Reserve Estimate Highlights 2P Reserves of 154.5mmboe at Umiat Oil Field Project in Alaska
Brisbane, Aug 27, 2012 AEST (ABN Newswire) - Linc Energy Limited (
ASX:LNC) (OTCQX:LNCGY) is pleased to announce the completion of an independent reserve estimate report for 100% of the Company's interest in the Umiat oil field project ("Umiat project") located in Alaska, USA.
The 2P reserves estimate for the Umiat project is 154.5 MMboe and the 3P reserves estimate is 194 MMboe.
These res erve estimates have net present values using a discount rate of 10% per annum compounded monthly ("NPV10%") of US$1.496 billion (for 2P reserves) and US$1.828 billion (for 3P reserves).
Linc Energy's Umiat oil field consists of 19,358 gross acres over three leases and is located in the western foothills/foldbelt province of the North Slope Foothills of Alaska.
The reserves estimate was conducted by independent consultants, Ryder Scott Company, L.P. in accordance with the definitions and guidelines set out in the 2007 Petroleum Resource Management System approved by the Society of Petroleum Engineers.
Linc Energy is well advanced with its plans to drill the Umiat location within this 2012 Winter drilling season.
The reserve estimate report prepared by Ryder Scott is attached to this announcement.
To view the complete Linc Energy announcement, please click the link below:
http://media.abnnewswire.net/media/en/docs/73454-ASX-LNC-244771.pdf
Contact
Linc Energy Limited
T: +61-7-3229-0800
F: +61-7-3229-6800
WWW: www.lincenergy.com.au
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