According to the Journal of Petroleum Technology, 2022 was considered a fantastic year of conventional exploration due to discoveries in areas like Guyana, Namibia and Brazil. The average discovery, they noted in 2022, was 150 million barrels of oil equivalent (BOE).
In the Wei-1 Santonian, they encountered 210 ft of pay. Assuming a low side of 3000 acres for size, 15% porosity (Kawa and industry offsets), 70% oil saturation (lab results God willing/Santonian offset in Kawa) and Bo of 1.2, a basic volume of 427 million barrels was discovered. This also does not include uphole volumes discovered.
Provided lab results suggest oil in the Santonian, this JV will have hit a fantastic discovery that would certainly be on the high side of volumes encountered over the past couple years globally.
Saying this, I just hope and pray (a real investment strategy I know) management finds it within their moral fibers to finally do something positive for once that does not erode shareholder value any further. The geology blessed these guys within a some pretty fantastic discoveries. I just hope it's not flushed down the toilet no more due to management incompetence. Until then, I continue to hope and pray.