08-04-2013, 01:29 PM
>> Hope it's better results than Panakawa 1
INDEPENDENT ASSESSMENT OF SIGNIFICANT OIL TARGET IN PPL 267
On 5 April 2013, the Company was pleased to announce the results of an independent technical review of prospective resources by Gaffney, Cline & Associates (GCA), a qualified reserves evaluator.
In its announcement on 4 March 2013, NGE declared that it believes it has identified a significant oil target in the licence that has the potential to contain more than 50 million barrels of petroleum initially in place, with an expectation that approximately one third of this would be recoverable oil.
GCA’s assessment concurs that PPL 267 is most likely an oil play, and have identified a lead with structural closure at the Alene and Toro reservoir levels with unrisked P50 (Best Case) Prospective Resources indicated in the table below. GCA has assessed the leads to each have a Geological Chance of Success of 12%. Additional technical work is required before the leads are considered mature to be classified as prospects (ready for drilling). A subsequent discovery would warrant the reclassification of these volumes as a contingent resource.