Ecosse Energy Announces Increase in Indonesian Resources to 496 Million
Barrels
Company Files New 51-101 Report for Bengkulu PSC Offshore Resources - Net Present Value Increases to More Than $1,100 Million
CALGARY, March 31 /CNW/ - Ecosse Energy Corp. (CNSX: ECS), a company focused on oil and gas exploration and production in Indonesia, today announced its offshore resources estimate based on an independent evaluation by Chapman Petroleum Engineering Ltd of Calgary of its offshore acreage in its Bengkulu PSC.
The independent evaluation carried out by Chapman Petroleum Engineering for the offshore portion of Bengkulu PSC gives a Best Estimate Recoverable Oil In Place (ROIP) of more than 290 million barrels. This, combined with the recently updated onshore resource figures, give a total Best Estimate ROIP for the Bengkulu PSC of 496 million barrels. The offshore resource numbers are for 12 prospects identified from the geological and geophysical interpretation performed by the Company this year. The undiscounted net present value of Bengkulu PSC based on the Best Estimate figures for offshore and onshore now totals USD $1,104 million.
"Based on this improved resource estimate Ecosse Energy is now planning an offshore drilling program for 2012 as a follow on to our 2010 onshore drilling activities," said Alan Morrison, President and CEO of Ecosse Energy Corp. "In an effort to begin unlocking some of the value present at Bengkulu, we are putting together a full data package with the intent of farming out part of our offshore acreage."
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Bengkulu PSC - Gross Prospective Resources - Best Estimate
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ONSHORE Ultimate ROIP (MMSTB) - OFFSHORE Ultimate ROIP (MMSTB) -
Feb 2010 Evaluation Mar 2010 Evaluation
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Prospect K 57.200 Prospect P 87.085
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Prospect L 32.175 Prospect Q 29.028
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Lead M 22.344 Prospect R 27.093
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Prospect N 29.062 Prospect S 43.543
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Prospect O 65.315 Prospect T 7.257
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Prospect U 41.123
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Prospect V 18.702
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Prospect W 8.777
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Prospect X 1.787
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Prospect Y 6.052
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Prospect Z 10.707
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Prospect AA 9.221
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TOTAL ONSHORE 206.096 TOTAL OFFSHORE 290.375
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TOTAL ONSHORE & OFFSHORE 496.471 MMSTB
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NET VALUE OF ONSHORE & OFFSHORE RESOURCES - MILLIONS of USD
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ONSHORE Feb 2010 OFFSHORE Mar TOTAL ONSHORE &
Evaluation 2010 Evaluation OFFSHORE
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Prospects K, L, Prospects O to AA ALL PROSPECTS AND
N & O and Lead M (12 Prospects) LEAD
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Undiscounted 552.0 552.0 1,104.0
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Discounted @
5% / year 346.0 353.0 699.0
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Discounted @
10% / year 232.0 236.0 468.0
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Discounted @
15% / year 163.0 163.0 326.0
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Discounted @
20% / year 118.0 114.0 232.0
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The Chapman Petroleum Engineering February & March 2010 Reports for Evaluation of Onshore & Offshore Prospective Resources for the Bengkulu PSC can be viewed online at www.sedar.com or on www.cnsx.ca
About the Company
Ecosse Energy Corp. was incorporated under the Canada Business Corporations Act and is a reporting issuer in the Provinces of Alberta, British Columbia, Manitoba, and Ontario. Its wholly owned subsidiary Ecosse Energy (Bengkulu) Pty Ltd ("EEB") is a private Australian company, operating in Indonesia. EEB owns a 100% working interest in the Bengkulu PSC in Sumatra, Indonesia which allows it the rights to explore and exploit the hydrocarbons within the PSC. The Bengkulu PSC covers 4,101km(2) (1,013,602 acres) and consists of both onshore and offshore portions. EEB is currently planning to drill 5 onshore exploration wells in the Bengkulu PSC in 2010.
Further information concerning the Company can be found at www.sedar.com and www.cnsx.ca.
Neither the Canadian National Stock Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
The Chapman Report has been utilized predominantly for formulating and supporting recommendations on the work plan on the project and the estimated values disclosed do not necessarily represent the "fair market value" of these prospective resources.
The Chapman Report evaluation has been conducted in accordance with Canadian National Instrument (NI) 51-101, Sec 5.9, pertaining to prospective resources, utilizing forecast prices and costs.
For further information: Alan W Morrison, President & CEO, Ph: (403) 218-2862, Ecosse Energy Corp., email: [email protected]
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