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BENGKULU PSC
Our subsidiary, Ecosse Energy (Bengkulu) Pty Ltd. ("EEB"), owns 100% Working Interest in and is the Operator of the Bengkulu PSC (“Production Sharing Contract”) in Sumatra, Indonesia.
The Bengkulu PSC covers a highly prospective onshore and offshore area of 4,102 sq. km. (1,013,602 acres) and is valid for 30 years until 2035.
Independent Technical Expert reports were prepared on the Bengkulu Block by Chapman Petroleum Engineering Ltd of Calgary AB Canada, March 2010 in compliance with Canadian National Instrument 51-101 required for public reporting Issuers in Canada. Undiscounted prospect net value is estimated at over USD 1.1 Billion.
The Bengkulu PSC Area contains prolific oil seeps. Extensive 2D Seismic mapping has been completed. This gives 5 onshore prospects and 12 offshore prospects. A 3-well onshore drilling program and 100km of 2D seismic acquisition is planned for 2011.
Bengkulu PSC has better than normal production splits and cost recovery.
BENGKULU RECOVERABLE PROSPECTIVE RESOURCES
|
Recoverable |
Recoverable |
Recoverable |
ONSHORE |
146.019 |
206.096 |
291.467 |
OFFSHORE |
198.184 |
290.374 |
396.374 |
TOTAL |
344.203 |
496.470 |
687.841 |
*MMSTB = millions of Stock Tank Barrels of Oil
BENGKULU TOTAL PROSPECT NET VALUE (RISKED & UNRISKED)
Discount Rate |
undiscounted |
5% |
10% |
15% |
20% |
TOTAL - Unrisked Value MM$* |
11,143 |
7,220 |
4,967 |
3,576 |
2,686 |
TOTAL - Risked Value MM$ |
1,104 |
699 |
468 |
326 |
232 |
* MM$ Millions of US Dollars.
Above Tables and Calculations from Chapman Onshore & Offshore Reports – March 2010.* MM$ Millions of US Dollars
** POS is Probability of Success needed to achieve the estimated outcome.
Onshore - 3 Prospects to be drilled 2011 / 2 Prospects to be drilled 2012
Offshore - 12 Prospects - 1 well to be drilled to be drilled 2012 / 2013