VANCOUVER, BC / ACCESSWIRE / April 26, 2016 / Avanti Energy Inc. (TSXV: AVN) ("Avanti" or the "Company") announced today that it has filed an updated Reserve and Economic Evaluation - Gas Property on the Colle Santo Gas Concession in Abruzzo, Italy. Avanti through its wholly-owned subsidiary, CMI Energia S.p.A., is the Operator of the project and has a net 33.3% interest in the concession.
The evaluation has been carried out in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook, and is compliant with NI 51-101 standards. The report was prepared as of March 31, 2016 and was completed by Chapman Petroleum Engineering Ltd., of Calgary, Alberta.
Highlights of the report include:
- Colle Santo Gross Reserves:
Proved undeveloped (sales): 72,341 MMscf (net 24,118 MMscf)
Probable undeveloped (sales): 12,014 MMscf (net 4,006 MMscf)
Total Proved plus Probable: 84,355 MMscf (net 28,124 MMscf)
- The Company's project extension called Vallecupa, which is on 2,200+ acres immediately adjacent to Colle Santo, has been included in the evaluation as a Prospective Resource with a Gross Resource estimated between 51,170 MMscf and 59,699 MMscf (net 17,060 to 19,904 MMscf) of sales gas.
The complete report together with the Company's annual reserve filings on Forms 1, 2 and 3 of NI 51-101, have now been filed on the Canadian disclosure website www.sedar.ca and are available on the Company's website www.avantienergy.com
For more information regarding the Company please contact Kirk Gamley, corporate communications, at 604-689-7422.
"Karl Kottmeier"
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Avanti Energy Inc.