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The Energy business area focuses on exploration opportunities with high potential for recoverable reserves. Crown Energy seeks good risk diversifica- tion, both geographical and geological, and pursues farm-out opportunities as exit strategies to capitalise as much as possible on its assets.
Crown Energy’s existing projects are in Equatorial Guinea, South Africa, Madagascar and Iraq.
In Madagascar, the project is in an early exploration phase, while Block 2B in South Africa has come further along in the same phase, with a well due to be drilled in a specific area to evaluate the area’s commercial potential. The cost of Crown Energy’s sta- ke is financed in accordance with the farm-out agreement with Africa Energy of December 2015.
The project in Equatorial Guinea is in an evaluation phase and the partnership there is planning for preparations to develop the oil field. The licence in Salah-ad Din in Iraq extends from the exploration to the development phase and may even encompass areas that are ready for production now. However, regulatory approval and large-scale efforts to evaluate the area are required first. Crown Energy is seeking a financial and operational partner for this.
As of the end of the year, Crown Energy has both contingent resources (2C), and prospective resources, but mainly the latter. Prospective resources are resources estimated to exist in accumulations in the exploration areas that are considered
potentially recoverable but where drilling has not yet been done. A contingent resource is one in which deposits have been proven by drilling but for one reason or another they have not yet met the requirements for a reserve.
The table below provides a summary of Crown Energy’s project portfolio with the net potential stated in million barrels of oil equivalents (mmboe) based on the most recently updated com- petent persons report (CPR) of 28 September 2017.
On September 28, 2017 an updated competent persons report (CPR) covering Crown Energy's projects was prepared. The CPR was prepared by Peter Mikkelsen, Crown Energy’s chief geologist and exploration manager. The CPR was certified by Dunmore Consulting, which is a qualified person registered with the Society of Petroleum Engineers. The report was prepared in accordance with current regulations and international standards, Society of Petroleum Engineers Petroleum Resources Management System of 2007.
Working interest (andel)
Gross contigent resources 2C (mmboe)
Gross prospective resources (mmboe)
Crown Energy's Net WI Resources (mmboe)
Ekvatorialguinea - Block P
Exploration / Development
Sydafrika - Block 2B
Madagaskar - Manja Block 3108
Irak - Salah ad-Din
Exploration / Development / Appraisal
All resources in mmboe (Million Barrels of Oil Equivalents). Crown Energy calculates reserves and resources according to Society of Petroleum Engineers Petroleum Resources Management System of 2007.