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Artek Sees Sizable Reserve Increase in 2013; Tags Capital Budget
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Artek Exploration Ltd. has reported an operational update and announce the results of its independent reserve evaluation for the year ended December 31, 2013 as prepared by Sproule Associates Limited.
2013 Highlights Increased Proved plus Probable reserves year over year by 43% to 42.5 million boe from 29.6 million boe and also increased Proved reserves by 25% to 21.4 million boe from 17.1 million boe. Increased Proved plus Probable Oil and NGLs reserves year over year by 48% to 10.8 million boe from 7.3 million boe and also increased Proved Oil and NGLs reserves by 24% to 5.6 million boe from 4.5 million boe. Oil and condensate comprise 60% of the oil and NGLs proved plus probable reserves. Achieved all in finding, development and acquisition costs of $14.84 per boe on Proved plus…- ✓ Full news archive — U.S., Canada & international coverage
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