Reserves and Resources
As a result of the acquisitions and additional land leasing since 2015, Australis has a significant reserve and resource position within the TMS.
As at 31 December 2017, Ryder Scott, independent reserve engineers, provided an estimate of the Company’s net (after royalty interests) reserves and resources assessing 95,000 net acres within the focus area only:
TMS reserves and resources as at 31 December 2017
| Reserve Category |
Net Oil
(million bbls) |
| Proved Reserves (1P) |
28.9 |
| Probable Reserves |
18.7 |
| Proved + Probable Reserves (2P) |
46.6 |
| Possible Reserves |
13.6 |
| Proved + Probable + Possible Reserves (3P) |
60.2 |
| Resource Category |
|
| 1C Contingent Resources |
8.9 |
| 2C Contingent Resources |
98.0 |
| 3C Contingent Resources |
177.8 |
During 2018, a further 15,000 net acres have been acquired increasing the Company's ownership to 110,000 net acres. Using the same assumptions as the Ryder Scott 2017 Year End Report, Australis estimates a further 27 million barrels of 2C Resource is attributable to this increased TMS acreage position.
