Sengkang - Formal Upgrade of Gas Reserves (Amended)
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Energy World Corporation Limited (EWC) | 8:32 am, Wednesday 27 August 2008 | EWC | 1.450 |
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Dear Sirs,
Sengkang - Formal Upgrade of Gas Reserves - Competent Person's Statement
The earlier announcement made by the company in connection with the Sengkang
- Formal Upgrade of Gas Reserves did not contain the Competent Person
Sign-off. The Company has therefore produced this new announcement that does
contain the Company Competent Person Sign-off.
For further information, please contact the undersigned.
Yours faithfully,
For and on behalf of
ENERGY WORLD CORPORATION LTD.
Brian J. Allen
Director
26 August, 2008
Dear Sirs,
Sengkang - Formal Upgrade of Gas Reserves
In a report issued to the Company dated 26 August 2008, Helix RDS have
confirmed that effective from 1 July 2008, our Sengkang gas reserves can be
formally and officially upgraded.
The Directors of Energy World Corporation Limited (EWC) are pleased to
announce that following an extensive and detailed review of the Kampung Baru
gas reserves by Helix RDS using dynamic information obtained from 10 years of
uninterrupted gas production, we can now increase the Sengkang proved and
probable (2P) gas reserves to 505 BCF.
In addition Helix RDS reinterpretation of existing seismic and drilled well
data has resulted in 2P Reserves in 4 discovered but non producing fields of
285 BCF.
In addition to the upgrade of gas reserves highlighted above, Helix RDS have
identified thirty prospects, that is, potential accumulations of gas within
the Sengkang Contract Area, giving substantial additional prospective gas
resource in excess of 2.25 TCF. (Company is of the opinion this is
sufficient gas to produce an additional 4 million tons per annum of LNG for
10 years.)
Further to these prospects, Company has previously identified additional
numerous leads in the Sengkang Contract Area which require more data
acquisition or evaluation, that could increase the prospective resource from
the Sengkang field to between 5 TCF to 7 TCF.
For further information, please contact the undersigned.
Yours faithfully,
For and on behalf of
ENERGY WORLD CORPORATION LTD.
Brian J. Allen
Director
Competent Person's Statement:
Information in this report that relates to Hydracarbon Reserves and or
Resources is based on information complied by Mr. Chris Whitmee, Principal
Reservoir Advisor of Helix RDS Kuala Lumpur, who has consented to the
inclusion of that information in the form and context in which it appears.
Mr. Whitmee has 35 years of experience in the oil and gas
Extract from Helix RDS Report.
The Gas Reserves attributable to the Sengkang PSC as at 1st. July 2008 are:
Kampung Baru - Discovered field - in production Proved (BCF)
Developed Undeveloped
Original Gas in Place (OGIP) 538 37
Gross Ultimate Separator Gas Recovery 473 32
Cumulative Gas Production to 1st. July 2008 80.7 0
Remaining Separator Gas Reserves 392 32
Sales Gas Reserves 384 31
1. Original Gas In Place is the estimated volume of raw hydrocarbon gas in
place in the reservoir.
2. Gross Ultimate Separator Gas Recovery is the estimated volume
of gas that will be produced under existing conditions and with existing
production equipment, currently estimated at 88%.
3. Remaining Separator Gas Reserves are estimated Gross Ultimate
Recovery minus the cumulative production to the report date, i.e. 1st. July
2008.
4. Sales Gas Reserves are calculated after deduction for losses and
for fuel use of 2.0%.
5. For the avoidance of doubt Remaining Reserves are calculated including
gas production up to midnight on 30th June 2008.
Field - Discovered Fields -
Not In Production Proved
Developed Undeveloped Probable
BCF BCF BCF
- Walanga
Original Gas In Place 0 150 0
Gross Ultimate Separator Gas Recovery 0 128 0
- Sampi Sampi
Original Gas In Place 0 36 0
Gross Ultimate Separator Gas Recovery 0 31 0
- Bonge
Original Gas In Place 0 13 0
Gross Ultimate Separator Gas Recovery 0 11 0
Sallo Bullo
Original Gas In Place 0 0 135
Gross Ultimate Separator Gas Recovery 0 0 115
TOTAL DISCOVERED FIELDS
Original Gas In Place 0 199 135
Gross Ultimate Separator Gas Recovery 0 170 115
1. Original Gas In Place is the estimated volume of raw hydrocarbon gas in
place in the reservoir.
2. Gross Ultimate Separator Gas Recovery is the estimated volume of
gas that will be produced under existing conditions and with existing
equipment, currently estimated at 85%.
3. Sallo Bullo is probable status as although a well has been drilled
in the structure it was not production tested
