TIDMMTA
RNS Number : 6732Z
Matra Petroleum PLC
10 February 2014
10 February 2014
Matra Petroleum plc
("Matra" or the "Company")
Reserve Update
Matra Petroleum plc, the oil and gas investing company focussed
on the USA, is pleased to announce the results of an independent
reserve audit conducted by DeGolyer and MacNaughton
("D&M").
As announced on 22 January 2014, Matra's wholly owned
subsidiary, Matra Petroleum U.S.A., Inc. ("Matra USA") has
completed its Phase II acquisition of interests in certain oil and
gas leasehold interests in the Texas Panhandle region of the USA
through its investment in PGM-JV, a joint venture vehicle
incorporated in Texas of which Matra owns 50 per cent.
D&M conducted a review of all of the assets included in both
the Phase I and Phase II acquisitions and the results of the
independent reserve audit are set out below:
Aggregated Results for Leases Acquired during Phase I and II
Gross Reserves Net Reserves*
------------------------------- --------------------------------
Oil and Wet TOTAL Oil and Wet TOTAL
Condensate Gas Condensate Gas
(Mbbl) (MMcf) (MBOE) (Mbbl) (MMcf) (MBOE)
------------ -------- ------- ------------ ------- ---------
Proved
Developed Producing 96 1,250 243 37 512 97
Developed Nonproducing 1,152 25,287 4,127 731 13,471 2,316
Undeveloped 2,131 50,608 8,085 1,459 35,499 5,635
------------ -------- ------- ------------ ------- ---------
Total Proved 3,379 77,145 12,455 2,227 49,482 8,048**
Probable 2,379 55,350 8,891 1,478 29,954 5,002
Proved plus Probable 5,758 132,495 21,346 3,705 79,436 13,050**
*Net Reserves are defined as that portion of gross reserves
attributable to the interests owned by Matra, held through PGM-JV,
after deducting royalties and interests owned by others.
**In the course of conducting extensive due diligence prior to
closing of Phase II, the Company discovered certain title defects
with respect to the properties being acquired. These defects are
under active review by all relevant parties and are subject to
ongoing title defect cure procedures, the results of which will be
reported in due course.
The Company has extracted from the D&M report the Reserves
associated with those leases that are currently free and clear from
title defects and the results of this analysis are as set out
below:
Gross Reserves Net Reserves*
------------------------------- ------------------------------
Oil and Wet Gas TOTAL Oil and Wet TOTAL
Condensate Condensate Gas
(Mbbl) (MMcf) (MBOE) (Mbbl) (MMcf) (MBOE)
------------ -------- ------- ------------ ------- -------
Proved
Developed Producing 96 1,236 241 37 502 96
Developed Nonproducing 800 15,206 2,589 586 11,351 1,921
Undeveloped 1,739 49,201 7,527 1,203 34,614 5,276
------------ -------- ------- ------------ ------- -------
Total Proved 2,635 65,643 10,358 1,826 46,466 7,293
Probable 1,678 36,799 6,008 1,168 26,042 4,232
Proved plus Probable 4,313 102,442 16,365 2,994 72,508 11,524
The potential economic value of the above Reserves will, in
part, depend on the Company's chosen field development plan and
operating strategy which has prepared and is currently being
evaluated. The Company will be in a position to provide a detailed
independent valuation of these Reserves in the Re-admission
Document which is currently being prepared.
For further information, please contact:
Matra Petroleum plc c/o Bell Pottinger
Henry Lerwill 020 7861 3169
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor 0207 523 8000
Estimated of proved and probable reserves presented have been
prepared in accordance with the Petroleum Management System (PRMS)
approved in March 2007 by the Society of Petroleum Engineers, the
World Petroleum Council, the American Association of Petroleum
Geologists, and the Society of Petroleum Evaluation Engineers.
This statement has been approved by the Company's CTO Igor
Indychko with over 21 years of experience in petroleum exploration
and production for the purpose of the Guidance Note for Mining, Oil
and Gas Companies issued by the London Stock Exchange in respect of
AIM companies, which outline standards of disclosure for mineral
projects.
Glossary
Reserves Reserves are those quantities
of petroleum anticipated to
be commercially recoverable
by application of development
projects to known accumulations
from a given date forward under
defined conditions. Reserves
must further satisfy four criteria:
they must be discovered, recoverable,
commercial and remaining (as
of the evaluation date) based
on the development project(s)
applied. Reserves are further
categorised in accordance with
the level of certainty associated
with the estimates and may be
sub-classified based on project
maturity and/or characterized
by development and production
status.
--------- ---------------------------------------
Mbbl Thousand barrels of oil
--------- ---------------------------------------
MMcf Million cubic feet
--------- ---------------------------------------
MBOE Thousand barrels of oil equivalent
--------- ---------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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