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
- Currently producing 1,315 BOPD(3) (399 BOPD Net)
- 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 commenced the July 27th , 2017, now 100% complete (as of Sept 10th.)
- (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.
- (2)Based on independent, qualified reserves evaluator GLJ Petroleum Consultants Ltd.’s report dated March 31, 2017 entitled “Reserves Assessment and Evaluation of Canadian and Australian Oil and Gas Properties” effective as off May 25, 2017, prepared in accordance with NI 51-101 and the COGEH with Cuisinier 30.357% WI.
- (3)“BOPD” = Barrels of oil per day.