Yemen: Calvalley sees Block 9 oil reserves decline

Reserves attributable to Calvalley Petroleum Inc.’s 50% working interest in Block 9 in Yemen’s Masila basin fell to 12.5 million bbl at the end of 2012 from 14.7 million bbl a year earlier, the Calgary company said.

Company interest proved plus probable oil reserves of 25.2 million bbl declined from 29.3 million bbl in 2011.

Proved plus probable oil in place on Block 9 fell to 317 million bbl from 331 million bbl, due mainly to a technical revision of oil in place in Ras Nowmah field. The definition of the Ras Nowmah structure was updated by the current year drilling activity. The structure is still open in the northwest direction and will be evaluated by drilling in 2013.

Activity in 2012, restricted by security and local issues, involved drilling two delineation wells at Ras Nowmah and a water injection well at Hiswah field. Early in 2013 the company achieved a cumulative production milestone of 1 million bbl from Ras Nowmah field.

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