Jacka reports initial oil Reserves

THE ROADHOUSE BOWSER: Jacka Resources (ASX: JKA) has announced the initial booking of oil reserves attributable to its interests in the Aje Field, OML113 in Nigeria.

Jacka’s interests are held by its wholly-owned subsidiary PR Oil & Gas (Nigeria) Limited (PROG).

An independent Competent Persons’ Report on the Aje Field has recently been completed on behalf of PROG and its Joint Venture partners, which has indicated that the gross 2P oil reserves for the Phase 1 Cenomanian oil development are 23.4 million barrels.

 

2P Reserves – Aje Phase 1 Cenomanian Development Project, OML 113. Source: Company announcement

 

The gross 2C contingent resources total an additional 179 million barrels of oil equivalent (MMBOE), of which 15.7 million barrels of oil is attributable to the Phase 2 Cenomanian oil development and the remainder to the later Turonian gas/condensate development.

 

2C Contingent Resources Aje Field Cenomanian & Turonian, OML 113. Source: Company announcement

 

These reserve and resource estimates were derived assuming an oil price of US$80/barrel flat real terms.

Jacka has booked net 2P reserves of 1.3 million barrels of oil attributable to its Aje interests.

In addition, the company’s net 2C contingent resources from the Cenomanian oil Phase 2 and 3 developments have been revised upwards to 1.5 million barrels – an increase from Jacka’s previous 2C contingent resources for the Cenomanian of 1.3 million barrels.

In aggregate, Jacka’s total net 2C contingent resources from the Aje Field have increased from 10.5 MMBOE to 12.1 MMBOE.

Jacka Resources chairman Max Cozijn said in the company’s announcement to the Australian Securities Exchange.
 
“Jacka is pleased to achieve this milestone in the development of the Aje Field and of the company,”

“Following the Final Investment Decision by the Joint Venture the first significant activity in the field will be the drilling of Aje-5 and the completion of this well and the existing Aje-4 well, in Q1 2015.

“Installation of the production facilities, including tying the wells to the FPSO, will occur later in 2015.

“Jacka looks forward to achieving first commercial production at the end of 2015.”

Email: info@jackaresources.com.au

Website: www.jackaresources.com.au