President announces significant new Prospective Resources from the completion of the processing and interpretation of the newly acquired seismic data over the largest prospect in the Hernandarias Block, the Boqueron prospect.
Highlights of Boqueron Prospect
•An oil case with gross unrisked recoverable Best Estimate Prospective Resources as of 30 September 2015 of 302 MMBOE
•A gas/condensate case with gross unrisked recoverable Best Estimate Prospective Resources as of 30 September 2015 of 559 Bcf of gas and 17 MMBbls of condensate
•The overall chance of exploration success is considered by the Company to be 22%
Peter Levine, Chairman, commented,'The results of the seismic programme carried out earlier this year are very promising and underline the potential of the Paleozoic play in the Hernandarias Block.
The very large Boqueron structure is a compelling drilling opportunity which is eminently risk covered and the success case economic even in the current depressed market environment.'