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clock Created with Sketch. 19/11/15
12:27
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Originally posted by Moneytree
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It's a pity that OEL did not pick up the cheap land but there is value in the Great Bear acreage so don't despair.Great Bear has undertaken significant exploration work on the acreage since 2011 with a cumulative spend in excess of US$150 million. This work includes: • Acquisition and processing of approximately 1800km2 of 3D seismic data. • Drilling of 2 unconventional stratigraphic test wells which cored 3 primary unconventional targets. Results from these wells indicate that the majority of the Great Bear acreage is expected to be liquids rich. These wells also encountered light oil in various conventional formations. • Drilling of a conventional exploration well (Alkaid-1) which specifically targeted a 3D defined Brookian reservoir. The Alkaid well results are under evaluation. The extensive, modern 3D seismic coverage, existing well control and proximity to the all-weather Dalton Highway and TAPS means that the Great Bear joint venture is well positioned to test numerous prospects during the 2015-6 and 2016-7 northern winter drilling seasons. The Great Bear acreage lies in the established conventional play fairways of the Ivishak, Kuparuk and Brookian sand reservoir systems in a region demonstrating oil maturity. • The Brookian turbidite fans are productive at offset Tarn, Meltwater and Tabasco Fields (field sizes of around 100mmbo to 300mmbo in place). • The Ivishak formation is the primary producing reservoir at the Prudhoe Bay Field (25 billion barrels of oil in place). • The Kuparuk sand play is regionally productive with the Kuparuk Field holding 5.9 billion barrels of oil in place and was also the target of the recent substantial oil discovery made by Repsol. The play types exhibited in the prospects so far identified by Great Bear have been the basis for other significant conventional oil discoveries in and around the Alaskan North Slope with discovered recoverable volumes being in the hundreds of millions of barrels. The size of these other discoveries within these plays provides an indication of the potential of Great Bear acreage in the success case.
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Well, if you stand on the border of 88E's new $30/acre permit, take one step, and you're in acreage that OEL paid $342/acre for.
(20min delay)