The Board of Golden Gate Petroleum Ltd (ASX:GGP) is pleased to announce a reserve report with proved (P1) and probable (P2) reserves has been completed by MHA Petroleum Consultants LLC (MHA) for the Bowtie, Cutlass and Acadia projects. These are additional reserves to the Permian Project announced earlier.
The report attributes approximately 1.0 million barrels of oil equivalent (BOE) from P1 and P2 reserves to the three projects for GGP’s working interests held in each. In addition, the reserve report includes projected income data from the estimated net reserves. On a 10% discounted net cash flow basis, around US$10 million is attributed to Proved (P1) and Probable (P2) reserves.
The total reported reserve position for GGP including the Permian is now around 6.0 million BOE from P1 and P2 reserves plus 10.8 million BOE of contingent resources. On a discounted net cash flow basis these combined amounts total over US$205 million.
MHA is completing the contingent resources attributed to the Cutlass Project for the Eagle Ford Shale formation. Once the report is completed, it will be included in a final report for all projects.
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