Following their recent certification of oil reserves by Gaffney Cline Associates (GCA), Dana Gas have announced that their oil reserves at the Khor Mor and Chemcemal fields in Iraq's Kurdistan region, hold 10% more hydrocarbons than initially projected.
The report has revealed that the total share for Dana Gas equates to 1,087 million barrels of oil equivalent (MMboe), rising from the initial audit figures of 990 MMboe from the first certification in April 2016.
Following the press release, Dr. Patrick Allman-Ward, CEO of Dana Gas, commented, "The Gaffney Cline report has independently confirmed Dana Gas’ 2P reserves in our Kurdistan Region of Iraq assets at over 1 billion barrels of oil equivalent and our belief that the Khor Mor and Chemchemal Fields will most likely be the biggest gas fields, not just in the Kurdistan Region Iraq, but the whole of Iraq, making them world-class assets.... It is also satisfying to see that our auditors have formally booked oil reserves for the first time in Khor Mor. We believe that this is just the tip of the iceberg confirming our estimate of oil resource potential of over 7 billion barrels. These additional resource declarations will underpin our future development plans, which will provide a reliable source of energy to meet the needs of electricity generation as well as industrial development in the region."
The oilfields are operated by Pearl Petroleum which is a 5 company consortium, of which Dana Gas holds a 35% stake.
Source: Dana Gas