Genel reports significant resource estimate upgrade
Source - SMW
Genel Energy said an evaluation by RPS Energy Consultants had confirmed a significant upgrade to the combined 2C gross raw gas resource estimate for the Bina Bawi and Miran West fields.
The evaluation was carried out as part of RPS's work on the updated competent person's reports for the fields.
Genel said the RPS assessment of the combined gross 2C raw gas resource for both fields now stands at 14,792 Bscf, a figure which excludes associated condensate volumes attributable to the upstream partners.
The RPS assessment of the combined gross 2C condensate volumes potentially recovered from raw gas production at both fields totals 137 MMstb.
As at end-2016 Genel's reported 2C resources included net raw gas resources from Miran and Bina Bawi totalling 1,421 MMboe, which related to Genel's respective 80% and 75% interests in the Bina Bawi and Miran PSCs at that time.
In February 2017 the company increased its interest in both PSCs to 100%, resulting in a combined pro-forma end-2016 Genel 2C resource of 1,815 MMboe (10,530 Bscf).
The 2018 RPS estimates of combined 2C resources from both fields have increased c.40% compared to the pro-forma end-2016 2C resource.
At 8:06am: (LON:GENL) Genel Energy PLC share price was +7.9p at 134.9p