Northern Petroleum has issued an update on the certified reserves for its development and production assets in Canada.
An independent reserves report was undertaken by McDaniel & Associates Consultants Ltd as at 30 September 2016.
– Total Proven plus Probable (“2P”) reserves of 1.9 million barrels of oil equivalent (“mmboe”) attributable to the Company (97 per cent. oil) – 1.3 mmboe of Proven (“1P”) reserves (97 per cent. oil)
– Net present value, using a 10 per cent. discount rate (“NPV10”), for 2P reserves of approximately US$23 million
– NPV10 of 1P reserves of approximately US$16 million
– Increase in 2P reserves of approximately 30 per cent. since 31 December 2014, the date of the last independent reserves reports completed on the Company’s Canadian assets
– reserves increase is in addition to approximately 0.155 million barrels of cumulative production since 31 December 2014
– Reserves increase achieved despite an approximate 20 per cent. reduction in forecast oil price used in the recent evaluation due to the prevailing lower price environment.
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