CAP Energy Plc
LSE : CAPP

March 25, 2015 03:00 ET

UPDATE: Re-assessment of 2D seismic boosts the potential of Cap Energy's Guinea-Bissau assets

                                                                                                         25 March 2015
                                                                                                          GB00BCHWWB79
                                                           
                                                    CAP ENERGY PLC
                                            ("Cap Energy" or the "Company")
                                                           
           UPDATE: Re-assessment of 2D seismic boosts the potential of Cap Energy's Guinea-Bissau assets

Cap Energy Plc, a company listed on the ISDX Growth Market focused on the exploration, production, and development  of
oil and gas primarily in sub-Saharan Africa, is pleased to announce the results of an independent re-assessment of  2D
seismic data by Gas Mediterraneo & Petrolio relating to the Company's two Guinea-Bissau licences.

Block  5B  (Cap Energy interest 27%) covers 4,800 square kilometres and is located offshore Guinea-Bissau  with  water
depths  ranging from 250 metres to 4,500 metres. Block 5B has been covered with approximately 1,532 kilometres  of  2D
seismic in 2011 and 1,500 kilometres in 2013. Vintage 2D seismic of approximately 1,900 kilometres shot during 1981 to
2000  was also acquired by Cap Energy. The hydrocarbon prospectivity was assessed on the basis of the various  seismic
surveys  and with the availability of all the well information and petrophysical information to enhance the  multiplay
exploration interpretation.

Volumetrics for 21 leads with surface closures bigger than 10 square kilometres have been calculated.

The  identified  structures are located at water depths ranging from 1,000 metres to 3,500 metres and variable  target
depths from sea bottom 800 metres to 2,650 metres.

The aggregate Prospective Resources of the block is as follows:

    -       P50 STOOIP value 22,083 MMbbls, P10 STOOIP value 34,381 MMbbls, P90 STOOIP value 12,439 MMbbls.
            
    -       Recoverable values are respectively P50: 7,729 MMbbls, P10: 4,354 MMbbls, P90: 12,003 MMbbls.
        
The  re-interpretation  of Block 5B indicates that the block has a strong analogy with the Sangomar  Deep  licence  in
Senegal and the recent discoveries SNE-1 and FAN-1 announced by Cairn Energy Plc. Two of the interpreted prospects  in
Block 5B are similar to the two discoveries in Senegal.

Block  1 (Cap Energy interest 24%) covers 4,800 square kilometres offshore Guinea-Bissau with water depths up  to  100
metres.  Block  1  is  located  in  an emerging shelf margin where appraisal wells  have  recently  been  drilled  and
development plans are starting in adjacent blocks.

Block  1  has  been covered with 1,530 kilometres of 2D seismic in 2013. Vintage 2D seismic of about 1,300  kilometres
acquired  through  1981 to 1988 was also available. The hydrocarbon prospectivity was assessed on  the  basis  of  the
various seismic surveys and with the availability of all the well information and petrophysical information to enhance
the multiplay exploration interpretation.

The aggregate Prospective Resources of the block is as follows:

    -       P50 STOOIP value 1,100 MMbbls, P10 STOOIP value 2,060 MMbbls, P90 STOOIP value 308 MMbbls.

    -       Recoverable values are respectively P50: 275 MMbbls, P10: 515 MMbbls, P90: 77 MMbbls.

Pierantonio Tassini, the Company's Chief Operating Officer, who has 44 years of relevant experience within the sector,
has reviewed and approved the technical information contained in this announcement.

The Directors of Cap Energy are responsible for the contents of this announcement.

ENQUIRIES:

CAP Energy Plc
Chanelle George, Investor Relations
Ewen Ainsworth, CFO
Tel: +44 (0) 20 7491 9196

Daniel Stewart & Company Plc
David Coffman, Corporate Adviser
Martin Lampshire, Broker
Tel: +44 (0) 207 776 6550

CAP Energy Plc
20 Berkeley Square
London W1J 6EQ
Tel: +44 (0) 20 7491 9196
Email: info@capenergyplc.com
Web: www.capenergyplc.com

Contact Information

  • CAP Energy Plc