Proved reserves (1P) amounted to 234,000 barrels gross for the field. It comprises 109,000 barrels classified as being ‘Proved Developed Producing’ or PDP reserves, while the field is also seen to have 102,000 barrels of proved un-developed reserves.
"Welch meets the stated strategy of delivering operating cash flow and having development upside,” said John Barr, Mosman chairman.
"We are pleased to achieve this milestone of Proved Reserves that underpins our view that Welch was a sound acquisition, at the right time, and where we have added value in less than 12 months.
“Importantly, the Proved Reserves identified at Welch should provide a basis for being able to obtain bank debt to assist in funding further production growth.
“Looking forward at Welch, we continue to evaluate horizontal wells with the objective of having a development plan to put before the Board later in 2018."