OREANDA-NEWS. MOL Plc. hereby informs the capital market participants that the operator of the Shaikan block, Gulf Keystone Petroleum Limited (GKP) provided a Competent Person’s Report (CPR) update. The CPR was again prepared by ERC Equipoise and follows the first report published in March 2014.

The focus on the Shaikan field has evolved from oil-in-place to recoverable reserves and the updated CPR highlights the enhanced understanding of the field. With over 15 million barrels now produced from the Jurassic, the substantial production and reservoir data acquired over the last 18 months have given a much improved understanding of the field’s recovery mechanism. The operator now has greater certainty in its ability to develop the increased 2P Reserves with fewer wells and reduced capex per barrel. These aspects will feature in the updated Shaikan Field Development Plan.

According to the results of the updated CPR 2P Reserves increased by 114% from 299 to 639 million stock tank barrels (mmstb) gross.

The table below represents the updated CPR’s conclusions on Shaikan 2P Reserves, 2C Contingent Resources and Technically Recoverable Volumes (TRV) in comparison with the March 2014 CPR:

CPR (mmstb)

2P

% increase

2C

2P+2C

TRV

2P+2C+ TRV(1)

Net diluted WI to MOL - 2P (13.6%)

March 2014

299

  

702

1,001

  

1,001

41

Sept 2015

639

114%

239

878

142

1,020

87