27th Feb 2014 13:05
LONDON (Alliance News) - Caracal Energy Inc Thursday announced strong reserves increases following an independent evaluation by McDaniel & Associates Consultants Ltd.
The oil and gas exploration and development company, with operations in Chad, said the evaluation showed that its proven reserves at December 31, 2013 had increased 64% to 47.4 million barrels from the same point in 2012.
The company said its proved and probable reserve increased 101% to 179.6 million barrels and its proven, probable and possible reserves increased 94% to 388.6 million barrels.
Caracal said its net entitlement reserves in the proven category increased 67% to 18.8 million barrels. In the proven and probable category, they increased 102% to 64.3 million barrels, and in the proven, probable and possible category by 85% to 118.1 million barrels.
As a result of the study, Caracal said its net present value attributable to reserves increased 24% to USD688 million in the proven category, 61% to USD1.72 billion in the proved and probable category and 71% to USD3.22 billion in the proved, probable and possible category.
Caracal Energy shares were up 1.0% to 412.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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