Niche Group (The) PLC Competent Person's Report (6774H)
16 7월 2012 - 3:00PM
UK Regulatory
TIDMNGP
RNS Number : 6774H
Niche Group (The) PLC
16 July 2012
Embargoed: 0700hrs 16 July 2012
The Niche Group plc
("Niche" or the "Company")
Competent Person's Report
Niche, the oil and gas focused investment company, is pleased to
issue the key findings of an updated Competent Person's Report
("CPR") by Senergy (GB) Ltd ("Senergy"), comprising an independent
evaluation of the recoverable hydrocarbons for interests in Blocks
AR/ARR/4396, AR/ARR/4395 and AR/ARR/4394 (together the "Hatay
Blocks") and AR/ARR/4077 in Konya ("Konya Block") (together the
"Blocks").
At the time of this announcement Niche has an indirect interest
in the Blocks of 17.85 per cent. This interest is held via loans
convertible into 35.7 per cent. of the share capital of Oman
Resources Limited ("Oman"). Oman holds a 50 per cent. participating
interest in the Blocks. As announced on 30 March 2012, Niche has
entered into a conditional share purchase agreement to acquire the
entire issued share capital of Oman.
The CPR has been prepared in connection with the proposed
acquisitions by Niche of Oman and Arar Petrol ve Gaz AUPAS's
("Arar") 50 per cent. interest in the Blocks ("Acquisitions"). The
Acquisitions, if completed, would constitute a reverse takeover
under the AIM Rules for Companies and as such the CPR has been
commissioned to be included in any admission document to be
published in connection with the Acquisitions. For the avoidance of
doubt, at the date of this Announcement, Niche does not currently
hold any direct interest in the Blocks, has not entered into any
binding agreements in connection with the proposed acquisition of
Arar's interest in the Blocks and there can be no certainty that
the Acquisitions will be completed.
Key findings
-- Changes in net Reserve volumes compared to the previous CPR
(as notified to the market on 27 October 2011) are mainly due to
the results of the Ciftlik-1 well (announced on 4 May 2012).
The following table shows the gross reserves and resources of
the Blocks. Where appropriate, gas resources have been converted to
an oil equivalent using 5.8 Mscf = 1 boe.
Reserves Contingent Prospective
(Proved plus Resources Resources
Probable) (2C) (Best Estimate)
Volume Gas Volume Gas Volume Gas
(Bscf) (Bscf) (Bscf)
-------------------- -------------- ------------ -----------------
Konya Block - 140.7 128.2
-------------------- -------------- ------------ -----------------
Hatay Blocks 46.6 - 126.8
-------------------- -------------- ------------ -----------------
Total Gas
(Bscf) 46.6 140.7 255.1
-------------------- -------------- ------------ -----------------
Total Hydrocarbons
(MMboe) 8.0 24.3 44.0
-------------------- -------------- ------------ -----------------
Negotiations for the Acquisitions, which, if completed, would
result in the Niche group of companies holding a 100% interest in
the Blocks, are ongoing and all parties are working together to
conclude the transactions as soon as practicable. If an admission
document is published in connection with the Acquisitions, the full
CPR will be made available in any such admission document.
Enquiries:
The Niche Group plc
Donal Boylan
Tel: + 353 (87) 2769655
Deloitte LLP - Nominated Adviser
Jon Hinton or Oliver Rigby
Tel: +44 (0)20 7007 1815
M: Communications
Ben Simons
Tel: + 44 (0) 20 7920 2340
Note:
The above information was approved by Chris de Goey, Global Head
of Senergy's Reserves and Asset Evaluation Business. Chris has 20
years experience in technical and commercial roles in the energy
industry. He has an MSc in Physics from Delft University. Chris was
managing a senior team of Competent Persons who have carried out
the previous CPR as well as this July 2012 update to the CPR.
Senergy (GB) Limited is a privately owned independent consulting
company established in 1990, with more than 500 staff based in
offices in the UK, Norway, Middle East, Malaysia, Australia,
Indonesia and the USA. The company specialises in petroleum
reservoir engineering, geology, geophysics, well engineering,
facilities engineering and petroleum economics. All of these
services are supplied under an accredited ISO9001 quality assurance
system.
