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TAG Oil's Proved Reserves Take Hit from Low Production
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TAG Oil Ltd. has reported an update in its proved reserves.
Sproule's gross 2P reserves estimates at March 31, 2016, were 3,619 MBOE (93% oil), which reflect TAG's 100% interest in PMP 38156 and 70% interest in PEP 54877, compared to 5,180 MBOE (90% oil) at March 31, 2015. The decrease in the Company's reserves of approximately 30% is attributable to the following factors:
An approximately 10% decrease is due to production of the 507 MBOE that the Company produced over the 12-month period of FY2016.An approximately 20% decrease is due to an annual reserves revision of 1,054 MBOE, which is primarily due to the reclassification of existing wells into the no reserves assigned ("NRA") category:
A significant component of the reclassification is due to the conversion of producing wells to…
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