UNX ENERGY UPDATES PROSPECTIVE RESOURCES FOR PETROLEUM LICENCE 2713

abarrelfull wrote on 17 Feb 2011 13:27
Tags: namibia tse unx upstream

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UNX Energy Corp. (TSXV: UNX) ("UNX", or the "Company"), an emerging oil and gas company with interests in the offshore of the Republic of Namibia, announced today that per the Company's request, DeGolyer and MacNaughton of Dallas, Texas, ("D&M") have completed an update to their original Prospective Resources Evaluation Report (the "D&M Report") for UNX's Petroleum Licence ("PEL") 2713 dated April 1, 2010. The D&M Report was prepared in accordance with National Instrument 51-101 ("NI 51-101"), Sections 5.9 and 5.10 standards for review and assessment of prospective resources. The Company has also received the finalized 3D Petroleum Systems Modeling report for PEL 2713, as prepared by Integrated Petroleum Expertise Co. ("IPEX"), which provides a scientifically supported thesis that the sub-surface conditions in the zones of interest in the PEL are primarily oil prone.

"We are very encouraged with the results of the IPEX 3D Model and the independent prospective resources estimates that we have received to-date from D&M," said Mr. Gabriel Ollivier, President and CEO of UNX Energy. "The new reports support our oil thesis for the 2713 licence area and provide an independent assessment of the magnitude, quantity and quality of prospects that we have identified in the region. UNX has increased the estimates for gross unadjusted recoverable prospective resources on our Namibian property from 2.4 billion barrels of oil equivalent prospective resources to 10.5 billion barrels of oil equivalent, an increase of approximately 438%, and the gross probability of geological success ("Pg") adjusted prospective resources estimate by 557% to 3.2 billion barrels of oil equivalent. This represents an overall average geological probability of success of 30%. In addition, there is potential for our prospective resource numbers to further increase once D&M completes their prospective resources estimate for PEL 2815 and from the Moosehead feature that extends onto Block 2813A."

"UNX has been very aggressive and proactive in our efforts to obtain valuable data that reduces the uncertainty for the various prospects on our blocks in the Orange Basin," said Mr. Knowledge Katti, Director and Namibian representative of UNX. "We are very proud of our commitment and partnership with all Namibian stakeholders and look forward to the possibility of helping the country achieve energy independence and wealth through oil discoveries in its offshore concessions. While we are hopeful that big oil discoveries await us offshore, there is no disputing that the size of the prospects combined with the high geological probability of success are compelling, so we are confident that Namibia could indeed prove to be blessed with a prosperous energy future."

• UNX ENERGY UPDATES PROSPECTIVE RESOURCES FOR PETROLEUM LICENCE 2713

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