AS I've said before Patience = Profit - in 2018 we will all be celebrating big time- it should prove we are above the 68 million barrels that the Strachan report used, if it's near 88 MMbbl than even better! And this doesn't include our other irons in the fire!
This is why we are all here!
Pre-drill estimates for the IRCM in Xanadu-1 were for between 13-159 million barrels with a best estimate 88MMbbl.
The Permian-aged reservoir covers a 330m thick section with porosities ranging 15-16%, with log-derived hydrocarbon saturations between 41-66% and 4.6m of net pay in the uppermost sand at about 1580m, although there were hydrocarbon saturations seen on the logs for a further 120m.
The data suggests that there is excellent reservoir quality and evidence of oil down-structure.
StockAnalysis calculates that the unlikely event of discovery of 68 million barrels of oil at Xanadu, would be worth over $1.70 per share to Triangle Energy, about 17 cps to Transerv and 7.3 cents per share to Norwest. Discovery of just 5 million barrels would support Norwest’s current market capitalisation while adding about 50% upside for Transerv and offering a 3 fold increase for Triangle’s market capitalisation.
TEG Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
