MAY 4.35% 2.2¢ melbana energy limited

Ann: Alameda-2 - Successful Flow Test of Lighter Oil to Surface, page-496

  1. 270 Posts.
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    Actually, I am prepared to concede it's more likely that you're number is closer than mine. Just re-watched the webinar again to try to see what the market is seeing that I am not, but ended up getting even more bullish.

    I missed / forgot that this diagram gave the relative pay lengths of the various sections, despite you also alluding to that in your post. I.e., 1B is ~350m (70m/20%) vs 63m for 1A (flowed to surface albeit with 11 API heavier oil). So call it 415M that flows unassisted (with ~85% being 19 API)

    So you have ~350m of just 1B at 19 API at 9% cut off and fracture incorporation vs (originally) 48m at 12% cut off and no allowance for fractures for the existing reported resource of Amistad. Thus given the lighter oil plus the ability to flow unassisted it is reasonable to assume that the recovery factor will be lifted (even if the higher RF is only assigned to 1B).

    So I am happy to have been wrong and concede that the Amistad resource (net 20.25% to MAY after CUPET) likely comes back closer to 500M net to MAY rather than 100M, so a 2C best recoverable resource of >1.5B barrels.

    Let's compromise and call it 301m barrels for MAY. smile.png

    https://hotcopper.com.au/data/attachments/5550/5550323-9f7b070793f07bd02abacdd18dae3063.jpg
    https://hotcopper.com.au/data/attachments/5550/5550326-87b37504b8cf2bf665726aaa9f4bf357.jpg
    https://hotcopper.com.au/data/attachments/5550/5550329-9645e680a6f7d620bad969cfa1050176.jpg

 
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