This 47 page Competent Persons Report was prepared for the UK Stock Exchange in 2011. It values the petroleum interests held by Tower Resources PLC through Neptune Petroleum (Namibia) Ltd.
Download this Competent Persons Report case study as a PDF document. It includes:
Basis of Opinion
1 The Geology of Namibian Licence 0010
1.1 Regional Perspective
1.2 Brazil and the South Atlantic.
1.3 Seismic Data on Licence 0010.
1.4 Source rocks.
2 Possible fluid-types in the Prospective Resources
2.1 AVO and Gas vs. Light Oil.
2.2 Shows in the Well 1911-15
2.3 Oil seeps/slicks
2.4 Adjacent Block Interpretations
2.5 Basins have generated both oil and gas.
2.6 Cenomanian-Turonian Maturity
2.7 The Kunene gas field.
2.8 Probabilities of the Different Fluid Types.
3 Prospects and Leads
3.1 Estimation of Geological Chance of Success (GCOS).
3.2 Recovery Factors.
3.2.1 Dry Gas.
3.2.2 Gas Condensate.
3.3 Initial Hydrocarbon Saturations
3.4 Reservoir Parameters
4 Economics of Licence 0010
4.2 Field Development Plans.
4.2.1 Volatile Oil Field Development Plan
4.2.2 Gas Condensate Field Development Plan.
4.2.3 Dry Gas Field Development Plan
4.2.4 Availability of Facilities
4.3 Cost Estimates and Assumptions.
4.4 Economic Analysis
4.4.1 Project Schedule
4.4.2 Fiscal System.
4.4.3 Commodity Pricing.
4.4.4 Expected Monetary Values
Appendix I SPE Petroleum Resource Management System
Table 0.1 Summary Licence Information for Licence 0010 Namibia.
Table 0.2 Gross Prospective Resources and Net Attributable to Tower – Volatile Oil Scenario.
Table 0.3 Gross Prospective Resources and Net Attributable to Tower – Gas Condensate Scenario.
Table 0.4 Gross Prospective Resources and Net Attributable to Tower – Dry Gas Scenario.
Table 0.5 Risked Prospective Resources Attributable to Tower.
Table 0.6 Expected Monetary Value Attributable to Tower.
Table 0.7 Calculation of GCOS and ECOS for the Prospects and Leads.
Table 1.1 Brazil exploration well success rates
Table 2.1 Probability of Fluid Type in Licence 0010.
Table 3.1 Components of GCOS and ECOS calculation for each prospect and lead.
Table 3.2 Gas and Gas-Condensate Recovery Factors assumed in the resource calculations
Table 3.3 P50 Reservoir parameter for the Monte Carlo resource volume calculations.
Table 3.4 Areas and hydrocarbon water contacts for the resource calculations
Table 4.1 Capital Cost Estimates for the Exploration and Development of Delta Maastrichtian Prospect.
Table 4.2 Capital Cost Estimates for the Exploration and Development of Delta Palaeocene Prospect.
Table 4.3 Capital Cost Estimates for the Exploration and Development of Delta Upper Campanian Lead
Table 4.4 Capital Cost Estimates for the Exploration and Development of Delta Campanian Wedge Lead
Table 4.5 Capital Cost Estimates for the Exploration and Development of Delta Albian Lead.
Table 4.6 Capital Cost Estimates for the Exploration and Development of Alpha Palaeocene Lead.
Table 4.7 Capital Cost Estimates for the Exploration and Development of Gamma Palaeocene Lead.
Table 4.8 Other Cost Assumptions.
Table 4.9 Tax/Royalty Legislation Applicable to Licence 0010
Table 4.10 ICE UK Brent Futures Slate 31/5/11 (Year Average)
Table 4.11 ICE UK Gas Futures Slate 31/5/11 (Year Average)
Table 4.12 Exchange rates used in this CPR
Table 4.13 Fluid Probabilities for the Leads
Table 4.14 Economic Probability vs. Development Scenario IRR under Stress Test.
Figure 0.1 Location of Licence 0010 Namibia
Figure 1.1 Licence 0010 in the geological context
Figure 1.2 Basin-mirroring in the South Atlantic
Figure 1.3 Selected 3D crossline over Delta, showing the seismic markers and unconformities
Figure 1.4 Relinquishment and Main Structures.
Figure 1.5 Potential Source Rocks for Licence 0010. (From RRI 2006 report) and approximate location of Alpha, Gamma and Delta structures