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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cds Oil & Gas | LSE:CDS | London | Ordinary Share | GB00B1XN5G38 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.875 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMCDS
RNS Number : 6105R
CDS Oil & Gas Group PLC
05 May 2009
UPDATE ON OPERATIONS
CDS Oil & Gas Group plc ("CDS" or the "Company"), the AIM quoted oil and gas
explorer (CDS.L), announces the completion of the interpretation and analysis of
its geological and geophysical studies, soil gas geochemistry survey and seismic
survey. The Company is pleased that the results of the data interpretation have
confirmed the potential of certain areas within the Company's Gabino Mendoza and
Boquerón blocks. The prospective unrisked summed hydrocarbon resource estimates
for CDS's prospects include 243 MMBO and 161 BCF non-associated gas. The
analysis has identified several drill prospects and the Company is currently in
discussions with potential partners to fund the next stage of its exploration
programme.
As announced in the interim statement, the physical exploration programme was
completed in September 2008. The soil geochemistry survey was analyzed by
Houston-based Exploration Technologies, Inc.The seismic data was processed by
two Houston-based oil and gas service companies, Tricon Geophysics, Inc. and
Texseis Inc. and interpretation was then undertaken by the Company's in-house
geosciences team in Houston.
In the Gabino Mendoza block, the moderate level of positive soil geochemistry
anomalies indicates the presence of a mixed oil and gas source. The Gabino
Mendoza prospect consists of an unconventional gas resource which extends over
an area of a few hundred square kilometres, having a sedimentary column in
excess of 1,200 metres, which would result in prospective resources on an
unrisked basis of 140 BCF.
In the Boquerón block where three prospects have been identified - Picuiba Nose,
East Emilia and Emilia - the Carboniferous target sands were deposited in the
same proximal deep submarine fan facies as the giant San Alberto/San Antonio
Field and others in southern Bolivia.
From the soil geochemistry survey, it appears that the Picuiba Nose prospect has
good hydrocarbon source potential from a mixed oil and gas source. The Picuiba
Nose prospect is a 1,100 hectare structural dome located on the crest of a
northwest-plunging anticlinal nose. The prospect's prospective resources have
an unrisked estimated ultimate recovery ("EUR") of 175 MMBO.
The Emilia East prospect features a low-relief structure, with top-seals in the
Cretaceous and the Permian above the Carboniferous. This prospect has unrisked
prospective resources of 21 BCF non-associated gas and 38 MMBO, derived from
volumetric EUR calculations from prospect maps.
In the Emilia prospect, the Carboniferous target sands were deposited in a
submarine fan. The targets are the same age and facies as the 22 TCF San Alberto
Gas Field in Bolivia. This prospect has unrisked prospective resources of 30
MMBO, based on volumetric EUR calculations from prospect maps.
Patrice Roman, CEO of CDS stated: "The comprehensive programme, implemented by
the Company for an amount of more than USD30 million, resulted in a total
potential of finding up to 250 MMBOE. It represents a strong encouragement to
persevere in our exploration efforts and work towards the start of a drilling
programme on the Boqueron block. Discussions with prospective new strategic
shareholders are taking place with a view to covering the cost of the next stage
of the exploration programme."
The standard used for this announcement is the Petroleum Resources Management
System ("PRMS") prepared by the Society of Petroleum Engineers (SPE).
Eric D. Carlson, CDS's Chief Geologist and Head of its Technical Department who
is a Licensed Professional Geologist in the State of Texas has approved the
technical information contained within this announcement. Mr. Carlson has over
20 years' prospecting experience in the hydrocarbons industry and is a member of
the American Association of Professional Geologists, the West Texas Geological
Society, the Houston Geological Society, and the Geophysical Society of Houston.
He has co-authored a number of publications on the hydrocarbon potential of NW
Paraguay.
