U are right I am being cautious with the Rec Fac (RF) of 20%, it could well b high as the porosity is pretty good in the sands. Tollhurst used 50% in their calcs. It doesn't matter whether it's 18 tcf or 8tcf, still would ranks as a commercial discovery.
Z-1 covers about 327 sqkm, thats a good size about 80733 acres. From the nearby Perseus wells, porosity for the legendre ranges between 18-23% & HC saturation is around 60%. The net:gross sand ratio is consistent too, simply b'coz the same formation (Legendre SST) has been encountered over & over again with a lower gas-water contact (GWC). The best part is these sands extended into block WA248P & were encountered at Athena-1, which is 5km NE of Perseus WA-1P block.
IMO, Z-1 appears 2b structurally bound by 2 local faults (blue semi-vertical lines on the image below) wherein the LGF & other strata have been trapped & give a good seismic indication.
Question people should b asking is, what's causing these bright spots on the seismic profile? Answer could either b gas, water or other some formation fluid.
Another week b4 we know that.
cheers
MEO Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held
