Economically Attractive Prospective Resources of 29.6 mmbo
Perth, April 22, 2015 AEST (ABN Newswire) - Antilles Oil and Gas NL (ASX:AVD) (Antilles or the Company) is pleased to announce progress in the evaluation of the company's acreage position in onshore Peru. The position is in the Titicaca Basin on trend to the historic producing field Pirin in the block. The low costs associated with operations in the block allow for rapid development of potential resources and attractive returns in the current oil price environment.
- Initial prospective resources of ~30 Million barrels of oil identified in one section of Block 105 in Peru
- Potential resources remain economic with oil price as low as $45/boe
- Presence of working hydrocarbon system further confirmed by oil seeps sampled at surface
- Antilles continues to progress several additional opportunities in the Caribbean and South America with a view to establishing a diversified portfolio
The Titicaca Basin has a proven source for the hydrocarbons both gas and oil in Block 105 Peru having sourced the Pirin oil field which produced in the 1900's. Oil seeps at the surface have been sampled over the area further proving the extent and presence of a working hydrocarbon/oil system. Thick reservoirs interpreted from existing drilling combine with large-scale structures to create attractive resource potential.
The company estimates a mean potential resource of 29.6 mmbo, and a probabilistic range of p90, p50 and p10 of 7.4, 20.7 and 61 mmbo. The range in area of the potential resource is 1.25, 6.6 and 34.7 km2 (square kilometres).
Block 105 has a royalty tax regime with the royalty being between 5% and 20% depending on production rate and a corporate tax rate of 32%.
"Antilles looks forward to testing this productive trend we have identified in Peru and the development of further potential resources from our exploration portfolio. With the Block 105 cost structure and available means of export, Antilles believes the identified potential resources can lead to attractive returns even in the current oil price environment."
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About Antilles Oil And Gas NL
Antilles Oil And Gas NL (ASX:AVD) represents an entry for investors into high value deep water Atlantic Margin type exploration. Targeting countries where Antilles has experience. Antilles has a strategic technical relationship with geophysical specialist contractor to enable use of cutting edge eophysical technology. Proven ability with small Australian companies Karoon Gas and Pura Vida Energy in accessing high quality Atlantic Margin acreage of same tyle as that available in the Antilles.