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 at other major fields in Thailand, including Bo Rang North and L44W were also reduced due to the poor performance of new wells and high water cuts being experienced in existing producers.
Carnarvon said it would look to boost output during 2012 through an active appraisal and development drilling campaign in which it plans to spud 31 wells, 17 of which will be development wells targeting sandstone reservoirs in the WBEXT area.