pleased to announce that RPS Energy Consultants Ltd. ('RPS'), as part of its work on the updated competent person's reports ('CPRs') for the Bina Bawi and Miran West fields (Genel 100% and operator), has finalised its evaluation of the contingent gas resources at both assets:\n \n- The RPS evaluation confirms a significant upgrade to the combined 2C gross (100% working interest ('WI')) raw gas resource estimate for the Bina Bawi and Miran West fields:\no The RPS assessment of the combined gross 2C raw gas resource for both fields now stands at 14,792 Bscf, a figure which excludes associated condensate volumes attributable to the upstream partners\no The RPS assessment of the combined gross 2C condensate volumes potentially recovered from raw gas production at both fields totals 137 MMstb\no As at end-2016 Genel's reported 2C resources included net raw gas resources from Miran and Bina Bawi totalling 1,421 MMboe1, which related to Genel's respective 80% and 75% interests in the Bina Bawi and Miran PSCs at that time\no In February 2017 the Company increased its interest in both PSCs to 100%, resulting in a combined pro-forma end-2016 Genel 2C resource of 1,815 MMboe (10,530 Bscf2)\no The 2018 RPS estimates of combined 2C resources from both fields have increased c.40% compared to the pro-forma end-2016 2C resource\n- The revised Bina Bawi 1C gross raw gas resource estimate is more than 50% higher than the gas volume agreed to for the field under the Gas Lifting Agreement ('GLA'). The revised Miran West 1C gross raw gas resource estimate is in line with the volume agreed to for the field in the GLA\n \nA comparison of the revised 2C gross contingent resource numbers for both fields and the Company's end-2016 number, which was based on the 2013 RPS reports plus the addition of the Company's assessment of non-hydrocarbon gases, is summarised in the following table. Further detail is provided in an appendix to this announcement.\n \n\n\n\n\n \n\n\nGross (100% WI) 2C Contingent Resources Raw gas (Bscf)\n\n\n\n\n ...