OTCPK:WSRLF - Post by User
Post by
vindaloo_u2on Feb 09, 2012 9:56am
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Post# 19508546
Comparative Shopping
Comparative Shopping GKP had a release today stating that they're actively pursuing the sale of their 20 per cent working interest in the Akri-Bijeel block. The P50 resource estimate for the Bijell discovery is 2.4 billion barrels of oil-in-place. Estimates have placed the value at around USD 500 million for this 20% interest. The following is an excerpt from MOL (operator) regarding the progress made thus far:
As a result of the earlier exploration works between 2007 and 2009, MOL identified three to five hydrocarbon prospects in the Akri-Bijeel Block. The first exploration well justified one of these in the beginning of 2010. The Bijell-1 well produced during the joint cased hole test 3,743 bbl/d 13-18°API oil and 99 boe/d associated gas from Jurassic formations. The second exploration well, Bekhme-1, which was drilled 20 km to the east from the Bijell-1 discovery well, was tested between October and December 2011. The total depth was reached at 5000 m in Triassic sequence. While no commercial inflow was experienced in Bekhme-1 well, data gained significantly contributed to our knowledge on the geological setting/history of this unexplored region, decreasing uncertainty for remaining potentials to be tested next year by two additional exploration wells. Bekhme-1 is to be suspended; the test results are expected not to change significantly the earlier estimated and published fully diluted, unrisked recoverable resource potential of MOL’s share in the Akri-Bijeel and Shaikan blocks.