Gas2Grid Limited advise that an independent assessment of the 'Unrisked Prospective Resource' within newly identified prospective leads within Service Contract 44 (SC 44) calculates recoverable oil in the range of 14 million barrels (Low Estimate) to 601 million barrels (High Estimate) with a Best Estimate of 104 million barrels. This new resource is in the vicinity of the Malolos Oil Field and in addition to the 'Contingent Resource' previously announced.

In the Malolos Oil Field, the 'Contingent Resource' of oil in place in two productive sandstones has now been re-assessed upwards to be between 6.8 million barrels (Low Estimate '1C') and 68.1 million barrels (High Estimate '3C'), with a Best Estimate '2C' of 20.4 million barrels of 'Total Oil Initially in Place'.

Tags: Gas2Grid Limited