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NZO
05/11/2012 09:50
MINE
REL: 0950 HRS New Zealand Oil and Gas Limited
MINE: NZO: Cosmos Reserves
New Zealand Oil & Gas has received the results of an independent assessment
of Cosmos Field reserves undertaken for the operator of the Cosmos
development offshore Tunisia, Storm Ventures (Barbados) International. SVI is
a subsidiary of Canadian listed Company Chinook Energy (TSX:CKE).
The operator advises that Canadian reserves estimator, Insite, has assessed
the proven and probable (2P) reserves contained within the main Cosmos Block
'A' at 8.8 million barrels of recoverable hydrocarbons.
This represents a 40 per cent increase to the 6.3 million barrels of
potential resources reported by NZOG at the time it concluded its agreement
with SVI to acquire a 40 per cent participating interest in the project.
An independent assessment undertaken on behalf of NZOG by Netherland Sewell
Associates has confirmed SVI's reported 2P reserves amount within a 10 per
cent margin. An earlier assessment undertaken for the Joint Venture by Fekete
indicated potential recoverable resources of a similar volume.
A Final Investment Decision (FID) is subject to project economics being
determined. It is expected in the first quarter of 2013.
The Cosmos field lies in the Gulf of Gabes off Tunisia. NZOG concluded a
farm-in agreement with SVI where NZOG acquired 40 per cent equity in the
Cosmos Field development by funding the first US$19 million of SVI's share of
development cost post the Joint Venture making a positive Final Investment
Decision.
Cosmos Joint Venture participants are:
Storm Ventures International (Barbados) Inc. 40% (Operator)
New Zealand Oil & Gas (NZOG Hammamet Pty Ltd) 40%
Enterprise Tunisienne d'Activities Petrolieres (ETAP) 20%
End CA:00229322 For:NZO Type:MINE Time:2012-11-05 09:50:39
