Update on Reserves Estimates for the Tawke Field
(Thomson Reuters ONE) -
PRESS RELEASE, 14 June 2011
The Ministry of Natural Resources of the Kurdistan Regional Government (KRG) is
conducting its first ever survey of regional oil and gas reserves to be used in
conjunction with Iraqi federal authorities for reporting of countrywide
reserves.
In its capacity as operator of three licenses in Kurdistan, DNO International
ASA has been requested urgently to submit its current estimates for both
resources and reserves within these contract areas.
As previously reported, DNO International has been undertaking a revision of the
reserves at the Tawke field based on recent production history and updated
geological and reservoir models and expects to report significant increases in
estimated reserves for this field.
"Based on our current estimates we expect the gross ultimate P50 recoverable
reserves for Tawke to be in excess of 500 million barrels," says Managing
Director Helge Eide.
This figure is significantly higher than the previous management estimates of
387 million barrels of Tawke gross ultimate P50 recoverable reserves provided in
the Management Discussion and Analysis (MD&A) section of the Annual Statement of
Reserves (ASR) on 18 April 2011. The comparable audited figure from DNO
International's external reservoir engineers, France's Beicip Franlab, based on
field data through the end of 2010 and reported in the 2011 ASR was 306 million
barrels.
With the resumption of exports of oil from Kurdistan in February 2011, Tawke
production has climbed rapidly and has been sustained at around 70,000 barrels
per day. "While reserves estimates are a work in progress and subject to change
as new information is obtained, Tawke is certainly exceeding our expectations in
terms of deliverability and field size," Eide said. "We are very excited and
pleased with what we are learning."
Additional work is also underway to estimate the size of the Benenan and Bastora
discoveries as well as the potential of all undrilled prospects and geological
horizons in DNO International's licenses in Kurdistan.
DNO International has commissioned Beicip Franlab to provide a new interim Tawke
report based on the latest production history and the Company's updated models,
Eide said. Both the report under preparation by DNO International for KRG
authorities and the independent review by Beicip Franlab will be released when
completed.
Oslo, 14 June 2011
DNO International ASA
Corporate Communications
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
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originality of the information contained therein.
Source: DNO International ASA via Thomson Reuters ONE
[HUG#1523085]
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 55520
Anzahl Zeichen: 3507
contact information:
Town:
Oslo
Kategorie:
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