In a conventional oil field, you will be lucky if you can recover 30% of OIP, within the field. Utilizing EOR, you might be able increase it to 50%.
With heavy oil, you will be lucky if you can recover 5% of OIP (and that is the estimate May have used). Utilizing EOR, you might be able to increase it to 10%.
With Varadero, you will note the comment "recoverable reserves", not OIP. So its a bit misleading. If recoverable reserves is only 5% of OIP and 76% is recovered, then they really recovered 3% of OIP.
With the heavy oil that May have so far discovered (upper sections), you should consider it as one to two levels above bitumen.
Its not that it can not be extracted, it will take a lot of engineering and science to develop an optimal strategy and cost vs benefit analysis, to extract it. You will note, Canada has bitumen sand and they have been able to recovered oil from it. Of course, Canada's bitumen are found on the surface, making it easier to extract and process.
In any case, its going take a lot of work and a bit of luck. The expectations you guys had on the upper sections are way too optimistic.
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