Net Proved Developed Reserves Increase by 400%
- Proved Developed Reserves of 1.73 million BOE independently certified
- PV10 value of Proved Developed Reserves independently estimated at US$19.325M
Effective 1 January 2016, these Proved Developed Reserves had an estimated PV10 value of US$19.325 million using 1 January 2016 NYMEX forward strip prices that increase annually and start at US$40.97 per barrel of oil and US$2.49 per MMBTU of gas.
Proved Developed Not Producing (PDNP) reserves in Silvertip are herein being reported for the first time. These reserves have been certified as a result of two successful recompletions in October 2015 which flowed commercial hydrocarbons (mainly gas) from shallow behind-pipe reservoirs.
As a result of the successful completions in the Meeteetse and Mesaverde in October 2015 which led to the significant increase in Incremental's Proved Developed Reserves, Incremental intends to perform more than 20 additional shallow gas recompletions in the Silvertip field over the next two years. Since the recompletions will be performed within existing wellbores and production will be commingled with existing Frontier production, Incremental does not expect to incur additional monthly operating expenses. The formations will be perforated and acid stimulated with a relatively inexpensive CAPEX of US$35,000 per well. IPs of 100 MCFD - 600 MCFD per well are anticipated.
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About EON NRG Ltd
EON NRG Ltd (ASX:E2E) is a USA onshore focused energy company. The Company is targeting high impact energy exploration projects in oil, gas, and or battery minerals, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow.
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