Senex Energy Limited (Senex, ASX:SXY) today released its estimate of reserves and contingent resources as at 30 June 2018, which included the inaugural reserves booking for Project Atlas and upgrades to the Western Surat Gas Project.
Senex engaged the services of DeGolyer and MacNaughton (D&M) and Netherland Sewell Associates (NSAI) to independently assess reserves and resources prior to reporting any updated estimates. D&M and NSAI are independent resource estimating firms with considerable experience in the Cooper Basin and the Surat Basin respectively.
Proved (1P) reserves of 20.2 mmboe, up 21% compared to 30 June 2017
Proved and probable (2P) reserves of 113.2 mmboe, up 35% compared to 30 June 2017
Project Atlas maiden 2P reserves booking of 144 petajoules (24.5 mmboe)
2P reserves life estimated at 19 years for gas and 8 years for oil at the end of FY181
Commenting on the reserves statement Senex Managing Director and CEO Ian Davies said:
“The significant increase in both 1P and 2P reserves clearly demonstrates the Senex strategy in action as we build our east coast gas business and focus on the prolific western flank of the Cooper Basin.
“Most importantly, we made significant progress on our major gas projects during the 2018 financial year, culminating in a material maiden reserves booking for Project Atlas. In addition, our successful Phase 2 appraisal program in the Western Surat Gas Project delivered increases to both 1P and 2P reserves, further demonstrating the strong commerciality of the area.“
1 Assumes gas reserves and production from initial production areas of the Western Surat Gas Project (Glenora and Eos only) and Project Atlas of 48 terajoules per day (~3 mmboe per annum) and steady-state oil production of 1 mmbbl per annum.
2 See notes to the Annual Reserves Statement for calculation methodology.
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