NZEC’s land package includes 214,012 acres in the Taranaki Basin (including permits pending), a proven conventional basin where the Company has made four oil discoveries, and 2,055,917 acres in the East Coast Basin (including permits pending), with extensive oil shale potential across a highly prospective basin analogous to the Bakken shales in North America1. The Company has reserves on its Eltham permit, calculated in December 2012 by AJM Deloitte, and resources on five of its permits, calculated in February 2011 by AJM Petroleum Consultants.
NZEC’s current reserve/resource estimate in the Taranaki Basin is:
- 996,000 barrels oil equivalent of 3P reserves2
- 843 million million barrels OOIP3
- 77.1 million barrels of prospective (recoverable) resource4 (assuming 9% recovery)
NZEC’s current resource estimate in the East Coast Basin is:
- 22.3 billion barrels OOIP3
- 478 million barrels of unconventional prospective resource (assuming 2% recovery) and 126 million barrels of conventional prospective resource (assuming 9% recovery)4
1 As per comparisons completed by AJM Petroleum Consultants
2 Reserve estimate completed by AJM Deloitte with December 31, 2012 effective date. See April 25, 2013 press release
3 Net Undiscovered Petroleum Initially In Place (OOIP) as identified by AJM Petroleum Consultants
4 AJM Petroleum Consultants Net Prospective Resource (best estimate) with February 1, 2011 effective date