Company Files New 51-101 Report for Bengkulu PSC Offshore Resources Net Present Value Increases to More Than $1,100 Million

nebraskaboomOil and Offshore

Nov 8, 2013 (3 years and 7 months ago)

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Ecosse Energy Announces Increase in Indonesian Resources to 496 Million Barrels


Company Files New 51
-
101 Report for Bengkulu PSC Offshore Resources


Net Present Value
Increases to More Than $1,1
0
0 Million

Calgary, AB


March 31, 2010,
-

Ecosse Energy Co
rp. (CNSX: ECS),
a company focused on oil and
gas exploration and production in Indonesia, today
announced its offshore resources estimate based
on an independent evaluation by Chapman Petroleum Engineering Ltd of Calgary of
its offshore
acreage in its Ben
gkulu PSC
.

The independent evaluation carried out by Chapman Petroleum Engineering for the offshore portion of
Bengkulu PSC gives a Best Estimate Recoverable Oil In Place (ROIP) of more than 290 million
barrels. This, combined with the recently updated on
shore resource figures, give a total Best Estimate
ROIP for the Bengkulu PSC of 496 million barrels. The offshore resource numbers
are for

12
prospects identified from the geological and geophysical interpretation
performed by the
Company this
year. The un
discounted net present value of Bengkulu PSC based on the Best Estimate figures for
offshore and onshore now totals USD $1,10
4

million.

“Based on this improved resource estimate Ecosse Energy is now planning an offshore drilling
program for 2012 as a foll
ow on to our 2010 onshore drilling activities,” said Alan Morrison, President
and CEO of Ecosse Energy Corp. “In an effort to begin unlocking some of the value present at
Bengkulu, we are putting together a full data package with the intent of farming out
part of our offshore
acreage.”

Bengkulu PSC
-

Gross Prospective Resources
-

Best Estimate

ONSHORE Ultimate ROIP (MMSTB)
-

Feb
2010 Evaluation

OFFSHORE Ultimate ROIP (MMSTB)
-

Mar
2010 Evaluation

Prospect K

57.200

Prospect P

87.085

Prospect L

32.175

Pros
pect Q

29.028

Lead M

22.344

Prospect R

27.093

Prospect N

29.062

Prospect S

43.543

Prospect O

65.315

Prospect T

7.257




Prospect U

41.123




Prospect V

18.702




Prospect W

8.777




Prospect X

1.787




Prospect Y

6.052




Prospect Z

10.707




Pro
spect AA

9.221

TOTAL ONSHORE

206.096

TOTAL
OFFSHORE

290.375







TOTAL ONSHORE & OFFSHORE

496.471 MMSTB



-

2

-



NET VALUE OF ONSHORE & OFFSHORE RESOURCES
-

MILLIONS of USD






ONSHORE Feb
2010 Evaluation

OFFSHORE Mar
2010 Evaluation

TOTAL
ONSHORE

&
OFFSHORE


Prospects K, L, N &
O and Lead M

Prospects O to AA
(12 Prospects)

ALL
PROSPECTS
AND LEAD

Undiscounted

552.0

552.0

1,104.0

Discounted @ 5% / year

346.0

353.0

699.0

Discounted @ 10% / year

232.0

236.0

468.0

Discounted @ 15% / year

163.0

163
.0

326.0

Discounted @ 20% / year

118.0

114.0

232.0

The Chapman Petroleum Engineering February & March 2010 Reports for Evaluation of Onshore &
Offshore Prospective Resources for the Bengkulu PSC can be viewed online at www.sedar.com or on
www.cnsx.ca

Abo
ut the Company

Ecosse Energy Corp. was incorporated under the Canada Business Corporations Act and is a
reporting issuer in the Provinces of Alberta, British Columbia, Manitoba, and Ontario. Its wholly owned
subsidiary Ecosse Energy (Bengkulu) Pty Ltd ("EE
B") is a private Australian company, operating in
Indonesia. EEB owns a 100% working interest in the Bengkulu PSC in Sumatra, Indonesia which
allows it the rights to explore and exploit the hydrocarbons within the PSC. The Bengkulu PSC covers
4,101
km
2

(1,
013,602 acres) and consists of both onshore and offshore portions. EEB is currently
planning to drill 5 onshore exploration wells in the Bengkulu PSC in 2010.


Further information concerning the Company can be found at
ww
w.sedar.com

and www.cnsx.ca
.


FOR FURTHER INFORMATION CONTACT:

Alan W Morrison, President & CEO


Ph:

+1 (403) 218
-
2862

Ecosse Energy Corp.




e
mail:

info@ecosseenergy.com


Neither the Canadian National Stock Exchange nor its regulation services provid
er accepts responsibility for the adequacy
or accuracy of this release.

The Chapman Report has been utilized predominantly for formulating and supporting recommendations on the work plan on
the project and the estimated values disclosed do not necessarily
represent the “fair market value” of these prospective
resources.

The Chapman Report evaluation has been conducted in accordance with Canadian National Instrument (NI) 51
-
101, Sec 5.9,
pertaining to prospective resources, utilizing forecast prices and cos
ts.