Gemsa numbers recoverable...Actually they don't even have actual numbers because when they first hit this , they stated it could hold 100 Million barrels..................WOW! Sweet ......
But ...........they have not proven up that yet ..............
Last I saw they had proven somewhere around 25 Million and secondary around 45 million barrels.......
As such the recovery could be around 30 to 40% but it really depends on rock , mixture and a host of other issues.
Here is the statement .................So ...........they do not even know yet !
It is sweet and was a good deal for Sea Dragon ...........No argument ..........But not a company maker.
They will be broke before production picks up after falling off.........water flooding is on the back half of production.
So if KOM OMBO does not pan out ...................What next ???????
This will not pay the bills folks .............Not the way they planned...........
The current production rate from the NW Gemsa fields of Geyad and Al Amir SE is approximately 7,500 bopd gross as fluid off-take from the fields is controlled in line with best reservoir management practice as the water flood is initiated, becomes operational and is proven to be effective in maximising recovery rates. By mid 2012 the production rate is expected to rise to approximately 12,000 bopd gross as water flood operations become effective.
Gross production from start up in February 2009 through to the end of February 2011 was 4.6 MMBO. Work is currently underway on an independent third party report on ultimate recoverable resources for NW Gemsa. The results are expected during the second quarter of 2011 and will be incorporated within the Annual Report for 2010. The NW Gemsa permit, in which Circle Oil holds a 40% interest, has been a very successful venture for the Company.