Shoal Point Releases Updated Resource Estimate
June 12 2014 - 12:32PM
Marketwired
Shoal Point Releases Updated Resource Estimate
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 12, 2014) - Mark
Jarvis, CEO of Shoal Point Energy Ltd. (CSE:SHP)(OTCQX:SHPNF),
announced today that an updated NI 51-101 compliant resource
estimate, with an effective date of March 31, 2014, has been
released and is available on the Company web site at
www.shoalpointenergy.com. The report will also be available on
SEDAR at www.sedar.com.
"We wanted to review our Green Point Shale resource in western
Newfoundland in light of the rapid increase in understanding of
shale plays in recent years," said Mr. Jarvis. "We selected Morning
Star Consultants of Austin, Texas, led by Douglas McBride, P.E., to
perform the study. Morning Star Consultants has extensive
experience in evaluating unconventional resource plays in North
America, Argentina, Mexico, Australia and Ukraine on behalf of
major and mid-sized oil and gas companies."
"The best (middle) estimate of our prospective resources is
428.4 million barrels of oil," Mr. Jarvis continued. "This is an
economic opportunity for Western Newfoundland on a par with the
large oilfields offshore of Eastern Newfoundland. We are committed
to work with the government and people of Newfoundland and Labrador
to responsibly develop this immense resource."
The following table contains estimates of Total Undiscovered
Petroleum Initially in Place (PIIP) and estimates of Prospective
Resources contained in the Green Point Shale formation within the
Exploration Licences that Shoal Point Energy has rights to in
western Newfoundland:
|
|
|
|
Gross |
Working Interest |
|
|
|
|
Low |
Best |
High |
Low |
Best |
High |
Resource Class |
MMstb |
MMstb |
MMstb |
MMstb |
MMstb |
MMstb |
|
|
|
Cumulative Production |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
Remaining reserves |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
Surface loss/shrinkage |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Total Commercial |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
Contingent resources |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
Unrecoverable |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Total sub-commercial |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total discovered PIIP |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
Prospective resources |
177.3 |
428.4 |
908.6 |
177.3 |
428.4 |
908.6 |
|
|
|
Unrecoverable |
2,874.5 |
6,119.7 |
10,889.7 |
2,874.5 |
6,119.7 |
10,889.7 |
|
Total undiscovered PIIP |
3,051.8 |
6,548.1 |
11,798.3 |
3,051.8 |
6,548.1 |
11,798.3 |
Total PIIP |
3,051.8 |
6,548.1 |
11,798.3 |
3,051.8 |
6,548.1 |
11,798.3 |
Prospective resources are defined as those quantities of
petroleum estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations by application of
future development projects. Prospective resources are further
subdivided in accordance with the level of certainty associated
with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity. Prospective
resources have both an associated chance of discovery (geological
chance of success) and a chance of development (economic,
regulatory, market, facility, corporate commitment or political
risks). The chance of commerciality is the product of these two
risk components. The Province of Newfoundland and Labrador
currently has a moratorium on hydraulic fracturing in place. The
prospective resource estimates referred to herein have not been
risked for either the chance of discovery or the chance of
development. There is no certainty that any portion of the
resources will be discovered. If discovered, there is no certainty
that it will be commercially viable to produce any portion of the
resources.
The Low Estimate represents the P90 values from the
probabilistic analysis (i.e. the value is greater than or equal to
the P90 value 90% of the time), while the Best Estimate represents
the P50 values and the High Estimate represents the P10. Actual
resources may be greater or less than those calculated.
About Shoal Point Energy
Shoal Point Energy is a public company listed on the CSE under
the symbol "SHP". The core asset of the Company is oil and gas
interests in the Green Point Shale area in Western
Newfoundland.
Shoal Point Energy Ltd.Mark Jarvis416-637-2181, extension
316www.shoalpointenergy.com
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