RE: Massive Upside22 Apr 2021 14:31
CHUDITCH–1 DISCOVERY WELL, 1998INFORMATIONDERIVED FROM SHELL REPORTS ON THE WELL RESULTSThe following information on the TL-SO-19-16 PSC (the “Chuditch PSC”) has been taken from publicly released reports1on the area prepared by Shell Development (Australia) Pty. Ltd. (“Shell”)in 1998and 2001 after the drilling of theChuditch-1 discovery well in what was then the ZOCA 91-09 PSC.Commentary by Baron is italicised.Chuditch-1 was drilled in a total of 25 days for US$8 million. All GIIP figures have been derived from Shell’s in-house review of existing 2D seismic data and neither theynor Baron’s comments arecompliant with the 2018 SPE PRMS Prospective Resources standard.Baron intends to invest in the Chuditch PSC project through its entitlement to a one third shareholding in SundaGas (Timor-Leste Sahul) Pte. Ltd., equating to an indirect net 25% interest inthe Chuditch PSC.Shell’s “Greater Chuditch” Area, encompasses three structures that were mapped as having a common closing contour at the level of the gas-water contact in the Chuditch-1 well. These are Chuditch, Chuditch West and Bilby(now renamed Chuditch North by SundaGas).Shell noted that they had set to zero the risks associated with trap, reservoir and charge for the Greater Chuditch closure (that is, the Geological Chance of Success is assumed to be 100%, with remaining uncertainty relating to volumes). The gas water contact at 2,920 metres subsea was used to define the areal extent of the hydrocarbon accumulation. The uncertainty associated with the reservoir has been reflected in the ranges they used for each parameter.
Sign In
Follow the stocks
