Director David Prentice discusses the company’s recent Reserves Certification results.
- Proved Developed Producing (PDP) Net Reserves surged by 50.1% to 2.65 million barrels of oil equivalent (BOE), indicating stronger revenue-generating assets.
- Total Proved (1P) Net Reserves rose by 21.8% to 4.98 million BOE, supporting near-term production goals.
- Total Proved plus Probable (2P) Net Reserves increased by 6.8% to 12.35 million BOE, reinforcing the long-term reserve base.
- Reserves replacement significantly exceeded production, achieving 268% replacement on a PDP basis.
- Capital efficiency was showcased with finding and development costs at approximately US$16.40 per BOE.