RE: Seismic Report Soon, Huge IncreaseThere's not one person who agrees with your 132 million barrels... because it isn't true. There is no value
when you're talking about Prospective Resource... it is undiscovered, make believe.
Let's hear from EOIM... do you agree with taxdemicco ?
You also say that there will be a substantial increase with seismic results. Seismic can't see oil, nor gas. If there is an increase, it will be in Prospective Resource, which requires a risk factor.
The risk factor would be a combination of geological, hydrocarbon classification, oil discovery significant enough
to warrant development, then development risk which includes political stability. Plug in the numbers... it is less than a 10% chance, a number that I estimate on all wildcats.
You will notice that the one well in 1936 which initially produced at 4800 bbls/d, has no reference to well performance over an extended period. Other wells in the field dropped off after one day, enough to abandon. The produced well
has already been appraised by another deeper well, which did not find oil. As a matter of fact, their presentation shows water below 1752 meters. There has never been a significant oil column disclosed.
I have stated on numerous occasions, their contract if sanctioned by Iraq, will show a 40% royalty, as compared to 10% on most others. The reason was obviously decided by a weakness in financial capacity, as no one would
give away an extra 30%... if they knew there was a commercial prospect. If they did know, then a cash payment would have been made, they do have a relationship with investors with money.