GNE
09/12/2015 09:03
MINE
PRICE SENSITIVE
REL: 0903 HRS Genesis Energy Limited (NS)
MINE: GNE: Genesis Energy increase in Kupe Developed Reserves
Genesis Energy reports it has upgraded its developed reserves in the Kupe gas
and oil field, situated off the south Taranaki coast, New Zealand.
Genesis Energy has reviewed data provided by the field operator. As a result,
Genesis Energy has determined that the Proved plus Probable developed
reserves of the field have increased by approximately 33 per cent from 27.7
million barrels of oil equivalent (BoE) to 36.9 million BoE. Genesis Energy's
share (31%) of Proved plus Probable developed reserves has increased from 8.6
million BoE to 11.4 million BoE.
The reserves increase and improved well performance will provide additional
volume from within the existing Kupe development, and is likely to delay the
need for further capital investment for the second phase of drilling
currently planned under the Kupe Field Development Plan
Genesis Energy Chief Executive Albert Brantley said Kupe is a consistent
contributor to the Company's diverse income streams. This significant
reserves upgrade provides long-term fuel supply and revenue upside.
Further work is being performed to assess future development options at Kupe,
including options for the undeveloped reserves that were included in Genesis
Energy's total Kupe Proved plus Probable reserves at 30 June 2015. An updated
Field Development Plan is expected to be completed in the second quarter of
2016.
The reserves statement attached is based on information and supporting
documentation prepared and approved by Gaffney Cline & Associates and Genesis
Energy.
ENDS
For media enquiries, please contact:
Richard Gordon
Public Affairs Manager
Genesis Energy
P: 09 951 9280 M: 021 681 305
For investor relations enquiries, please contact:
Rodney Deacon
Group Manager Strategy and Investor Relations
Genesis Energy
P: 09 571 4970
M: 021 631 074
End CA:00274845 For:GNE Type:MINE Time:2015-12-09 09:03:04
