Of this total, 25PJ are proven (1P) reserves, while 3P reserves (proven, probable and possible) reserves have been increased to 2265 PJ – an increase of 159 PJ from the previous total.
The increase is due to the addition of reserves around the successful Tipton North and Tipton South mini pilots, Arrow said.
Further 1P and 2P reserves are expected to be added as development drilling and subsequent dewatering of the field progresses.
This increase has been certified by Netherland, Sewell and Associate Inc. (NSAI) of Dallas, Texas.
The Tipton joint venture comprises Arrow Energy (60%) and Beach Petroleum (40%). Beach will earn its interest by funding the first $35 million of the upstream development funding.
