Eaglewood Energy provide an update to the estimated resources on its Ubuntu Discovery in Papua New Guinea, following the acquisition of infill seismic over the Ubuntu structure in December last year.

Gaffney, Cline & Associates ("GCA"), an independent qualified reserves evaluator, prepared the update for the Corporation dated effective March 1, 2012. The resource estimates from GCA are prepared in compliance with National Instrument 51-101 and the COGE Handbook.

The GCA update reports a Mean Estimate of natural gas initially in place of 96.2 BCF, and a mean estimate of natural gas liquids initially in place of 5.28 MMbbl. Eaglewood have used a 6:1 conversion ratio to convert natural gas liquids to natural gas equivalent, with the estimated mean natural gas equivalent initially in place of 127.9 BCFE.

Tags: Eaglewood Energy