Resources - Key FactsThis is the company's presentation slide that will be updated before the conference on January 18:
https://www.longfordenergyinc.com/index.asp?pid=33
Slide 8 contains amazing amount of information from oneof the best independent consultants D&M. Here are the key points about only the discovered Chia Surkh Oilfield excluding all the other 5 prospects:
- There is a 50% chance that there is 662 million barrels of oil gross in place
- There is 10% chance that there is 6.5 Billion brrels of oil in place
- There is 50% chance that up to 132 million barrels gross would be recovered
- There is 10% chance that up to 1.9 billion barrels would be recovered
- D&M also stated that the probability of geological success in finding oil in this field is 63%. Anyone in the oil business would inform you that this is one of the highest in the business. It basically means that there is oil there!
-The resources above is only from the Jeribe formation in the tertiarry. It does not include additional potential oil or gas resources in the deeper formation.
Here is where it gets more interesting:
- From slide 20 of this 2009 presentation (
https://www.longfordenergyinc.com/files/file/SeptemberFinal.pdf) showing a comparison of the seismic profile of the discovered Chia Surk field with the highly prospective Chia Surkh South prospect, it is clear that the same oil bearing Jeribe formation in the discovered Chia Surkh oilfield is also in this prospect and the structure in this prospeect is bigger than the discovered oilfield. Assuming the same resource size (though conservative), we would be looking at a P50 of 264 million barrels of oil gross and P10 of 3.8 billion barrels of potential erecoverable oil in both of the 2 prospects, excluding the otheer 4 prospects!
- Genel Enerji, their partner has classifies the field as being commercial. Genel is a multi-billiob dollar company tht have hit oil in almost all their blocks in KRG. This is how Genel described it on their website (
https://genelenergy.com/index.php?sf=operations&k=322):
well CS-7 was the first well to confirm the presence of commercial quantities of oil and gas. In order to define properly all of these leads 307 kilometers 2D seismic was planned in 2010.