RE: “Chris Oil” is dumping7 Oct 2019 21:13
Good evening Mr Redheadedrager
Just butting in on your conversation to distract from Mummy's boy CO...this is my take on your Q...
West Newton volumetric estimate for Kirkham Abbey oil column
The metric formula is STOIIP = V x 6.3 x N/G x P x (1-Sw) / FVF
Assume 6.3 barrels to the cubic metre
1. Measured areal extent of reservoir 4500 acres = 18.21 Sq Kilometres (quoted by RBD)
2. Gross oil leg interval 45 metres (quoted by UJO)
3. Net to gross ratio 0.9 (estimate for carbonates)
4. Matrix porosity 15% (quoted by RBD)
5. Water saturation 10% (estimate for light oil)
6. Formation Volume Factor 1.5 (estimated)
7. Recoverability factor 30% (estimated for gas cap drive)
Stock Tank Barrels Oil Initially in Place= 18,210,000 x 45 x 6.3 x 0.9 x 0.15 x 0.9 / 1.5 = 418,165,335
So that gives a recoverable volume of “125 million barrels” for the field
UJO share is 16.7% of that = approx. 21 million barrels.
If a barrel in the ground has a sale value of $3, then you can reckon the UJO share of Kirkham Abbey oil value is $63 million. (Never mind the gas)