In section 3.5.2 in the ASR revised estimates of both the P10 and P90 recoverable reserves undertaken by both BF and DNO for the Tawke field have also been presented. DNO has estimated the ultimate gross P10 reserves in Tawke to be 650 million barrels compared to BF's 612 million barrels. Similarly, the DNO estimate for the P90 ultimate gross recoverable reserves is 206 million barrels versus BF's estimate of 175 million barrels.
DNO has now commissioned BF to update their models with the latest information used by the operator, and the company plans to report a further update to the market once this work has been completed.
In Yemen there was a net increase in class 1-3 WI reserves to DNO by 0.9 million barrels to 10.8 million barrels in 2010, after producing 2.5 million barrels and upward revisions of 3.4 million barrels. The revision is mainly due to the inclusion of the Yaalen discovery (Block 47) in class 3, which was classified as contingent resources last year.
In addition to the commercial reserves, class 1-3, the Company holds 12.5 million barrels in contingent resources, class 4-5, and 4.5 million barrels in class 7, at year-end 2010. The total contingent resources (class 4-7) to the Company at year-end are estimated at 17.0 million barrels.
The ASR report does not include class 7 resources. With inclusion of these volumes, the total P50 reserves and resources as of 31.12.2010 are estimated at 211.2 million barrels, compared to 172.8 million barrels the year before.
In addition to the ASR report, a PDF showing the distribution of the total reserves and resources is attached to this Stock Exchange Notice.
A summary of the ASR report will be included in the 2010 Annual Report which will be disclosed by end of April 2011.
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