COOPER ENERGY LIMITED 15 August 2016
Reserves and Contingent Resources as at 30 June 2016- Proved plus Probable Reserves (2P) are 3.0 MMbbl compared with 3.1 MMbbl at 30 June 2015
- P50 Contingent Resources (2C) are 59.0 MMboe compared with 58.4 MMbbl at 30 June 2015
Cooper Energy Limited ("Cooper Energy", ASX: COE) announces its reserves and resources assessment as at 30 June 2016. All reserves and resources figures in this document are net to Cooper Energy.
ReservesCooper Energy's 2P reserves at 30 June 2016 are assessed to be 3.00 million barrels of oil (MMbbl). This is a decrease of 0.08 MMbbl from 30 June 2015. The key factors in the revision are reserve upgrades from subsurface studies in the PEL 92 Joint Venture producing fields, success at Bunian-4 development well in the Tangai-Sukananti KSO, Indonesia and offset by production of 0.47 MMbbl of oil.
Petroleum Reserves at 30 June 2016 (MMbbl) | |||||||||
Category | Proved (1P) | Proved & Probable (2P) | Proved, Probable & Possible (3P) | ||||||
Australia | Indonesia | Total | Australia | Indonesia | Total | Australia | Indonesia | Total | |
Developed | 0.62 | 0.50 | 1.12 | 0.98 | 0.93 | 1.91 | 1.70 | 1.39 | 3.08 |
Undeveloped | 0.16 | 0.31 | 0.48 | 0.29 | 0.80 | 1.09 | 0.48 | 1.70 | 2.19 |
Total1 | 0.78 | 0.82 | 1.59 | 1.27 | 1.73 | 3.00 | 2.18 | 3.09 | 5.27 |
1 Totals may not reflect arithmetic addition due to rounding. The method of aggregation is by arithmetic sum by category. As a result, the 1P estimate may be conservative and the 3P estimate may be optimistic due to the effects of arithmetic summation.
Year-on-year movement in Reserves (MMbbl) | |||
Category | Proved (1P) | Proved & Probable (2P) | Proved, Probable & Possible (3P) |
Reserves at 30 June 2015 | 1.97 | 3.08 | 4.82 |
FY16 Production | (0.46) | (0.46) | (0.46) |
Revisions1 | 0.08 | 0.38 | 0.91 |
Reserves at 30 June 20162 | 1.59 | 3.00 | 5.27 |
The reserves revisions include Cooper Energy's share of future crude fuel usage in the Cooper Basin. The estimated fuel usage for PEL 92 is: 1P
0.02 MMbbl, 2P 0.03 MMbbl and 3P 0.06 MMbbl. The estimated fuel usage for the Worrior Field (PPL 207) is: 1P 0.01 MMbbl, 2P 0.02 MMbbl and 3P 0.03 MMbbl. There is no produced crude oil used for fuel in Indonesia.
Totals may not reflect arithmetic addition due to rounding.
Cooper Energy Limited Level 10, 60 Waymouth Street Phone: +61 8 8100 4900 customerservice@cooperenergy.com.au 1
ABN 93 096 170 295 Adelaide, South Australia 5000 Fax (Aust): +61 8 8100 4997 www.cooperenergy.com.au
ASX: COE GPO Box 1819, Adelaide SA 5001
Contingent ResourcesContingent resources at 30 June 2016 have increased by 0.6 MMboe to an estimate of 59.0 MMboe. The key revision is a resource upgrade in the Sole field in the Gippsland Basin, offshore Victoria as announced to the ASX on 26 November 2015 which is offset by reclassifications in Indonesia.
Contingent resources at 30 June 2016
1C | 2C | 3C | |||||||
Category | Gas | Oil | Total | Gas | Oil | Total | Gas | Oil | Total |
PJ | MMbbl | MMboe | PJ | MMbbl | MMboe | PJ | MMbbl | MMboe | |
Australia | 156.0 | 2.6 | 29.4 | 212.9 | 4.9 | 41.6 | 300.9 | 7.9 | 59.8 |
Indonesia | 1.2 | 0.0 | 0.2 | 2.3 | 0.0 | 0.4 | 4.3 | 0.0 | 0.7 |
Tunisia | 1.6 | 8.6 | 8.9 | 5.6 | 16.1 | 17.0 | 18.5 | 36.3 | 39.5 |
Total1 | 158.9 | 11.2 | 38.6 | 220.7 | 21.0 | 59.0 | 323.7 | 44.2 | 100.1 |
1 Totals may not reflect arithmetic addition due to rounding. The method of aggregation is by arithmetic sum by category. As a result, the 1C estimate may be conservative and the 3C estimate may be optimistic due to the effects of arithmetic summation.