+------------------+------------------+
| Glossary | |
+------------------+------------------+
| BCF | billion |
| | (109) |
| | cubic |
| | feet |
+------------------+------------------+
| estimated | A term |
| ultimate | that may |
| recovery ("EUR") | be |
| | applied |
| | to an |
| | accumulation |
| | or group of |
| | accumulations |
| | (discovered |
| | or |
| | undiscovered) |
| | to define |
| | those |
| | quantities of |
| | petroleum |
| | which are |
| | estimated, on |
| | a given date, |
| | to be |
| | potentially |
| | recoverable |
| | from an |
| | accumulation, |
| | plus those |
| | quantities |
| | already |
| | produced |
| | there from |
+------------------+------------------+
| geological | geological |
| and | and |
| geophysical | geophysical |
| studies | studies |
| | which are |
| | conducted |
| | to |
| | understand |
| | some or all |
| | of the |
| | components |
| | of a |
| | petroleum |
| | system, |
| | e.g. |
| | source, |
| | maturation, |
| | migration, |
| | reservoir, |
| | seal, play, |
| | structure, |
| | trap |
+------------------+------------------+
| MMBO | millions |
| | of |
| | barrels |
| | of oil |
+------------------+------------------+
| MMBOE | millions |
| | of |
| | barrels |
| | of oil |
| | equivalent |
+------------------+------------------+
| prospect | a |
| | potential |
| | accumulation |
| | that is |
| | sufficiently |
| | well defined |
| | to represent |
| | a viable |
| | drilling |
| | target |
+------------------+------------------+
| prospective | those |
| resources | quantities |
| | of oil |
| | which are |
| | estimated, |
| | as of a |
| | given |
| | date, to |
| | be |
| | potentially |
| | recoverable |
| | from |
| | undiscovered |
| | accumulations |
| | according to |
| | the |
| | definitions |
| | of the PRMS |
+------------------+------------------+
| soil | an |
| geochemistry | analysis |
| survey | of |
| | hydrocarbon |
| | gases in |
| | soils, |
| | usually in |
| | very small |
| | concentrations, |
| | used to |
| | determine |
| | petroleum |
| | source rock |
| | type and |
| | availability |
+------------------+------------------+
| TCF | trillion |
| | cubic |
| | feet |
+------------------+------------------+
| unconventional | unconventional |
| resources | resources |
| | exist in |
| | petroleum |
| | accumulations |
| | that are |
| | pervasive |
| | throughout a |
| | large area and |
| | that are not |
| | significantly |
| | affected by |
| | hydrodynamic |
| | influences |
| | (also called |
| | "continuous-type |
| | deposits"). |
| | Examples include |
| | coalbed methane |
| | (CBM), |
| | basin-centred |
| | gas, shale gas, |
| | gas hydrate, |
| | natural bitumen |
| | (tar sands) and |
| | oil shale |
| | deposits. |
| | Typically such |
| | accumulations |
| | require |
| | specialized |
| | extraction |
| | technology |
| | (e.g., |
| | dewatering of |
| | CBM, massive |
| | fracturing |
| | programs for |
| | shale gas, steam |
| | and/or solvents |
| | to mobilize |
| | bitumen for |
| | in-situ |
| | recovery, and, |
| | in some cases, |
| | mining |
| | activities). |
| | Moreover, the |
| | extracted |
| | petroleum may |
| | require |
| | significant |
| | processing prior |
| | to sale (e.g. |
| | bitumen |
| | upgraders). |
+------------------+------------------+
| | |
+------------------+------------------+
For further information:
CDS Oil & Gas Group Tel: +41 22 700 68 60
Patrice Roman, Chief Executive Officer
Hanson Westhouse Tel: +44 (0)20 7601 6100
Bill Staple/Richard Baty
Hudson Sandler Tel: +44 (0)20 7796 4133
Fran Read
B4 Communication Tel: +41 22 592 50 22
Claude Baumann / Frédéric Jacquemoud
This information is provided by RNS
The company news service from the London Stock Exchange
END
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