Reserves
Pengrowth Touts 43% Jump in Proved Reserves; 147.9 MMbbls
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Pengrowth Energy has updated its reserves and contingent resources for its Lindbergh project in east central Alberta.
Overall, an additional 44.5 million barrels (MMbbls) of bitumen are being attributed to Proved (1P) reserves. This represents a 43 percent increase to 1P reserves from year end 2015, to a volume of 147.9 MMbbls. Proved plus Probable (2P) reserves at Lindbergh increased by 21 percent from year end 2015, to a volume of 319.1 MMbbls. A total of 55.7 MMbbls were added to the 2P category.
Pengrowth now estimates that its value (NPV) of Lindbergh 2P reserves, using a 10 percent discount rate, has increased by 63 percent from a value of $1.56 billion ($2.87 per share) as at December 31, 2015 to a value of $2.55 billion ($4.66 per share) as at September 30, 2016.
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