Aladdin Oil & Gas Company ASA (AOGC) today publishes an update to its reserve estimates, after a management review with its geologists in Ukhta as of April 2014. The reported reserve estimates are based on standard industry practices and methodology such as decline analysis, reservoir modeling and geological and geophysical analysis. The evaluations and assessments …
Aladdin Oil & Gas Company ASA (AOGC) today publishes an update to its reserve estimates, after a management review with its geologists in Ukhta as of April 2014.
The reported reserve estimates are based on standard industry practices and methodology such as decline analysis, reservoir modeling and geological and geophysical analysis. The evaluations and assessments have been performed by engineers with extensive industry experience. The 2P reserves estimate represents the expected outcome for the fields based on the performance observed to date, the company’s understanding of the fields and the planned activities in the licences.
The AOGC group’s total proven and probable (2P) oil and gas reserves were in April 2014 increased to 12.52 million barrels of oil equivalents (mmboe), compared to its previous estimate of 7.91 mmboe.
| Field | Mineral | Category of Reserves | Initial Reserves | Reserves on April 2014 | Change |
|---|---|---|---|---|---|
| West-Ukhta oil field | oil | Proven | 97 | 97 | 0% |
| (thousand tonnes) | Probable | 475 | 475 | 0% | |
| Sredne-Sed’elsky gas field | natural gas | Proven | 223 | 119 | -47% |
| (million cubic meters) | Probable | 186 | 186 | 0% | |
| Suskinoel gas field | natural gas | Proven | 49 | 245 | 400% |
| (million cubic meters) | Probable | 173 | 865 | 400% | |
| Total | Proven | 2.31 | 2.85 | ||
| oil and natural gas | Probable | 5.60 | 9.67 | ||
| (million boe) | Proven and Probable | 7.91 | 12.52 |
Aladdin Oil & Gas Company ASA is a Norwegian based exploration and production company, head quartered in Oslo, with its shares traded on the OTC list under the ticker code AOGC. The company owns the Russian gas company OOO Geotechnologia which holds four licenses in the Timan-Pechora province in Northwest Russia.
Ecoteq Energy ASA (Ecoteq) is an oil and gas extraction and production company (E&P) based in Oslo, Norway.
