Petroleum Africa
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Thursday, July 31, 2014
Tellus Resources Ltd. has received a report from US-based MHA Petroleum Consultants LLC (MHA) that provides an independent confirmation of significant prospective resources in Block 3114, Madagascar.
MHA estimated the risked prospective recoverable resources in a single drill-ready prospect (the Betoiky Prospect) are as follows: at 25% interest: Low – 2.6 million standard barrels of oil (MMstb); Best – 9.7 MMstb; High – 27.2 MMmstb, at 80% interest: Low – 8.4 MMstb; Best – 31.1 MMstb; High – 86.9 MMmstb at 100% interest: Low – 10.5 MMstb; Best – 38.9 MMstb; High – 108.6 MMmstb.
The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
As reported in June, Tellus has entered into a binding agreement to acquire a 25% interest (with the right to acquire up to an 80% interest) in this block for the issuance of 85 million Tellus shares, subject to shareholder approval.
Carl Dorsch, the company’s MD, commented on the report as follows: “MHA’s report provides the company with enormous encouragement that it has acquired a very material prospective resource base in onshore Madagascar. Importantly, these large numbers are for risked recoverable resources – and are only for one drill ready target in what is a very large and prospective block. The company has already received early stage farm-in interest in this asset from a number of investor and industry sources.”
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