Daniel is currently an employee of New Zealand Oil & Gas Limited whom, at the time of this report, are a related party to Cue Energy. New Zealand Oil & Gas reviews reserves holdings twice a year by reviewing data supplied from the field operator and comparing assessments with this and other information supplied at scheduled meetings. Daniel is also an active professional member of the Society of Petroleum Engineers and the Royal Society of New Zealand. Daniel is a Chartered Engineer with Engineering New Zealand and holds Master’s degrees in Petroleum and Mechanical Engineering as well as a Diploma in Business Management and has over 10 years of experience. This reserves and resources statement for all fields except Mahato(see below) is approved by, based on, and fairly represents information and supporting documentation prepared by New Zealand Oil & Gas Assets & Engineering Manager Daniel Leeman. Tables combining reserves have been calculated arithmetically and some differences may be present due to rounding. The extraction method is via the Mereenie and Palm Valley Gas Plants which includes compression and dehydration. The volumes refer to standard conditions, defined as 14.7psia and 60☏. Total reserves are the sum of developed and undeveloped reserves at a given level of certainty.Īll reserves and resources reported refer to hydrocarbon volumes postprocessing, net of fuel, and immediately prior to point of sale. through installation of compression, new wells into different but known reservoirs, or infill wells that will increase recovery). Undeveloped reserves will be recovered through future investments (e.g. Developed reserves are expected to be recoverable from existing wells and facilities. Known accumulations are reserves or contingent resources that have been discovered by drilling a well and testing, sampling or logging a significant quantity of recoverable hydrocarbons. For gas volumes in excess of current contracts, a future base market price from an independent expert report is assumed for gas sales. The oil price assumptions are based on a futures price curve, followed by a flat real price. Probable (2P) reserves have a 50% chance or better of being technically and economically producible using discounted cashflows. Proven (1P) reserves are estimated quantities of oil and gas which geological and engineering data demonstrate with reasonable certainty (90% chance) to be recoverable in future years from known reservoirs, under existing economic and operating conditions. For the conversion to equivalent units, standard industry factors have been used of 6Bcf to 1mmboe, 1Bcf to 1.05PJ, 1 tonne of LPG to 8.15 boe and 1TJ of gas to 163.4 boe. For Sampang, a combination of deterministic and analytical methods have been applied in tandem with a review of the available simulation models, by NZOG in determining remaining reserves.Īt all fields, economic modelling has been conducted to determine the economically recoverable quantities. In Indonesia, all fields and prospects are non-operated, the operator at Sampang is Medco and at Mahato is Texcal. In New Zealand, the Maari field is non-operated. The reserves and resource volumes stated have not been adjusted for risk. In-place volumes have been developed using probabilistic methods, with deterministic workflows used for recoverable volumes. This data has been combined with available seismic data, analytical and numerical analysis methods and a set of deterministic reservoir simulation and network models. Mereenie, Palm Valley and Dingo reserves are based on historical field production data and various well intervention and drilling campaigns. Cue holds 7.5% equity in Mereenie and 15% in Palm Valley and Dingo. In the Amadeus basin, all fields and prospects are non-operated, with the operator being Central Petroleum Limited. Cue currently holds an equity position of 5%, 15% and 12.5% in the Maari, Sampang and Mahato assets respectively, though Production Sharing Contract adjustments at the Sampang & Mahato fields affect the net equity differently across the various reserve categories. The volumes presented are net to Cue Energy. Oil and gas reserves, and contingent and prospective resources, are reported as at 1 July 2021 and follow the SPE PRMS Guidelines (2018).
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