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Tuktu Resources Ltd. Announces 2024 Year-End Reserves and Operations Update
Calgary, Alberta--(Newsfile Corp. - March 24, 2025) - Tuktu Resources Ltd. (TSXV: TUK) (" Tuktu...
About this update from Tuktu Resources Ltd
[{"type":"text","content":"Tuktu Resources Ltd. Announces 2024 Year-End Reserves and Operations UpdateCalgary, Alberta--(Newsfile Corp. - March 24, 2025) - Tuktu Resources Ltd. (TSXV: TUK) (\"Tuktu\" or the \"Company\") is pleased to announce the results of its year-end independent oil and gas reserves evaluation as of December 31, 2024 (the \"Deloitte Report\"), as prepared by its independent qualified reserves evaluator, Deloitte Canada LLP (\"Deloitte\"), and an operations update on its recently drilled and completed well. 2024 Reserve Report HighlightsProved developed producing reserves (\"PDP\") increased 18% to 1,086 Mboe with a corresponding increase of 91% in net present value (\"NPV\") reserves, discounted at 10% before tax to $12.7 million [in 2024].Total proved reserves (\"TP\") increased 28% to 1,387 Mboe with a corresponding increase of 143% in NPV reserves discounted at 10% before tax to $17.5 million [in 2024].Total proved plus probable reserves (\"TPP\") increased 204% to 4,914 Mboe with a corresponding increase of 624% in NPV reserves discounted at 10% before tax to $69.0 million [in 2024].The Banff discovery well has yielded TP and TPP values to the Company using a 10% discount rate of $3.5 million and $5.3 million, respectively. As at March 17, 2025, the well has outperformed the TPP gross production estimates in the reserve report by approximately 50% and has produced 62 Mbbl, as at March 17, 2025.Two probable undeveloped locations attributed to the vertical discovery well in the Deloitte Report. 2024 Year End ReservesTuktu is pleased to provide below highlights from the results of the Deloitte Report. The evaluation of Tuktu's properties was prepared in accordance with the definitions, standards and procedures contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook (\"COGEH\") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (\"NI 51-101\"). The following tables highlight the findings of the Deloitte Report, based on the published average forecast pricing of Deloitte. See \"Reader Advisories - Reserves Disclosure\" for more information. It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. The numbers in the tables below may not add due to rounding.SUMMARY OF OIL AND GAS RESERV...