02-17-2015, 09:03 AM
Laurie Brown stated the following regarding seismic on Dec.3rd (PNG Mining and Petroleum Conf Presentation):
"This advance is relatively recent from just last year.
Indeed, itis important to note that all independent resource estimates to date, be they GCA or GLJ, have been
assessed on the original processing only – the lower panel. We have yet to evaluate a resource position for Elk
- Antelope based on the considerably improved data quality to which we now have access. The impact should be obvious.
In this regard, we are evaluating Elk - Antelope in - house, incorporating this improved dataset and
the recently acquired additional seismic over the south of the field. Beyond Elk-Antelope we now have this reprocessed data over almost all of our acreage and we
are looking back at our entire prospect inventory with fresh eyes.It is because of the level of insight that seismic provides, that it is such a powerful pre-drill risk reduction tool. In short, seismic defines the prospects and drilling locations."
I wonder if the "miss" of 230m in finding the top of the reservoir at A5 was based on the "newly" processed data. Lauries tone made it sound like the newly processed data made it much easier to get consensus on the top / bottom of the reservoir for volumetric calculatioins. 230m is a pretty big miss and although it is great news that the top is high to prognosis, it makes me wonder if there will still be a high "uncertainty factor" in determining the reservoir volumes for recertification.