Ingenuity...A world of opportunityThis is a live link to the November, 2013 corporate presentation
https://www.cgef.org/clients/b/b9/b998539fe09babf4dcb5a5ab948469ef/File/ArPetrol.pdf
A rather odd title but the best current update we have and some very good insights.
See the note on 2P reserves.
It claims that the 2013 2P reserves were underestimated by 2 to 2.5 times.
This is due to very conservative recovery rates and because only 61 % of the OOIP was included by the indepedent contractor.
If such is valid, Virgenes reserves are closer to 20 MMboe, worth over $300 million.
It seems apparent that had they had access to normal drilling equipment, the 2012 well could have been succesful and way less expensive.