Nigeria..4 Jul 2018 15:56
The Company, however, recognizes additional resource potential beyond the 6100’ mapping horizon, and interprets thick pay sequences in both the 7200’ and 8000’ zones, which exhibit pronounced Extended Elastic Impedance (EEI) and Joint Impedance-Facies Inversion (Ji-Fi) anomalies for hydrocarbons. The Anyala-1 discovery well had 55 metres of net pay in the 7200’ sand. COPL has used conservative assumptions for average porosity; average water saturation; and average net pay over 28,000 acres of prospective seismic anomalies to calculate in place oil resources (OOIP) of over 2.6 billion barrels for the 7200’ zone alone. The Company estimates that this could be doubled to over 5 billion barrels if the 8000’ zone is also taken into consideration. A conservative recovery factor of 25% provides a recoverable oil resource of approximately 1.4 billion barrels. COPL’s 40% net interest of some 560 Mmbbls would dwarf what the Company’s 17% net interest could have been in Liberia had that well been successful.