FOCUS AREA 3 – UNDEVELOPED GAS FIELD WITH UPSIDE
Piedra Redonda Gas Field
- Discovery well C-18-X drilled in 1978 in 55m of water.
- Well flowed at maximum rate of 8.2 million standard cubic feet per day (mmscf/d) recovering 128 mmscf during an extended 60 day well test period.
- Netherland, Sewell & Associates, Inc. (NSAI) resource estimate
- 2C Contingent Resources of 404 billion cubic feet (Bcf) plus
- 2U Prospective Resources# of 2.2 trillion cubic feet (Tcf) of gas
- Low-risk upside in area updip to north-east of discovery well.
- Existing gas-to-power feasibility studies will be reviewed in light of the information to be provided by the reprocessed seismic data and positive developments in gas market since previous Piedra Redonda evaluation.
- 3D seismic data over the Piedra Redonda gas field are currently being reprocessed with delivery expected mid-year.
- The wider Mancora gas play is unexplored within the TEA area and further work will be undertaken to better understand the potential for follow on discoveries.
| Tumbes TEA | CONTINGENT RESOURCES | ||
| Piedra Redonda | Low – 1C (Bcf) | Best – 2C (Bcf) | High – 3C (Bcf) |
| Gross (100%) | 314 | 404 | 465 |
| Net (80% CND) | 251 | 323 | 372 |
| Tumbes TEA | PROSPECTIVE RESOURCES# | ||
| Piedra Redonda | Low – 1U (Bcf) | Best – 2U (Bcf) | High – 3U (Bcf) |
| Gross (100%) | 1,596 | 2,224 | 2,852 |
| Net (80% CND) | 1,277 | 1,779 | 2,282 |
- #Cautionary Statement: The estimated quantities of gas that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons. Further important cautionary statements are contained in the Disclaimers & Disclosures