SEPunter. I thought there was only one target, are you sure you're not thinking of TPET's duster, that had 3 targets. In any case, the drill has reached TD so whatever is present is the full extent of it IMHO.
Quick question please: If I remember correctly, there were 3 targets Genel were drilling in Sidi Moussa. They have encountered Oil in the first target I presume? Is this assumption correct? Will they continue to drill the remaining two targets? Thanks
GLJ's evaluation report will be available as soon as it has been received, however GLJ has given PetroMaroc permission to report the main conclusions to shareholders and the general public.
Highlights of the GLJ Report include:
Confirmation of PetroMaroc's Geological and Geophysical model for the Lower Liassic reservoir for the Kechoula structure.
Confirmation (81 percent probability "Pg") that the Lower Liassic clastic reservoir is filled to spill point.
Incorporation of the recently received sidewall core analyses of the Lower Liassic reservoir intersected in the Kamar well showing reservoir properties and visual porosities of 13 to 20 percent.
Confirmation of significant natural gas potential in the Kechoula structure indicating the economic potential of our Sidi Moktar license.
"We are very pleased with the result of this evaluation because it independently confirms that PetroMaroc has encountered a significant accumulation of natural gas on the company's Sidi Moktar exploration license in Morocco. We will now move ahead with plans for an appraisal and delineation program aimed at proving the commerciality of this asset," stated Tom Feuchtwanger, PetroMaroc's President and CEO.
The GLJ UPIIP assessments were prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101").
UPIIP (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as "prospective resources," the remainder as "unrecoverable." Undiscovered resources carry discovery risk. There is no certainty that any portion of the UPIIP disclosed in this press release will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the UPIIP disclosed in this press release. A recovery project cannot be defined for this volume of UPIIP at this time. The UPIIP estimates contained herein have been risked for the chance of discovery but have not been risked for the chance of development and hence are considered partially risked estimates.
Low Estimate is considered to be a conservative estimate of the quantity of Gas Initially In Place. It is likely that the actual Gas Initially In Place will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the actual Gas Initially In Place will equal or exceed the low estimate.
Best Estimate is considered to be the best estimate of the quantity of Gas Initially In Place. It is equally likely that the actual Gas Initially In Place will
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