Richmond Energy Partners Ltd Announces Results of Conventional oil and gas Exploration Performance in 2014

Richmond Energy Partners Ltd (REP) announces the results of its analysis of global conventional oil and gas exploration drilling for 40 Mid-Cap and Large-Cap E&P companies the first 6 months of 2014. REP has also assessed potential the full-year 2014 performance by analyzing exploration plans for the remainder of 2014.

1H 2014 results and FY 2014 assessment for the REP40 companies:

  • Exploration drilling in 1H 2014 was 28% down on 1H 2013
  • Discovered volumes are down 49% on the same period in 2013
  • Success rates are being maintained but the average discovery size fell in 1H 2014 to less than 50% of that recorded in 2012, largely due to the maturing offshore gas provinces in East Africa and the Mediterranean.
  • New frontier drilling success continues to be elusive and the emerging pre-salt play in Angola is currently the hottest emerging play globally.
  • REP forecasts that for the full year 2014, exploration drilling may be 16% down on 2013 with discovered volumes down by 36% on 2013 and almost 50% on 2012.

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Richmond Energy Partners (REP)

REP provide exploration intelligence services and independent, expert research and insights into smaller E&P companies. They provide a conflict free approach to valuing oil and gas companies for professional investors and oil company clients.

Keith Myers

REP Managing Partner

Direct line: +44 (0) 208 742 8203