ASIA

GCA cuts Carnarvon's reserves

CARNARVON Petroleum has had its proved reserves slashed by Gaffney, Cline and Associates to 3.8 million barrels of oil from 4.7MMbbls last year after disappointing well performance in the past 12 months led to ultimate recovery rates being downgraded.

James McGrath

The ASX-listed company also had its 2P figure downgraded from 20.4MMbbls last year to 12.1MMbls. Carnarvon said the 1P figure was based upon the completion of a work program of roughly 28 development...

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