Cuisinier – Barta Permit PL 303 Highlights:

  • Barta Permit (part of ATP 752) is situated near the established, oil producing Cook Oil Field and connected through pipelines
  • Oil produced from the pool is ultra-light, 52° API; commands a premium to Brent benchmark pricing
  • Barta Permit approx. 2.7 MMbbls production to date with 2P oil in place of 101 MMbbls
  • Strong pricing leads to attractive operating netbacks in Cuisinier (as per historical results) and coupled with rising production potential, provides opportunity to grow cash flows
  • Continued reserves growth anticipated as drilling continues

Click on the image at the right to view the Cuisinier map in greater detail

Other Barta opportunities – STRONG PROSPECT INVENTORY

  • Barta West – similar to Cuisinier with good oil show
    • Barta permit approx. 2.7 MMbbls production to date with 2P oil in place of 101 MMbbls(1) and expected to increase substantially
    • 52 degree API oil with oil price at significant premium to Brent
    • 5 well drill campaign 100% successful, including exploration discovery at Shefu
      • 2P area increased by approximately 20% .
      • Shefu-1 exploration success has de-risked an area of over 950 acres immediately offsetting the well.
      • Established oil column now greater than 51 meters.
    • 28 wells drilled to date – 27 oil (approx. 160 acre spacing)
    • JV now reviewing options for a water injection pilot
    • BNG management view:
      • 21,000 acres of Murta closure within permit.
    • Barta West 3D acquisition and interpretation complete.
    • First exploration well (Chookola -1) to be drilled August/September 2018
  • (1)“Million Barrels” or “MMbbls” is a volume measurement used by the oil and gas industry. A million barrels is a volume measurement of oil.
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