This from Petroleum News.MOLOPO Energy’s drilling efforts in...

This from Petroleum News.

MOLOPO Energy’s drilling efforts in Canada are bearing fruit after its proved and probable reserves ranked the company within the top 15 petroleum companies listed on the ASX by reserves.

A reserves evaluation by independent consultants GLJ Petroleum Consultants has found Molopo’s Canadian 2P reserves jumped to 9.2 million barrels.

Proved reserves (1P) rose from 240,000 barrels to 4.5MMbbl while 3P (proved, probable and possible) reserves were certified at 11.1MMbbl.

The consultants also estimated the tight oil operations have contingent resources of 700,000bbl to 8.8MMbbl.

Molopo managing director Stephen Mitchell said the “dramatic” reserve growth was a result of the successful 13-well drilling campaign carried out earlier this year.

“It also reflects the rapid increase in recognition that these new tight oil and shale oil plays can generate very substantial reserves and production, and will continue to attract growing interest from the oil and gas industry.”

Molopo’s Canadian assets include the Spearfish and Bakken projects.