This is the company's presentation slide that will be updated before the conference on January 18:
https://www.longfordenergyinc.com/index.asp?pid=33
Slide8 contains amazing amount of information from oneof the bestindependent consultants D&M. Here are the key points about only thediscovered 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 infinding oil in this field is 63%. Anyone in the oil business wouldinform you that this is one of the highest in the business. It basicallymeans that there is oil there!
-The resources above is only from theJeribe formation in the tertiarry. It does not include additionalpotential 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 ChiaSurk field with the highly prospective Chia Surkh South prospect, it isclear that the same oil bearing Jeribe formation in the discovered ChiaSurkh oilfield is also in this prospect and the structure in thisprospeect is bigger than the discovered oilfield. Assuming the sameresource size (though conservative), we would be looking at a P50 of 264million barrels of oil gross and P10 of 3.8 billion barrels ofpotential erecoverable oil in both of the 2 prospects, excluding theotheer 4 prospects!
- Genel Enerji, their partner has classifiesthe field as being commercial. Genel is a multi-billiob dollar companytht have hit oil in almost all their blocks in KRG. This is how Geneldescribed it on their website (
https://genelenergy.com/index.php?sf=operations&k=322):
wellCS-7 was the first well to confirm the presence of commercialquantities of oil and gas. In order to define properly all of theseleads 307 kilometers 2D seismic was planned in 2010.