Dana Gas PJSC (the “Company”), the Middle East’s largest private sector natural gas company, announces that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company’s (“Pearl”) Khor Mor and Chemchemal Fields in the Kurdistan Region of Iraq (KRI) have increased by 10% following the recent certification of reserves by Gaffney Cline Associates (‘GCA’).
2P Reserves Upgrade
The independently audited report, prepared by Gaffney Cline on behalf of Pearl Petroleum, showed that the total share for Dana Gas (35% shareholder in Pearl Petroleum), is equivalent to 1,087 million barrels of oil equivalent (MMboe), up from 990 MMboe when GCA first certified the fields in April 2016. This confirms that the fields located in the KRI could be the biggest gas fields in the whole of Iraq.
The reserves were boosted in part by the booking of oil reserves in the Khor Mor Field for the first time.
GCA’s most recent report confirmed that Dana Gas’s share of the Khor Mor and Chemchemal 2P reserves was 4.4 trillion cubic feet gas (2016: 5.3 Tcf), 136 million barrels of condensate (2016: 109 MMbbls), 13.3 million metric tonnes LPG and 18 MMbls of oil, the equivalent of 1,087 MMboe, as compared to 990 MMboe in April 2016.