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Oil reserves and resources update
Oil reserves and resources update.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8373E Genel Energy PLC 14 February 2018 \n\n14 February 2018\n \nGenel Energy plc\n \nOil reserves and resources update\n \nGenel Energy ('Genel' or 'the Company') announces the completion of competent person's reports ('CPRs') relating to the oil reserves and resources at Taq Taq, Bina Bawi, and Miran. McDaniel and Associates ('McDaniel') have updated the CPR relating to the Taq Taq field (Genel 44% working interest, joint operator). RPS Energy Consultants Ltd. ('RPS'), as part of its work on the updated CPRs for the Bina Bawi and Miran West fields (Genel 100% and operator), has finalised its evaluation of the oil resources at both fields.\n \nMurat Özgül, Chief Executive of Genel, said:\n\"The 40% replacement of 1P reserves at Taq Taq follows the success of well TT-29w, and reflects the stability in cash-generative production that we have seen from the field in the second half of 2017. The significant increase in high-value Bina Bawi 2C oil resources offers a tangible opportunity for near-term value creation.\"\n \nTaq Taq oil reserves\nTaq Taq gross 2P reserves as of 31 December 2017 are estimated by McDaniel at 54.7 MMbbls, compared to 59.1 MMbbls as of 28 February 2017, with the difference being production in the intervening period, partly offset by a small upward technical revision. The CPR results in a 12% reserves replacement for 2P and 40% reserves replacement at the higher confidence 1P level as a result of stabilising production and the integration of well TT-29w. A reconciliation from the reserves reported in the CPR released in February 2017 to the updated estimates in the CPR published today, is shown in the following table:\n \n\n\n\n\nGross oil reserves (MMbbls - McDaniel)\n\n\n1P\n\n\n2P\n\n\n3P\n\n\n\n\n28 February 2017\n\n\n25.8\n\n\n59.1\n\n\n95.0\n\n\n\n\nProduction\n\n\n(5.0)\n\n\n(5.0)\n\n\n(5.0)\n\n\n\n\nTechnical revisions\n\n\n2.0\n\n\n0.6\n\n\n0.1\n\n\n\n\n31 December 2017\n\n\n22.8\n\n\n54.7\n\n\n90.1\n\n\n\n\n \nBina Bawi and Miran oil resources\nBina Bawi gross 2C light (c.45◦ API) oil resources as of 31 December 2017 are estimated by RPS at 37.1 MMbbls, compared to 13 MMbbls as of July 2013. The increase reflects higher recovery factors than initially estimated due to integrating learnings from analogue carbonate fields of similar oil quali...