Tlou Energy Limited says it has received a significant upgrade in Contingent Resources for its 100% owned Lesedi CBM Project located in PL001/2004 and PL002/2004 in Botswana. According to the natural gas explorer, the upgrade follows an independent review of the Lesedi Project by the certifier SRK Consulting (Australasia) Pty Ltd (SRK) of Brisbane, Australia.
SRK is an independent, international group providing specialised consultancy services, with expertise in petroleum studies and petroleum related projects. In Australia SRK have offices in Brisbane, Melbourne, Newcastle, Perth and Sydney. SRK has completed reserve and resource assessments for a number of clients in Australia.
Tlou said the Lesedi Project Contingent Resources Certification received from SRK represents an independent certification that is based on geological, drilling and production data obtained to date, particularly since the Company’s ASX listing in April 2013.
SRK have attributed the increase in Contingent Resources to Tlou’s net equity interest (being 100% in the Lesedi Project) using the deterministic method to prepare the estimates of the Contingent Resources as at 8 April 2015.
| TOU Net Equity Share | OGIP (BCF) | Gas Contingent Resource (BCF) | |||||||
| Category | 1C | 2C | 3C | 1C | 2C | 3C | |||
| 8 April 2015 certification | 7.6 | 367.8 | 5,347.5 | 4.9 | 239.1 | 3,295.5 | |||
| 30 January 2013 certification | – | 303.5 | 4,559.5 | – | 152.2 | 2,322.4 | |||
| Increase | 7.6 | 64.3 | 788.0 | 4.9 | 86.9 | 973.1 | |||
| Increase (%) | n/a | 21.2% | 17.3% | n/a | 57.1% | 41.9% | |||
“This Contingent Resource upgrade represents a significant de-risking of the project and is a precursor to commercial reserves that are expected later in 2015 post additional successful production testing,” Tlou Energy Managing Director Tony Gilby said.
