25th Jul 2014 09:28
LONDON (Alliance News) - Jubilant Energy NV Friday said a new study has resulted in big increase in contingent resources and prospective resources for the Kharsang Field in Arunachal Pradesh, India.
The oil and gas exploration and development company, with operations in India and Myanmar, said the new estimate was prepared by Gaffney Cline & Associates in June to represent the field from September 30, 2013 and replace its previous estimate from December 31, 2011.
Jubilant Energy's net proved and probable contingent resources increased to 3.8 million barrels of oil from 780,000 barrels previously, and to 62.2 billion cubic feet of gas from 6.9 billion cubic feet of gas previously.
The company's net proved, probable and possible contingent resources increased to 9.3 million barrels of oil and 103.0 billion cubic feet of gas, from 960,000 barrels of oil and 10.9 billion cubic feet of gas.
Jubilant said the projects that have been assigned contingent resources include the full field development of the Namsang reservoirs and Tipam reservoirs on site.
The company added that its net prospective resources on site have a best estimate of 2.8 million barrels of oil and 31.8 billion cubic feet of gas.
The study showed that the field has reserves with increased cumulative gross oil production at 10.5 million barrels from 10.0 million barrels previously, but the company's net entitled proven and probable reserves fell to 950,000 barrels from 1.1 million barrels.
The company's net proved, probable and possible reserves remained largely flat at 1.2 million barrels.
Jubilant Energy NV shares were up 13% to 11.20 pence on Friday.
The field has provided cumulative gross oil production at September 30 of 10.5 million barrels of oil.
By Tom McIvor; [email protected]; @TomMcIvor1
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