TIDMRPT
RNS Number : 4973A
Enwell Energy PLC
02 June 2021
2 June 2021
Enwell Energy plc
("Enwell" or the "Company")
Reserves & Resources Update
Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas
exploration and production group, is pleased to announce an update
on its hydrocarbon Reserves and Contingent Resources at its wholly
owned and operated, via LLC Arkona Gas-Energy,
Svystunivsko-Chervonolutskyi (SC) exploration licence in Ukraine
.
Enwell engaged independent petroleum consultants, DeGolyer and
MacNaughton, to prepare an assessment of the remaining Reserves and
Contingent Resources attributable to the SC exploration licence as
of 1 January 2021 (the "Report"). The Report is consistent with
Enwell's current field development plans, and accords with the
March 2007 (as revised in June 2018) SPE/WPC/AAPG/SPEE Petroleum
Resources Management System standard for classification and
reporting.
The Report estimates the remaining Reserves as of 1 January 2021
in the SC licence as follows:
Proved Proved + Probable Proved + Probable
(1P) (2P) + Possible (3P)
17.20 Bscf / 0.49 65.16 Bscf / 1.85 85.03 Bscf / 2.41
Gas Bm(3) Bm(3) Bm(3)
--------------------- --------------------- ---------------------
145 Mbbl / 16 Mtonne 548 Mbbl / 61 Mtonne 716 Mbbl / 80 Mtonne
Condensate
--------------------- --------------------- ---------------------
3.2 MMboe 12.1 MMboe 15.7 MMboe
Total
--------------------- --------------------- ---------------------
The Report estimates the Contingent Resources as of 1 January
2021 in the SC licence as follows:
Contingent Resources Contingent Resources Contingent Resources
(1C) (2C) (3C)
8.56 Bscf / 0.24 14.18 Bscf / 0.40 81.16 Bscf / 2.30
Gas Bm(3) Bm(3) Bm(3)
--------------------- --------------------- ---------------------
72 Mbbl / 8 Mtonne 119 Mbbl / 13 Mtonne 682 Mbbl / 75 Mtonne
Condensate
--------------------- --------------------- ---------------------
1.6 MMboe 2.6 MMboe 15.0 MMboe
Total
--------------------- --------------------- ---------------------
The SC licence is located in the Poltava region in north-eastern
Ukraine, approximately 15 km east of the Company's producing
Svyrydivske ("SV") field, and has similar characteristics to the SV
field. The licence was granted in May 2017, with a duration of 20
years, and extends over an area of 97 km(2) .
The licence is prospective for gas and condensate, and has been
the subject of exploration since the 1980s, with five wells having
been drilled on the licence since then, although none of these are
currently on production. As with the productive reservoirs in the
SV field, the prospective reservoirs in the licence comprise a
series of gently dipping Carboniferous sandstones of Visean age
inter-bedded with shales at depth between 4,600 and 6,000 metres.
Geologically, the licence is located towards the middle of the
Dnieper-Donets sedimentary basin which extends across the major
part of north-eastern Ukraine. The vast majority of Ukrainian gas
and condensate production comes from this basin.
The Report is consistent with the Company's proposed field
development plan for the licence, which includes the acquisition of
150 km(2) of 3D seismic and the drilling of the SC-4 well, both
activities scheduled to commence later this year, and the
construction of a gas processing plant. Development will then
continue with the drilling of a further six wells to recover the
reserves and resources in the licence. Due to their targeted
depths, the wells are each likely to take approximately 12 months
to complete, and are intended to be drilled consecutively over the
next eight years.
Sergii Glazunov, Enwell's Chief Executive Officer, said : "
Based on this independent assessment, a material volume of Reserves
and Contingent Resources has been estimated in our SC licence. With
the confidence that this independent assessment provides, we have
been progressing with our field development plan to recover the
reserves and resources in the licence, and based on such work, we
are optimistic about the future prospects for the development of
the licence."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014, which forms part of
United Kingdom domestic law by virtue of the European (Withdrawal)
Act 2018.
For further information, please contact:
Enwell Energy plc Tel: 020 3427 3550
Chris Hopkinson, Chairman
Sergii Glazunov, Chief Executive Officer
Bruce Burrows, Finance Director
Strand Hanson Limited Tel: 020 7409 3494
Rory Murphy / Matthew Chandler
Arden Partners plc Tel: 020 7614 5900
Ruari McGirr / Dan Gee-Summons (Corporate
Finance)
Simon Johnson (Corporate Broking)
Citigate Dewe Rogerson Tel: 020 7638 9571
Elizabeth Kittle
Dmitry Sazonenko, MSc Geology, MSc Petroleum Engineering, Member
of AAPG, SPE and EAGE, Director of the Company, has reviewed and
approved the technical information contained within this
announcement in his capacity as a qualified person, as required
under the AIM Rules.
Definitions
AAPG American Association of Petroleum Geologists
bbl barrel
Bm(3) thousands of millions of cubic metres
boe one barrel of oil, plus (i) gas converted
to oil equivalent using a conversion rate
of 5,661 standard cubic feet of gas for
each barrel of oil equivalent; and (ii)
condensate converted to oil equivalent using
a conversion rate of one barrel of condensate
for each barrel of oil equivalent
Bscf thousands of millions of standard cubic
feet
gas sales gas (meaning the total quantity of
gas to be produced from the reservoirs,
measured at the point of delivery, after
reduction for field separation, usage, and
other losses)
km(2) square kilometre
km kilometre
m(3) cubic metre
Mbbl thousand barrels
MMboe million barrels of oil equivalent
Mtonnes thousand tonnes
scf standard cubic feet measured at 20 degrees
celsius and one atmosphere
SPE Society of Petroleum Engineers
SPEE Society of Petroleum Evaluation Engineers
WPC World Petroleum Council
The SPE/WPC/AAPG/SPEE Petroleum Resources Management System
document, which includes definitions of Reserves and Contingent
Resources categorisations, can be viewed at:
www.spe.org/industry/reserves.php
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