Proven,Probable and Possible Reserves of the Oudeh Field Revised Up to 2.56 Billion Barrels

摘要

A new report on the Oudeh field prepared in July-August by Sproule International Limited on the basis of development data as at 31 May last has revised up the initial estimate of the field's proven,probable and possible (3P) reserves,the Canadian company Tanganyika Oil Company Ltd.announced on 22 September.Total 3P reserves are now estimated at 2.56 billion barrels,as against the estimate of 2.4 billion barrels produced by Sproule in June 2003 (AOG,16 June,2003,and 16 Feb.,2004).Gross recoverable reserves are put at 179 million barrels (8% up on the 2003 estimate),with a net present value (discounted at 10%) of US269 million (fully 66% more than the 2003 estimate of US162 million).This figure is based on the price of Brent as at 1 June 2004,less an adjustment of US5.95/b for the crude blend produced by Oudeh.