NSAI also estimated, as of December 31, 2013, prior to drilling and testing of Jurassic and Triassic formations, that the Banan structure also contains best estimate unrisked gross (100%) prospective oil resources of 235 MMbbl (risked: 46 MMbbl) in the Tertiary Pila Spi formation, the Jurassic Alan, Mus, Adaiyah and Butmah formations, and the Triassic Kurra Chine formation. See “Reserves and Resources Advisory” below for additional information regarding these estimates.
The BAN-1 well targeted oil potential in the Cretaceous, Upper and Lower Jurassic and the Triassic. Due to challenging control conditions experienced in the Triassic, where the well encountered and flowed hydrocarbons to surface, BAN-1 was plugged back to 3,400 metres in the lower Jurassic formations.
The BAN-1 well was drilled down-dip of the crest of the Banan structure. The Corporation believes significant up-dip potential exists in all formations. The up-dip potential in the Cretaceous formations in particular is underscored by NSAI´s high estimate of contingent resources for Banan. BAN-2 is targeting oil potential in Cretaceous, Jurassic and Triassic formations and is planned to be drilled to a total measured depth of 3,800 metres. The well is expected to reach targeted total depth and complete testing in Q4 2014.