Gross Lease 2P Reserves increase by 72%
Gross Lease Mean Risked Prospective Resources increase by 171%
Company 2P Net Present Value of US$1.4 billion
CALGARY, July 15, 2013 /CNW/ - Caracal Energy Inc. (LSE:CRCL) ("Caracal" or the "Company") announced today the results of a reserves and resources evaluation provided by McDaniel & Associates Consultants Ltd. ("McDaniel") as at June 30, 2013 (collectively, the "McDaniel Report" or the "Report"). A statement of the Reserves and Resources consistent with an NI 51-101F1 (defined below) can be found at www.caracalenergy.com or www.sedar.com, under Caracal's profile.
The results of the McDaniel Report demonstrate a significant increase in reserves and resources as at June 30, 2013 as compared with previous independent reports on reserves and resources with effective dates of December 31, 2012, which were completed and issued in February 2013.
Highlights:
-- Gross Lease Reserves -- Proven ("1P") of 34.7 million barrels ("MMB"), an increase of 20% -- Proved plus Probable ("2P") of 153.3 MMB, an increase of 72% -- Proved plus Probable plus Possible ("3P") of 321.0 MMB, an increase of 60% -- Caracal Net Entitlement Reserves -- 1P of 12.9 MMB, an increase of 14% -- 2P of 50.6 MMB, an increase of 59% -- 3P of 89.8 MMB, an increase of 41% -- Caracal's Net Present Value (discounted at 10% before tax) - all amounts in U.S. Dollars -- 1P of $516 million -- 2P of $1,413 million -- 3P of $2,533 million -- Gross Lease Prospective Resource -- Mean unrisked Prospective Resource covering 80 prospects of 4,070 MMB, an increase of 219% -- Mean risked Prospective Resource covering 80 prospects of 833 MMB, an increase of 171%
Gary Guidry, Chief Executive Officer of Caracal, said:
"We have invested significant capital over the past two years on appraisal, development and exploration with positive results. During the first 6 months of 2013 we have been able to test new reservoir horizons at Badila, apply modern 3D seismic techniques over both the Mangara and the Badila developments and surrounding exploration opportunities, and undertake intensive analysis of the exploration portfolio opportunities.
We expect significant further progress in the second half of 2013 as we are currently testing new horizons in the lower Cretaceous E sands at Mangara, and preparing to spud several new exploration and appraisal wells."
https://online.wsj.com/article/PR-CO-20130715-900221.html?mod=googlenews_wsj