RE: Total makes play for Synencokeep in mind that Northern Lights is mining and that synenco had 60% of the below figures:
CALGARY, Dec. 18 /CNW/ - Synenco Energy Inc. today released updated Discovered Resource estimates which incorporated the results of the 2006-2007 winter drilling program on the Northern Lights Partnership leases.
The estimate was determined by Norwest Corporation, an independent resource consulting company, in accordance with National Instrument standard 51-101. The estimate is based on the cumulative results from all drilling conducted to date on the Northern Lights leases.
The Best Estimate of Discovered Resource contained on Northern Lights project lands is 1.657 billion barrels of bitumen in place (1.673 billion - 2006), with low and high estimates of 1.043 billion barrels and 2.067 billion barrels (0.984 billion and 2.074 billion - 2006) respectively. Synenco Energy's ownership interest in the Northern Lights Partnership leases is 60 percent.
Discovered Resources are defined as "those quantities of oil and gas estimated on a given date to be remaining in known accumulations. Discovered Resources are divided into economic and uneconomic categories, with the estimated future recoverable portion classified as reserves and contingent resources respectively." The Best Estimate contemplates minimum ore thickness of 3 metres; a minimum ore grade weight of 6 percent and a maximum TV:BIP (total volume to bitumen in-place) of 18:1. Based on the mine plan submitted as part of the Northern Lights regulatory application, 1.082 billion barrels have been previously classified as contingent resources. The contingent resource estimate remains unchanged.