Shallow water conventional gas field consists of four discovered non-produced gas pool reserves and numerous development gas pools with very good seismic, geophysical, geological, and expensive engineering data to remove any mystery. The company has been active in the area for >20 years
Developed & Producing
Discovered & Undeveloped
Reserves and resources for the SASB Gas field as prepared by GLJ, Ltd (“GLJ”), an independent third-party consulting firm with effective date of October 31, 2021. The Company plans to produce these 17 wells through its drilling program to commence in 2022.
|Item||Class||BCF||NPV10% $US Million||Class||BCF||NPV10% $US Million|
|Discovered non-producing||2P||20.25||$75.75 m||3P||31.4||$129.2 m|
|Development prospects, risked||Medium Estimate||23||$93.6 m||High estimate||36.4||$156.0 m|
|TOTAL||40.3||US$169.35 m||62.4||US$285.2 M|
|CND$216 m||CND$367 m|
*The Report has been prepared in accordance with resource definitions, standards, and procedures contained in the Canadian Oil and Gas Evaluation (COGE) Handbook. The resource definitions used in preparing this report are those contained in the COGE Handbook and the Canadian Securities Administrators National Instrument 51-101 (NI 51-101).
**NPV 10 Valuation is the discounted value of the reserves after all capital development, operating costs, and royalties before taxes discounted to present-day dollars.
***Prospective resources have both an associated chance of discovery and a chance of development to derive a final chance commercially. GLJ has assigned a 90% chance of development for all six prospects and a chance of discovery ranging from 50% to 90% resulting in a range of chance of commerciality from 45% to 81%.