GB00B7KFPB91
09 July 2013
CAP ENERGY LIMITED
("Cap" or the "Company")
Competent Person's Report on Cap Energy Limited's Guinea-Bissau Assets
Cap Energy Limited, a company listed on the ISDX Growth Market focused on the exploration, production, and
development of oil and gas primarily in sub-Saharan Africa, has received a Competent Person's Report ("CPR") on Block
1 and Block 5B in Guinea-Bissau prepared by Gas Mediterraneo & Petrolio ("GM&P"). The Company has an interest of
approximately 30% in each of the Blocks, both of which are operated by Atlantic Petroleum Guinea-Bissau Limited a
subsidiary of Trace Atlantic Oil Ltd ("TAOL").
This CPR provides a quantification of the estimated prospective resources in Block 1 and Block 5B and assesses the
associated degree of geological risk, based on the currently available historical geological and geophysical
information including regional well data and 2D seismic data recorded in the two blocks in the past.
In Block 1, five leads have been delineated and relevant time maps of Albian/Aptian and Maastrichtian age were depth
converted. Surface extensions of the leads range from 13 to 35 sq km for Albian and Aptian reservoirs and between 13
and 20 sq km for Maastrichtian. The mean STOIIP volumes of the three leads on two levels (Albian/Aptian) range
between 213 and 459 MMBO; the mean reserves range between 53 and 115 MMBO. The mean STOIIP volume of the two
Maastrichtian leads ranges between 50 and 58 MMBO. The mean reserves range between 12 and 14 MMBO. Chances of Success
estimated either for the Albian/Aptian and Maastrichtian leads range in the order of 13 and17%.
The potential of block 5B has been identified into:
- two turbidite channels interpreted of Albian age;
- a structure of Intra Albian age;
- a carbonate platform of Jurassic age, with two large structural closures showing a "non-reefal" seismic
facies and two leads with reef facies.
The mean STOIIP volume of the two Albian channel leads range between 195 and 286 MMBO. The mean Reserves range
between 49 and 72 MMBO with Chance of Success of the order of 7%. The mean STOIIP volumes of the Albian Rollover lead
is of the order of 147 MMBO. The mean reserves estimated are 37 MMBO with Chance of Success of the order of 12%. The
mean STOIIP volumes of the 2 Jurassic reefal leads range between 35 and 132 MMBO. The mean Reserves range between 9
and 33 MMBO with Chance of Success in the order of 16%.
The mean STOIIP volumes of the two Jurassic non-reefal leads range between 1406 and 1422 MMBO. The mean reserves
range between 205 and 216 MMBO with Chance of Success in the order of 7 to 10%. The deeper part of the block at this
stage of knowledge may have an additional interest in the pre-turbiditic plays.
The CPR does not include the new 2D seismic data that was shot on the two blocks in the first half of 2013, which
currently is being processed, and neither does it take account of the further interpretation activity being
undertaken on the Blocks by TAOL.
It is anticipated that the additional seismic interpretation activity should be near completion by year end and
thereafter Cap shall obtain an updated CPR incorporating all the geological, geophysical, and seismic results
completed at that time.
The Directors are confident that this new CPR will build on the encouraging results as tabled below.
Block 1-Corvina: Leads Resources/Reserves
Lead Formation Water Target STOOIP Reserves Solution Gas - Reserves
depth depth Oil(MMbbl) Solution Gas (Bcf)
Block 1 m m P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10
Alpha Albian -14 -2540 147.4 326.3 381.4 718.4 35.4 80.8 95.4 181.7 10.5 24.3 29.3 54.6
Aptian -14 -2900 15.8 52.5 77.6 182.0 3.8 13.1 19.4 45.5 1.2 4.0 6.0 13.8
