03-13-2012, 09:26 PM
Spartina- http://www.interoil.com/presentation/201..._Final.pdf chart 18 was the pre-drill seismic picture. Drilling has confirmed the presence of the reef as expected, actually a little higher than prognosis. So I think we can raise it to 100% on finding the reef. We will have to wait for drilling to find out about the presence of a significant amount of dolomite and/or good porosity limestone like (or better than) we had at Antelope. As you may know we are hoping the porosity is better than Antelope because of the more shallow depth. When we drill into the reservoir below the 9 5/8” casing we will probably lose circulation and get a gas kick somewhere in the first couple of hundred feet. We should get some drilling cuttings for analysis until we lose circulation and convert over to pressure managed drilling. After that we will not be getting drilling cuttings at the surface. So we will have to wait for logs and cores to see what the percentage of dolomite is, see what the porosity is and determine the net/gross (the percentage of gross pay that is “real” pay).
Yes, I think the confirmation of the presence of the reef is “huge”. I think we now have a pretty good idea of the size of the field except I would still like to know if there is a reef on the western high and what the end of the field looks like to the west. I gave you my estimate of the Triceratops resource yesterday based on having reef at the T-2 and reef at the other two highs on the East end of the Field.
My number for the estimated resource volume at Triceratops is 7.345 TCF gross (4.26 TCF net IOC).
GLJ’s best case estimate for Antelope is 8.59 TCF gross. So with the two fields my guess of the gross resource number is (8.59 + 7.345) 15.9 TCF (9.2 TCF net IOC). Is that HUGE for IOC? Yes!!