Through our indirect wholly owned subsidiaries, we are actively engaged in the development and exploration of our onshore oil and natural gas properties located in southern Trinidad. With interests in approximately 41,000 net working interest acres of core exploration and development rights, we are one of the largest independent onshore oil producers in Trinidad. Our core focus is on exploration and development on the Ortoire block and development production on our four onshore lease operatorship properties (Coora-1, Coora-2, WD-4 and WD-8).
The following table sets forth our current producing properties, all of which are operated by Touchstone.
|DECEMBER 31, 2021 GROSS RESERVES (MBOE)|
|Properties||Working Interest||Lease Type||Average 2021 Daily Production (bbls/d)||Gross Acres||Total Proved*||Total Probable*||Total Possible*||Total Proved + Probable + Possible*|
|Coora (Block 1 & 2)||100%||LOA||440||1,699||3,241||1,867||1,303||6,411|
|Fyzabad||100%||Crown and Freehold||91||564||471||457||341||1,269|
*The reserves information above summarizes certain information from the Company’s reserves report prepared by our independent reserves evaluator, GLJ Ltd., with an effective date of December 31, 2021. The report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). The disclosure above represents only a portion of the disclosure required under NI 51-101. Full disclosure with respect to the Company’s reserves as at December 31, 2021 is included in our 2021 Annual Information Form dated March 25, 2022.
The recovery and reserves estimates of crude oil, natural gas and natural gas liquids provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered. There are numerous uncertainties inherent in estimating quantities of reserves. Actual reserves may be greater than or less than the estimates provided herein. The estimates of reserves for individual properties disclosed herein may not reflect the same confidence levels as estimates of reserves for all properties, due to the effects of aggregation.
“Proved” reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
“Probable” reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
“Possible” reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.