Value disconnect14 Mar 2019 19:50
Quick reminder of the potential here, 17p price target very achievable IMO.
Lower Wealden and Purbeckian (not included in the contingent resource figure of 34.5MMboe) have an estimated combined P50 STOIIP of 778MMBO in place. Assuming a recovery factor of 30%, that yields 233.4MMBO, net to Lansdowne is 23.3MMBO + 34.5MMBOE 2C
Not including the lower Jurassic potential.
Evaluation of Jurassic potential During the period, studies were carried out on the deeper Upper Jurassic potential, which the Company had previously postulated to exist below the Barryroe oil field and which was thought to have material upside resource potential. During 2013, an evaluation of the previous Esso operated 48/22-1a well, which lies c. 20 km west and down-flank of the Barryroe Field in 5 the adjacent Licensing Option 12/04 (Providence 80%, Operator), was undertaken. This new analysis has highlighted a c. 300’ gross interval of Upper Jurassic Tithonian aged hydrocarbon bearing sands with c. 70’ of net pay, averaging 12% porosity. These sands, which were not tested at the time, may exist beneath the target depth (TD) of the current Barryroe wells, thereby adding even further resource potential to the known Barryroe Purbeckian and Wealden hydrocarbon bearing intervals. In addition, it is notable that the 48/22-1a well had to be prematurely abandoned having encountered a significant 14 pounds per gallon (ppg) pressure kick, with hydrocarbons circulated to surface from a glauconitic bearing Jurassic sandstone at TD, which was not logged due to operational constraints and safety issues. These data suggest that there could also be the potential for a further deeper Jurassic shallow water marine hydrocarbon bearing system below the Tithonian.
https://www.ise.ie/app/announcementDetails.aspx?ID=11724806