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| Comparison of SPE and NPD Classifications |
LONDON -- Energean Oil & Gas has announced the first Competent Persons Report (CPR) for its assets offshore Montenegro, compiled by Netherland Sewell & Associates (NSAI), detailing the recoverable gas and liquids resource estimates in respect to Energean’s 100% interest in blocks 4218-30 and 4219-26.
The CPR shows the combined net unrisked prospective recoverable resources (P50) for the two blocks, awarded to the Company earlier this year, as 1.8 Tcf natural gas and 144 MMbbl liquids (438 MMboe in total).
Comparison of Selected Reserves and Resource Classifications and Associated Definitions - Society of Petroleum Engineers
Energean is currently the sole operator, with 100% working interest, of offshore blocks 4218-30 and 4219-26. The blocks were officially awarded in March 2017, following the signing of a Concession Agreement between the Company and the State of Montenegro. The two blocks cover a surface area of 338 km2 in shallow waters.
The CPR is part of the first three-year exploration phase, which entails a mandatory work program including a 3D seismic survey covering the two blocks that is planned to be acquired in 2018, and geological and geophysical (G&G) studies. The total cost of this initial exploration phase is estimated at $5 million.
The CPR is an important step in scoping the potential of the offshore Montenegro area, which is currently underexplored, despite the fact that oil and gas discoveries were made during drilling by previous Operators in late 20th century, but not commercialized.
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