KUALA LUMPUR, MALAYSIA--(Marketwired - Jan. 14, 2016) -
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Mitra Energy Inc. ("Mitra") (TSX VENTURE:MTE) is pleased to provide an update on the status of its gas development project in Vietnam as follows:
- On January 12, 2016, Mitra was informed of the approval of the Prime Minister of Vietnam of the Reserve Assessment Reports for the Nam Du (Block 46/07 PSC) and U Minh (Block 51 PSC) Fields.
- Outline Development Plans for the Nam Du and U Minh Fields were completed on December 24, 2015 and sent to Petrovietnam Exploration Production Corporation before submission for Prime Ministerial approval.
- Agreement has been reached for Mitra to be assigned the full 35% working interest in Block 51 PSC formerly held by Kuwait Foreign Petroleum Exploration Company ("the KUFPEC Interest"), taking Mitra's net working interest in Block 51 to 70%. The assignment will be effective from December 31, 2015 and is subject to final governmental approval. As a consequence of securing the KUFPEC Interest at zero cost, Mitra's net 2C Contingent Resource on Block 51 increases by 22.6 million boe to 45.2 million boe (based on March 2015 Competent Person's Report). Mitra's total net 2C Contingent Resources across its portfolio rises from 69.2 million boe to 91.8 million boe.
- Good progress is being made by LR Senergy on an updated Competent Person's Report, which is expected to be published during Q1 2016.
Paul Ebdale, CEO of Mitra, commented: "We are pleased with the continued steady progress being made towards commercialisation of our first gas fields in Vietnam in partnership with Petrovietnam Exploration Production Corporation. Completion of our Outline Development Plans is a significant milestone for Mitra and we look forward to making further significant steps with our gas commercialisation plans through 2016."
This press release may contain forward-looking information and statements ("forward-looking information") within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results or (as applicable). Although the Company believes that the expectations reflected in our forward-looking information is reasonable, our forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including without limitation: volatility in the market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital acquisitions; geological, technical, drilling and processing problems; fluctuations in foreign exchange or interest rates; health safety and environmental risks; stock market volatility; global economic events or conditions; and other factors, many of which are beyond the control of the Company. We caution that the forgoing list of risks and uncertainties is not exhaustive.
A barrel of oil equivalent ("BOE") is determined by converting a volume of natural gas to barrels using the ratios of 6 thousand cubic feet ("Mcf") to one barrel. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(January 14, 2016 - 8:30 AM EST)
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