Year-on-year movement in 2C contingent resources (MMboe)
Category | Australia | Indonesia | Tunisia | Total1 |
Resources at 30 June 2015 | 38.8 | 2.6 | 17.0 | 58.4 |
Revisions | 2.7 | (2.2) | 0.0 | 0.6 |
Resources at 30 June 2016 | 41.6 | 0.4 | 17.0 | 59.0 |
1 Totals may not reflect arithmetic addition due to rounding. The method of aggregation is by arithmetic sum by category. As a result, the 1C estimate may be conservative and the 3C estimate may be optimistic due to the effects of arithmetic summation.
Notes on Calculation of Reserves and Resources Calculation of Reserves and ResourcesThe approach for all reserves and resources calculations is consistent with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2007 Petroleum Resources Management System (PRMS). Project and field totals are aggregated by arithmetic summation. Aggregated 1P, 1C and Low Estimates may be conservative and aggregated 3P, 3C and High Estimates may be optimistic due to the effects of arithmetic summation. Totals may not exactly reflect arithmetic addition due to rounding.
ReservesCooper Energy undertakes its reserve assessments and incorporates information supplied by the respective Operators (Beach Energy Limited and Senex Energy Limited). Reserves are estimated by deterministic and probabilistic estimation methodologies consistent with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2007 Petroleum Resources Management System (PRMS).
The Cooper Basin totals comprise the arithmetically aggregated PEL 92 project fields and the arithmetic summation of the Worrior project reserves. The 1P, 2P and 3P reserves totals respectively include 0.03,
and 0.09 MMbbl oil reserves used for field fuel.
The Indonesia totals include removal of non-shareable oil (NSO) and comprise the arithmetically aggregated Tangai-Sukananti KSO project fields. Totals are derived by arithmetic summation.
Contingent ResourcesCooper Energy undertakes contingent resource assessments using probabilistic estimation methodologies consistent with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2007 Petroleum Resources Management System (PRMS). These estimates incorporate a range of uncertainty relating to each of the key reservoir input parameters to predict the likely range of outcomes. This assessment includes resources in the Gippsland Basin, in PEL 90K in the Cooper Basin, the Tangai- Sukananti KSO, Indonesia, and in the Hammamet West in the Bargou Permit and Tazerka field in the Hammamet Permit, offshore Tunisia.
The following contingent resources assessments have been released to the ASX:
Sole Field on 26 November 2015
Manta Field on 16 July 2015
Basker and Manta fields on 18 August 2014
Hammamet West Field on 28 April 2014
Cooper Energy is not aware of any new information or data that materially affects the information provided in those releases, and all material assumptions and technical parameters underpinning the estimates provided in the releases continue to apply.
Qualified Petroleum Reserves and Resources Evaluator StatementThe information contained in this report regarding the Cooper Energy reserves, contingent resources and prospective resources report is based on, and fairly represents, information and supporting documentation reviewed by Mr Andrew Thomas who is a full-time employee of Cooper Energy Limited holding the position of Exploration Manager, holds a Bachelor of Science (Hons), is a member of the American Association of Petroleum Geologists and the Society of Petroleum Engineers, is qualified in accordance with ASX listing rule 5.41, and has consented to the inclusion of this information in the form and context in which it appears.
Further comment and information | |
Andrew Thomas | Don Murchland |
Exploration Manager | Investor Relations Advisor |
+61 8 8100 4900 | +61 439 300 932 |
Cooper Energy Limited published this content on 15 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 August 2016 23:25:04 UTC.
Original documenthttp://www.cooperenergy.com.au/Upload/Documents/AnnouncementsItem/2016.08.15-FY16-Reserves-and-Contingent-Resources.pdf
Public permalinkhttp://www.publicnow.com/view/4FB2D356A71E527E64BC6C611F1D468CF7A20CDF
