Carnarvon downgrades reserves

Disappointment: Australian company Carnarvon has lowered its reserve estimates after its 2011 drilling campaign failed to meet expectations

AFP/SCANPIX

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Josh Lewis

 22 March 2012 04:35 GMT

Australia’s Carnarvon Petroleum has reduced its estimated net reserves following a number of disappointing results in its 2011 drilling campaign in Thailand.

The company reduced its estimated proven plus probable reserves from its previous estimate of 20.4 million barrels to 12.1 million barrels while estimated proven reserves were reduced from 4.7 million barrels to 3.8 million barrels.

Carnarvon said the reason for the decline was due to drilling results and well performances throughout 2011 being below expectations which resulted in a number of fields having their expected ultimate recovery revised downwards.

It noted its drilling of the volcanic reservoir in its WBEXT and L33-2 areas in Thailand had been "particularly disappointing" compared to initial discoveries.

Reserves…

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