Scandoil  

Tap Oil updates on Northern Gulf companies


Published Jun 26, 2015
Tap Oil - Mawar-1

Tap Oil Limited provided the following update on its commercial relations with the Thai entrepreneur, Chatchai Yenbamroong, and his Northern Gulf companies.

2P Reserves Deferred Payment

As previously disclosed, the 2P reserves deferred payment is a staged acquisition payment that was agreed with Northern Gulf Petroleum Holdings Limited (NGPH) and its subsidiary, Northern Gulf Petroleum Pte. Ltd (NGP) when Tap acquired its 30 percent interest in the G1/48 concession in October 2010.

The first of these staged acquisition payments is based on the joint venture 2P reserves estimate for the Manora oil field as at Dec. 31, 2014.

The Operator (Mubadala Petroleum) has now advised that a report compiled by Netherland, Sewell & Associates, Inc (NSAI) containing the 2P reserves estimate as at Dec. 31, 2014 is complete. The NSAI report estimates the Dec. 31, 2014 2P gross reserves at 15.5 million stock tank barrels (MMstb) (net to Tap 4.648 MMstb). Importantly, this report was compiled by NSAI on the basis of the drilling results of the Manora wells to Dec. 31, 2014, and does not include the results of the wells drilled during 1Q 2015. The reserves payment is based on the economic ultimate recovery which is reserves at a certain date plus production to that date. Production to Dec. 31, 2014 was 0.481 MMstb thus the reserves payment is based on 15.97 MMstb.

Tags: Tap Oil Limited




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml