Eksklusive: Deloitte & Touche, rezervat e naftes se Stream Oil & Gas ne Shqiperi vlejne 527 million dollare! (eng)

On May 16, 2012

Stream Oil & Gas announced on 14 May the results of its interim reserves independent reserves evaluation. Evaluations were conducted by Deloitte & Touche LLP (“AJM Deloitte”), Stream‟s independent reserve evaluators, in accordance with the provisions of National Instrument 51-101 (“NI51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”).
The interim report provided significant increases to both volume and net present value (“NPV”) of the reserves, attributed to the positive results of Stream‟s late 2011 development activities. Timing prevented the Company from reporting these results at its fiscal year end of November 30, 2011. Results include the Delvina gas field recompletion work, the Cakran-Mollaj oilfield jet pump program and other incremental geoscience works on Stream‟s fields. Highlights of the reserve evaluation include: Total proved (1P) oil reserves increased by 17% (from 14.5 MMboe in 2011 to 17.0 MMboe), and proved gas reserves increased nearly 250% to 12.7 BCF; Proved plus probable (2P) oil reserves increased by 32% (from 18.8 MMboe in 2011 to 24.8 MMboe), and proved plus probable gas reserves increased 400% to 24.7 BCF; Proved plus probable plus possible (3P) oil reserves increased by 8% (from 35.2 MMboe in 2011 to 37.9 MMBoe); Proved reserves comprise 69% of total proved plus probable reserves, demonstrating continuing conversion of probable into proved reserves; and Proved plus probable (2P) reserves value (NPV10 before tax) was $527 million, which represents a value increase of over 59% from fiscal year-end 2011.
“We‟re extremely pleased with the results of our revised reserves evaluation,” said Dr. Sotirios Kapotas, President and CEO. “The increase in both volume and value clearly demonstrates the merits of our assets and our ability to add value through development operations. As we progress with our 2012 plans, we expect to capture further returns and add shareholder value through increased production, revenue and reserves.”
Regulatory & Other Information
Stream‟s interim 2012 reserves estimates are based on conventional primary recovery methods only. Upside potential is recognised from: the application of provisions in Stream‟s Petroleum Agreements‟ for neutralizing the 10% mineral tax, currently estimated at nearly US$60 million (before corporate tax); a combination of infill drilling, waterflooding or other enhanced oil recovery (“EOR”) techniques at Gorisht-Kocul, Ballsh-Hekal and Cakran-Mollaj oilfields; Delvina gas field full field horizontal well development potential; Contingent resource conversions.
The Company is not aware of any information pending from the date of this release to the effective date that would materially affect the valuation results. Stream‟s Reserve Committee and Board of Directors have approved the Reserve Report.

energjia.al, 16.05.2012