Max Petroleum PLC said it has upped its risked mean prospective resource estimates at the Kuzbak prospect, part of the group's Block E license area, to 250 mln barrels of oil equivalent, from 94.7 mln boe announced in February.
Unrisked mean prospective resources were estimated at 1.1 bln boe, with unrisked P10 resources of 2.3 bln boe and P90 resources of 147 mln boe.
Prospective resources are estimates of oil or gas in a prospect before a company has drilled the prospect, and is defined as potentially recoverable hydrocarbons from undiscovered accumulations.
Risked resources are calculated to include the potential chance of success, accounting for the risk of drilling an unsuccessful exploration well, while unrisked resources exclude the probability of success or failure of drilling.
Unrisked P90 reserves refer to estimates where there is a 90 pct chance recovered hydrocarbons will equal or exceed the estimate, while P10 assumes only a 10 pct probability.
The improved resource estimates where defined from technical data which included 14 additional 2D seismic profiles shot across the southern portion of Block E during the first quarter of 2007
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