10th Apr 2014 11:32
LONDON (Alliance News) - Jubilant Energy NV Thursday said it has declared the commerciality of its Kathalchari Discovery in the Tripura Block in India.
The oil and gas exploration and development company with operations in India and Myanmar, said the sites operator, Jubilant Oil and Gas Private Ltd submitted a declaration of commerciality for the discovery in December 2012 and the proposal has been accepted by the management committee.
The company said the management committee revised its initial parameters for the site to show gas initially in place of 1,211.69 billion cubic feet and a contingent recoverable resource of 71.02 billion cubic feet.
Jubilant said the revised parameters remain over nine wells using its early production facilities, including a gas gathering station, separators, pipelines, flow-lines and manifolds.
The company said the contingent recoverable resources are based on the lowest known gas for the area around the Kathalchari-1 discovery as opposed to being based on the maximum area as was originally proposed.
The consortium operating the site now plans to submit a Field Development Plan by January 12, 2015, in accordance with its ongoing Production Sharing Contract.
Jubilant Energy shares were down 1.3% to 7.90 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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