6 weeks from now...

..we will all know of the potential in Georgia? I for one, have every reason to believe that 'billion barrel' claims for the 'six ready to drill' prospects are more than just a risky gamble. Oil seeps are found throughout Georgia from the Caucasus to the Black Sea and natural gas is thought to be the source of these seeps forcing oil to the surface forming shallow reservoirs, which has been the source of oil over the last 120 years since the 1890's!


http://www.rangeresources.com.au/operations/georgia/

Exhaustive searches of all possible archives have successfully turned up critically important historical well data which has provided invaluable direct well ties with new seismic data. In November 2010, results of the Seismic Interpretation, Field Mapping and Evaluation of Prospective Hydrocarbon Volumes across the Company?s two Georgian blocks (Block VIa and Block VIb) were received from leading International Oil and Gas Seismic Consultancy firm RPS Energy.

RPS identified a total of 68 prospective structures across the two blocks that have been determined to be viable prospects for drilling. Total combined potential oil in place across these 68 indentified prospective structures amounts to 2,045 million barrels. Recovery factors for oil in place can be conservatively estimated at 30%.

Of the 68 identified prospective targets across the two blocks, 6 structures have been prioritised as being ready for drilling. Of these 6 structures, total oil-in-place has been estimated at 730 million barrels.

A breakdown of the oil-in-place for these 6 ?ready to drill? prospects are as follows:

Prospect Oil-in-Place (gross)
Total 730 million barrels
Kursebi 1 (K1) 123 million barrels
Kursebi 2 (K2) 160 million barrels
Kursebi 3 (K3) 42 million barrels
Vani 1 (V1) 171 million barrels
Vani 2 (V2) 89 million barrels
Vani 3 (V3) 145 million barrels

Helium surveying:
http://www.rangeresources.com.au/fileadmin/user_upload/asx/GEORGIAN_HELIUM_SURVEY_RESULTS.pdf

http://www.amaog.com/pdf/AMAOG%20-%20helium%20survey%20eng.pdf


http://www.amaog.com/pdf/Actual%20Mineral%20and%20oil%20Geology%20-%20minerals%20eng.pdf
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