BYE partner- OEL just released an Independant Research Report by K1 CAPITAL - and it does includes some information regarding the resource upgrade.
p5:
SM 71 reserves are likely to double in August:
Otto reported 2.0 MMbbl oil (2P net revenue interest basis) as of 30th June 2017 and noted a best case prospective resource of 2.4 MMbbl oil (NRI basis).
Almost all (97%) of the prospective oil resource was in the B65 sand.
Since then Otto has drilled two further wells (SM 71 F2 and SM 71 F3) which confirmed the presence and quality of the B65 sand and found thicker and better quality D5 sand, as well as extending the reservoir down-dip [1], [2]. There is likely to be further upside to reserves in the C10 and B55 sands encountered in the SM 71 F3 well.
p8- assumptions
Reserves/Resources 1P/2P/3P oil: 1.43/4.99/6.30 MMbbl gross (Otto = 40.625% NRI), 30th Jun 2017 1P/2P/3P gas: 0.99/3.60/4.51 bcf gross Best prospective: 5.91 MMbbl + 52.91 bcf gross.
Reserves upgrade expected Aug 2018 after 3 months of production history. Assume 80% of prospective oil resource in B65 sand (80% of 5.7 MMboe gross) moves to 2P reserves; 1P reserves increase to 5.0 MMboe based on 3 existing wells.
