Maha Energy AB announce December 31, 2020 Reserve Report and Resource Report
Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce the 2020 reserve report and contingent resource booking with the following highlights:
- 2020 Reserve Replacement for 2P Reserves is 380%
- Proven Reserves increased by 183%
- Proven plus Probable (2P) reserves increased by 14%
- Contingent Resources (2C) booked at 22.3 million barrels in Oman (Mafraq)
Chapman Petroleum Engineering Ltd. (“Chapman”) has completed their annual reserve determination for the Company. Maha is pleased to announce a 183% increase in Proven (“1P”) reserves driven by successful movement of volumes from the Proved plus Probable (“2P”) category and acquisitions in the USA and Oman. The 2P oil reserves are also up by approximately 14% compared to year end 2019, primarily due to acquisitions and improvement in forecast recoveries by utilizing horizontal development wells. Overall reserve replacement ratios were very strong with 1P Reserve Replacement ratio of 1,428% and 380% on 2P.
Maha Reserves1 as of 31 December, 2020
2020 Maha Energy AB Company Gross Reserves before income tax | ||||||
(million barrels) | ||||||
Tie | Tartaruga2 | Illinois Basin | Oman | LAK | Total | |
1P | 16.85 | 6.32 | 2.29 | 0.25 | 0.11 | 25.82 |
2P | 19.85 | 11.45 | 3.55 | 0.97 | 8.81 | 44.64 |
3P | 25.43 | 16.51 | 4.45 | 2.04 | 14.24 | 62.66 |
2020 Maha Energy AB Company Gross Conventional (Sales) Natural Gas Reserves before income tax | ||||||
(billion SCF) | ||||||
Tie | Tartaruga2 | Illinois Basin | Oman | LAK | Total | |
1P | 11.84 | 3.10 | 14.93 | |||
2P | 13.98 | 5.61 | 19.59 | |||
3P | 17.97 | 8.09 | 26.06 |
Lesen Sie auch
The main changes to this year’s reserve volumes are: