Careful guys., page-15

that post doesn't say OIIP or recoverable resource.

If u simply change the area in acres to 272k (from 43k) then u get those sort of OIIP numbers which is open-ended & requires proof frm multiple wells drilled in their paddock alongwith 2D/ 3Dseis etc, offset well correlation & oil saturation & other sub-surf data from the HRZ shale.

D&M used a recfac of 6% & 14% phi on the mean resource a while back, which is what u'd expect from a Shale play. Oil Sat at IW#1 was better then 57% assumed (> 70%).

88e's shale sits much deeper then Repsol's. GrBear already has 3 wells Alc, Alk, Merak where the lateral section was drilled on a couple of those wells. Flowrates from a perf 'n plug type of operation is what the mkt would like to see from the nearby wells. These havent being released yet. already have the well reports from those wells on Openfile.

They await the Rocmec analysis frm the lab, the usual point load, triaxial load etc etc.

Point is to see how friable/brittle the shale is frm IW#1 & then adopt some sort of recfac into the model. Until then u could simply do a back of the envelope calc frm the D&M report. Also 88e is dealing with liq gas not pure oil. So they must mention the API of the fluid analysed frm the cores in the Lab, is a little tricky but doable, ie flashing the gas & let the condensate bubble out. Is done on most gas rich offshore projects in Oz eg pluto, browse etc where a cond gas ratio of 10-25 bbl/mmcf is mentioned. 88e's consultants will come up with the relevant figures once all info is available from the Lab which is what the mkt wants to know instead of stuff on forums etc..

Again, pls know the diff betwn whats in the & what can b produced in the real world scenario from multiple wells. Thats what matters in the end. For now data from 1 well looks good, need flowrates frm IW#2 whenever its drilled.

Have seen the likes of Linc Energy touting Umiat & Buccaneer chasing Cook Inlet in Alaska in the past. There's still a long way for Icewine. Needs a partner with deeper pockets to do loads of drilling, testing etc.