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LIVE

Monday, 08 September, 2008, 18:40 GMT | more prices >>

Petrolifera runs rule over reserves

By Upstream staff

Canada-nased player Petrolifera said its proved oil and natural gas liquids reserves at the end of last year rose 43% to $15.1 million barrels over its exit numbers for 2006, according to an independent analyst’s report.

The company said the reserves rise came as it boosted production to $2.9 million barrels of oil for 2007, giving it a reserves replacement ratio of 2.6,

petrolifera, which is active in Latin America, said proved gas reserves rose 14% year-on-year to 16.3 billion cubic feet, with output of 800 million cubic feet of natural gas for the year giving it a reserves replacement ratio of 3.5.

The combined figures represented an increase in proved reserves of 38% to 17.8 million barrels of oil equivalent at the end of last year compared with the end of 2006, giving the company a combined reserves replacement ration of 2.6, it said.

The study was carried out by independent consultancy GLJ Petroleum Consultants.

Petrolifera said its combined oil and gas proved and probable reserves rose 5% to 25.6 million boe at the end of last year compared with the end of 2006, according to the report.

The company said the reserves gains were the result of successful drilling activity, as well as the installation of production facilities and a waterflood system at the Puesto Morales Norte field in Argentina’s Neuquen basin.

Petrolifera has operations in Argentina, Colombia and Peru.