Australis Oil and Gas today provides its YE2021 reserve and resource update as independently assessed by Ryder Scott Company with an effective date of 31 December 20211.

Australis continues to take a conservative approach to estimating its oil and gas reserves and resources. Future production from existing wells has been assessed in the YE2021 report in a manner consistent with previous years. However, given the current Company strategy to introduce a partner for the purposes of advancing the development of its TMS asset, the Board has determined that it would not be appropriate to propose a development plan as part of the YE2021 reserves evaluation.

Therefore, the YE2021 reserve and resource estimate consists of a proved, probable and possible developed reserve estimate only and no reserve estimates have been generated for undeveloped acreage. A contingent resource estimate is provided and, as in previous years, the mid case 2C contingent resource is subject to a qualifying development plan to transition volumes to an appropriate reserve category of proved, probable and possible. 

Net Oil Developed Reserves

Ryder Scott made the following estimates of developed (existing producing wells) recoverable oil volumes, net to Australis (variance vs YE20202).

• Proved – 2.98 MMbbls (-18%)
• Probable & Proved – 3.67 MMbbls (-11%)
• Possible, Probable & Proved – 4.54 MMbbls (-4%)

The NPV(10) of the PDP reserves is US$62 million using a flat oil price of $67.27/bbl.

Contingent Resource

Ryder Scott have made the following estimates1 of low, mid and high case contingent resources (variance vs YE20202).

• 1C – 23.40 MMbbls (+13%)
• 2C – 148.99 MMbbls (0%)
• 3C – 269.87 MMbbls (0%)

Australis Managing Director and CEO Ian Lusted, said
“Australis continues to take a conservative approach to its reserve and resource estimates. We remain absolutely confident that we will secure a partner to contribute to the development of the large TMS asset that we hold and will update our undeveloped reserve estimates once a forward program has been adopted which we believe will be highly economic at prevailing oil prices.” 

KeyFacts Energy: Renewable Energy news   l   KeyFacts Renewable Energy Directory: Australis Energy