RE:Ingenuity...A world of opportunityCannacord has been buying recently, so perhaps Cannacord Genuity ?
LOL.
With regard to 2P reserves, this is for the Springhill formation in the FV offshore claims.
This is a huge claim, 134 Sq km of which they have seismics on 101 sq km.
There are two other formations which are not included in the 2P.
These are Canadon Luck and the Tertiary Magellanes.
( these can be seen at this link............
https://www.arpetrol.com/sp/presentations/032011_WWCP.pdf
The Tertiary Magelanes is in the Onshore FV block which is 60 sq km, has seismics and is prospective for wet gas and condensate. It is very shallow ( 600 - 800 m ).
These have not been drilled.
Ray James estimated that this formation contained 100 million boe.
The Canadon Luck is just north of the FV concession and the main target there is the Springhill formation at depths of about 1900 m.
RJ estimated this formation contained 4 million boe.
The target in offshore FV is the Springhill formation at depths of about 1500 m.
This is where the 2P reserves are llocated.
FV has had many producing wells but most closer to shore.
You will note that, in the 2011 presentation, 6 wells were planned for this major asset.
Each well was estimated to produce 1700 boepd.... very large wells.
The gas plant is adjacent to this asset.
As for 2P reserves in the offshore FV claim, RPT estimates that they are 2 to 2.5 times larger than estimated by the audit firm.
The reasons are obvious and real.
That means 16 MMboe or greater which is quite an asset.
The key personel on the BOD have backgrounds in the middle east ( esp Yemen and Egypt ).
The putative merger would probably come from these regions and perhaps with suficient cash to drill the second FV well.
But, definitely, FV will get drilled again.