OTCPK:ATGYF - Post by User
Comment by
birchjunkon Aug 16, 2012 9:40am
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Post# 20223930
RE: RE: Contender Well - August 2012
RE: RE: Contender Well - August 2012 Antrim drilled this claim in 2007 and hit a 116 ft oil column, so the chances of success are quite high.
A general formula is that one ft of oil over 1 sqkm equals about 1 million barrel of oil.
Cant find precise area but looks like 5 sq km.
This would place potential oil in place of about 600 million barrels.
Recovery rate of 20 % would see about 120 milion million barrels of 2P oil reserves on success of this Contender appraisal well and subsequent development wells.
At $20 per barrel, the asset value in recoverable oil would be about $2.4 billion.