RE:RE:RE:RE:$100MM USD Sporty,
For Kawa, oil was only confirmed in two intervals:
Santonian in Kawa = 76 ft
Conacian in Kawa = 18 ft
For Wei, oil was confirmed in all three intervals:
Total net pay = 114 ft
Let's keep this incredibly simple (since I don't feel like OOIP for each age group).
a) Let's assume each sand reservoir interval/age group is only 2500 acres in size.
b) Let's assume porosity of 15% for each interval.
c) Let's assume oil saturation of 75% for each interval.
d) Formation volume factor of 1.5
Using these numbers, unrisked grossed oil in place is like 680 million barrels. Also does not include a lot of condensate also for Campanian/Maastrichtian in Kawa (close to 140 ft combined net pay).
We were told the Maastrichtian in Wei has Liza type properties (so much higher porosity). We also know some of those sand bodies are much larger in acreage, but who knows in aerial thickness (hence the averaging/simplification).
So yeah, tons of oil. This is the beauty, IMO. This is not Apache (as someone has alluded too earlier) where many more wells are needed before an FID. If your planning on developing the acreage yourself, you have to know what your fields will look like on a much more detailed scale for so many reasons. CGX and Frontera just need to attract someone who's willing to do this themselves... hence the need for updated resource report, honesty regarding net pay in Wei Santonian. I truly believe great potential exists here (as shown by 680 million barrels above and probably way more in Wei Santonian). Wish to hell our management team would also show the same enthusiasm.
bloody hell, average offshore discoveries the past couple years globally was only 150 million barrels. Finding major oil fields is not easy today. CGX and Frontera have two good fields in Wei and Kawa... hopefully management can start taking things seriously from now on (however embarrassing of an ask that is). Maybe some tough questions from whistleblower investigators will light a fire under their sorry as*es!!!