Ashanti Gold Corp. GULSF

RE: Your take snafur?

[snafur]

So we had a good chance to hit oil, 80% like IFR stated. We have a fallow discovery at the edge of the pool. A quite shallow well, supposed to be an easy drill just right through the reservoir. And then they mess up the borehole. Jesus, unbelievable! What do we have? We have no flow rates, but a very strong indication that the model (https://www.firstbreak.org/files/technical_article_elasticfeb2007.pdf?PHPSESSID=afe20535bd8eecee72cc3a57802304d0) fits. Only the gas cap seems to be higher than predicted. We have good oil, good reservoir sands and the same Oil/water contact as in the fallow discovery. (Which didn't testet 6000 bbl btw., this is a different well) With some time and a pocket calculator, it should be possible to roughly estimate the size of the pool and the amount of oil in it. On their last project, just before this one, PCA testet their 13/21b-7 well and said: The well encountered separate oil columns in two different Lower Cretaceous sandstone reservoirs. The deeper reservoir contains a gross column of 21 metres, with 34.5 degree API oil recovered from wireline samples. The shallower reservoir contains a gross column of 58 metres. A drill stem test was performed over the shallower reservoir interval and flowed clean oil (21 degree API) at unassisted rates of up to 200 barrels per day. Evaluation of the test data indicates that this reservoir has the potential to yield commercial flow rates through the application of horizontal wells and appropriate completion technology. Based on this data, the joint venture partnership believes it has made a potentially commercial discovery. Appraisal of this discovery will be required in order to optimize the potential reserve base and development options. https://www.ccnmatthews.com/docs/e123pcau.pdf If that heavy syrup with 200 bbl/d is commercial then this one should be also commercial.