04-20-2015, 06:44 AM
Resources are also increasing rapidly
The 2014 year end proved and probable (2P) reserves amounted to 11.5MMBoe, a 155% increase over 2013 with all of the increase coming from Argentina. At a NPV (10%) this amounts to $200M (or roughly $0.40 per share).
However, these are only the conventional resources. They have a big potential in their unconventional resource plays, mainly the Vaca Muerta field in Argentina. The Best Estimate P50 Total Petroleum Initially In Place is roughly 34.8 Billion Boe (51% oil & NGL’s) net to Madalena. The Best Estimate P50 Contingent & Prospective Resources net to Madalena (from the April corporate presentation):
- 19.4 million boe (95 % crude oil and NGLs) of Contingent Resources (all of it in Vaca Muerta)
- 2.8 Billion boe (45 % crude oil and NGLs) of Prospective Resources (69% in Vaca Muerta)
The data were produced by Ryder Scott, effective December 31, 2012.