Standards Applied:
In compiling this report Senergy has used the definitions and
guidelines set out in the 2007 Petroleum Resources Management
System prepared by the Oil and Gas Reserves Committee of the
Society of Petroleum Engineers (SPE) and reviewed and jointly
sponsored by the World Petroleum Council (WPC), the American
Association of Petroleum Geologists (AAPG) and the Society of
Petroleum Evaluation Engineers (SPEE). The results of this work
have been presented in accordance with the requirements of AIM, a
Market operated by the London Stock Exchange, in particular as
described in the "Note for Mining and Oil and Gas Companies - June
2009".
Glossary of Technical Terms:
Prospective Prospective Resources are those
Resources quantities of petroleum estimated,
as of a given date, to be potentially
recoverable from undiscovered
accumulations by application of
future development projects. Prospective
Resources have both an associated
chance of discovery and a chance
of development. Prospective Resources
are further subdivided in accordance
with the level of certainty associated
with recoverable estimates assuming
their discovery and development
and may be sub-classified based
on project maturity.
--------------- -------------------------------------------
Proved Proved Reserves are those quantities
of petroleum, which, by analysis
of geoscience and engineering
data, can be estimated with reasonable
certainty to be commercially recoverable,
from a given date forward, from
known reservoirs and under defined
economic conditions, operating
methods, and government regulations.
If deterministic methods are used,
the term reasonable certainty
is intended to express a high
degree of confidence that the
quantities will be recovered.
If probabilistic methods are used,
there should be at least a 90%
probability that the quantities
actually recovered will equal
or exceed the estimate.
--------------- -------------------------------------------
Proved plus Probable Reserves are those additional
Probable Reserves which analysis of geoscience
and engineering data indicate
are less likely to be recovered
than Proved Reserves but more
certain to be recovered than Possible
Reserves. It is equally likely
that actual remaining quantities
recovered will be greater than
or less than the sum of the estimated
Proved plus Probable Reserves
(2P). In this context, when probabilistic
methods are used, there should
be at least a 50% probability
that the actual quantities recovered
will equal or exceed the 2P estimate.
--------------- -------------------------------------------
Proved plus Possible Reserves are those additional
Probable plus reserves which analysis of geo-science
Possible and engineering data suggest are
less likely to be recoverable
than Probable Reserves. The total
quantities ultimately recovered
from the project have a low probability
to exceed the sum of Proved plus
Probable plus Possible (3P) Reserves,
which is equivalent to the high
estimate scenario. In this context,
when probabilistic methods are
used, there should be at least
a 10% probability that the actual
quantities recovered will equal
or exceed the 3P estimate.
--------------- -------------------------------------------
Reserves Reserves are those quantities
of petroleum anticipated to be
commercially recoverable by application
of development projects to known
accumulations from a given date
forward under defined conditions.
Reserves must further satisfy
four criteria: they must be discovered,
recoverable, commercial, and remaining
(as of the evaluation date) based
on the development project(s)
applied. Reserves are further
categorized in accordance with
the level of certainty associated
with the estimates and may be
sub-classified based on project
maturity and/or characterized
by development and production
status.
--------------- -------------------------------------------
Contingent Those quantities of petroleum
Resources estimated, as of a given date,
to be potentially recoverable
from known accumulations by application
of development projects, but which
are not currently considered to
be commercially recoverable due
to one or more contingencies.
Contingent Resources are further
categorized in accordance with
the level of certainty associated
with the estimates and may be
sub-classified based on project
maturity and/or characterized
by their economic status.
--------------- -------------------------------------------
Mscf thousand of standard cubic feet
--------------- -------------------------------------------
boe barrels of oil equivalent
--------------- -------------------------------------------
Bscf Billion standard cubic feet
--------------- -------------------------------------------
MMboe Million barrels of oil equivalent
--------------- -------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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