Business
Results of Evaluations Undert
Results of Evaluations Undert.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n RNS Number : 8104I TomCo Energy PLC 24 November 2008 \n \nTomCo Energy plc\n\n('TomCo' or the 'Company')\n\nResults of the Independent Reserves and Resource Evaluation and Audit Undertaken by TRACS International Limited\n\n\n\nTomCo Energy plc (AIM: TOM), an AIM listed company which has investments in conventional oil production in the United States and Israel, is pleased to announce the outcome of an independent Reserves and Resource evaluation and audit of the Heletz Field, Israel, in which the Company has a substantial interest1. \n\nAs announced on the 3 July 2008, the study was undertaken by TRACS International Ltd ('TRACS') on behalf of the Company and its partner and field operator, Avenue Energy Israel Ltd ('Avenue Energy').\n\nBased on a comprehensive re-evaluation of the data collated from the field, including over 90 wells drilled since the field was discovered in 1955, TRACS estimate a mid-case (P50) original oil-in-place for the field of 94.4 MM bbl, with a range from 52.7 MM bbl (P90) to 164.4 MM bbl (P10). This estimate represents a significant increase over the previously quoted figure of 50 MM bbl, and reflects the recognition of substantial additional volumes of oil in lower quality carbonate reservoirs (e.g. the 'Kokhav Dolomite') within the main Cretaceous reservoir section. TomCo and Avenue Energy believe that a significant portion of this additional oil will be recoverable through the application of modern drilling, completion and reservoir management techniques, and, as noted by TRACS, 'that there is considerable remaining potential in the Heletz field'\n\nAround 17 MM bbl have been produced from the field to date, mainly from the better quality sandstone reservoirs in the middle of the Cretaceous reservoir section. TRACS have calculated the currently established gross field Remaining Reserves2, on a 2P (Proved plus Probable) basis to be 974,000 bbl, of which 720,000 bbl are Undeveloped Reserves to be targeted by the planned 2009 workover and infill drilling campaign. The 3P (Proved plus Probable plus Possible) upside reserves are 1.87 MM bbl. The Company's net interest in these reserves is around 35%.\n\n\n \n\n\n\n\nReserves, \nMM bbl\n\n\n1P\n\n\n2P\n\n\n3P\n\n\n\n\nGross Field\n\n\n0.462\n\n\n0.974\n\n\n1.870\n\n\n\n\nNet to TomCo\n\n\n0.163\n\n\n0.336\n\n\n0.63...