ARPETROL LTD V.RPT

Ingenuity...A world of opportunity

[paljoey]

This is a live link to the November, 2013 corporate presentation

https://www.cgef.org/clients/b/b9/b998539fe09babf4dcb5a5ab948469ef/File/ArPetrol.pdf

A rather odd title but the best current update we have and some very good insights.

See the note on 2P reserves.

It claims that the 2013 2P reserves were underestimated by 2 to 2.5 times.
This is due to very conservative recovery rates and because only 61 % of the OOIP was included by the indepedent contractor.
If such is valid, Virgenes reserves are closer to 20 MMboe, worth over $300 million.

It seems apparent that had they had access to normal drilling equipment, the 2012 well could have been succesful and way less expensive.

[TheRock07]

Cannacord 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.

[TheRock07]

From Crown Ventures which have wells in the Canadon Luck Springhill formation of the Austral basin, TDs are in the 1700 to 2500 m range, well productivity ( IP ) is in the 2 MMcfd to 5 MMcfd ( roughly 350 boepd to about 850 boepd ) with well reserves in the 2.5 billion to 5 billion range. RJames estimated RPT had 4 MMboe or about 25 billion cf of gas in RPTs onshore Springhill concession. RPT

[2j3kl]

This post has been removed in accordance with Community Policy

[sanspeine]

This post has been removed in accordance with Community Policy

[DocPat]

That's a big add of production for very little money. I wonder if completion of these wells would qualify for the new gas price? Either way, very good news.