Total 163.1 378.8 459.0 900.4 39.2 93.9 114.8 227.3 11.7 28.3 35.2 68.4
Beta Albian -14 -2540 27.3 88.0 115.7 254.0 6.6 21.6 28.9 64.2 2.0 6.6 8.9 20.1
Aptian -14 -2940 33.7 89.9 112.5 227.2 8.2 22.1 28.1 57.2 2.6 7.0 8.6 18.1
Total 61.0 177.9 228.2 481.2 14.8 43.7 57.0 121.4 4.6 13.6 17.5 38.2
Gamma Albian -14 -2520 55.2 161.9 200.0 415.7 13.4 39.8 50.0 105.0 4.3 11.8 15.4 33.2
Aptian -14 -2920 2.5 9.2 12.9 29.5 0.6 2.3 3.2 7.4 0.2 0.7 1.0 2.3
Total 57.7 171.1 212.9 445.2 14.0 42.1 53.2 112.4 4.5 12.5 16.4 35.5
Delta Maastrichtian -14 -980 17.6 46.4 58.0 118.2 4.3 11.4 14.5 30.0 1.2 3.3 4.0 8.5
Epsylon Maastrichtian -14 -1000 18.5 41.8 49.6 94.6 4.4 10.3 12.4 24.0 1.3 2.8 3.5 6.7
Totals 317.9 816.0 1007.6 2039.6 76.6 201.2 252.0 515.0 23.1 60.4 76.6 157.3
Block 1: Chance of Success - COS
Lead Formation COS
Block 1 Source Migration Reservoir Closure Containment Total COS
Alpha Albian 0.9 0.8 0.8 0.5 0.6 0.17
Aptian 0.9 0.8 0.6 0.5 0.6 0.13
Total
Beta Albian 0.9 0.8 0.8 0.5 0.6 0.17
Aptian 0.9 0.8 0.6 0.5 0.6 0.13
Total
Gamma Albian 0.9 0.8 0.8 0.5 0.6 0.17
Aptian 0.9 0.8 0.6 0.5 0.6 0.13
Total
Delta Maastrichtian 0.9 0.8 0.7 0.5 0.6 0.15
Epsylon Maastrichtian 0.9 0.8 0.7 0.5 0.6 0.15
Block 5B-Becuda: Leads Resources/Reserves
Lead Formation Water Target STOOIP Reserves Solution Gas - Reserves
depth depth Oil(MMbbl) Solution Gas (Bcf)
Block 5B m m P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10
Channel North
(Albian) -170 -1850 65.8 217.4 286.3 634.9 15.9 53.3 71.6 160.0 4.9 16.5 22.0 48.9
Channel South
(Albian) -220 -1830 45.8 146.5 195.0 429.6 11.1 36.1 48.8 108.5 3.3 11.3 15.0 34.2
Albian Lead Rollover -170 -1640 40.4 112.8 147.5 308.9 9.7 27.8 36.9 78.5 3.0 8.4 11.3 25.0
Jurassic Reef South -1080 -2150 31.4 101.0 131.8 288.1 7.6 24.9 33.0 72.5 3.0 9.7 12.7 28.6
Jurassic Reef North -1010 -2250 7.3 25.1 35.0 80.0 1.8 6.2 8.8 20.1 0.7 2.4 3.4 8.0
Jurassic Structure -1010 -1990 349.7 737.0 817.7 1421.5 84.0 182.2 204.6 362.8 31.2 67.8 78.4 141.4
South
Jurassic Structure -1010 -2070 414.1 807.5 862.8 1406.0 99.0 199.2 215.9 360.1 37.9 73.8 82.6 136.3
Centre
Totals 954.5 2147.4 2476.1 4568.9 229.0 529.6 619.5 1162.5 84.0 189.9 225.3 422.3
Block 5B: Chance of Success - COS
Lead/Formation
BLOCK 5B COS
Source Migration Reservoir Closure Containment Total COS
Channel North 0.7 0.7 0.6 0.5 0.5 0.07
(Albian)
Channel South 0.7 0.7 0.6 0.5 0.5 0.07
(Albian)
Albian Lead 0.7 0.7 0.6 0.6 0.7 0.12
Rollover
Jurassic 0.7 0.7 0.8 0.6 0.7 0.16
Reef_South
Jurassic 0.7 0.7 0.8 0.6 0.7 0.16
Reef_North
Jurassic 0.7 0.7 0.4 0.5 0.7 0.07
StructureSouth
Jurassic Structure 0.7 0.7 0.5 0.6 0.7 0.10
Centre
Pierantonio Tassini, the Company's Chief Operating Officer, who has 42 years of relevant experience within the
sector, has reviewed and approved the technical information contained in this announcement.
The Directors of Cap Energy Limited are responsible for the contents of this announcement.
The complete CPR Statement is available on the Cap Energy website at www.capenergy.co.uk.
For further information please contact:
Tim Hearley, Chairman
Tel: +44 (0) 7850 390998
Email: tim.hearley@capenergyplc.com
Lina Haidar, Chief Executive Officer
Tel: +44 (0) 20 7491 9196
Email: lina.haidar@capenergyplc.com
Corporate Adviser:
Duncan Vasey and Mark Anwyl
Peterhouse Corporate Finance Limited
Tel: +44 (0) 20 7469 0930
Email: duncan@pcorpfin.com
CAP Energy Limited
25 Dover Street
London W1S 4LX
Tel: +44 (0) 20 7491 9196
Email: info@capenergyplc.com
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Competent Person’s Report on Cap Energy Limited’s Guinea-Bissau Assets
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