7.5!, page-53

Hi Anon,
Thanks for the reference,

http://www.asx.com.au/asxpdf/20110203/pdf/41wl3wxs21cnvq.pdf

The way I read it, this announcement is primarily about porosity and permeability and although it mentions good oil shows, accurate oil saturations can only be estimated or assumed from visual observation until the zone is re-entered and electric logs, pressure and flow data are recorded. (apologies for ripping from announcement)

Here is an extract of the announcement.

11.02.03 TO: The Manager, Company Announcements ASX Limited
PRELIMINARY CORE ANALYSIS SURPRISE-1 - A PLEASANT SURPRISE
Central Petroleum?s Surprise-1 demonstrates potential ability to flow oil


The core did indeed reveal excellent live oil shows indicating possible high oil saturations. Small quantities of oil were also recovered from the mud system. Although the absolute oil saturation of the formation remains unknown due to probable oil losses during core retrieval, transport and storage coupled with filtrate invasion, the permeabilities of the cored zone indicate the possibility of as much as approximately 1,000 barrels of oil per day being available from the cored zone alone. Porosities and permeabilities were measured from the actual core itself and as such are relatively accurate while absolute oil saturations can only be estimated or assumed from visual observation until the zone is re-entered and electric logs, pressure and flow data are recorded.

"the permeabilities of the cored zone indicate the possibility of as much as approximately 1,000 barrels of oil per day being available from the cored zone alone " My interpretation is that the 1000 bpd is in reference to only the capability of the cored rock to flow at that rate.


I remember PSI81 commented on this announcement before he left us. Here are two of his posts.

re: Ann: 11.02.03 Surprise-1 Core Results
Wow... Finally some great news!

No guarantee that there is a commercial amount of oil down there of course but very promising and definitely reason enough to re-enter Surprise and finish it.

Most of that sandstone is still extremely tight but as I've said before with JW, a metre of good perm is better than 10 metres of average perm.


re: Ann: 11.02.03 Surprise-1 Core Results
I never expected to see permeabilities anywhere near that high in this core, particularly since it's not even the basal sandstone (which typically will be the coarsest in most formations, with some exceptions).

I trust Weatherford labs, they have always given me great service so I trust the results of these poro-perm tests. The JW results were purely from wireline log interpretation which are much more uncertain.

As expected, most perm results were less than 10mD, but there were obviously a few bands that were coarser and/or cleaner - 1.7m of good perm in this core alone with the possibility for more.

I understand the widespread skepticism and of course this doesn't change any concerns that one might have about the management but from a purely geological standpoint it's very good news IMO.

My end conclusion of Surprise is the drilled section had good oil shows in the top of the lower Stairway Sandstone from which the core was taken . The porosity of the rock in this zone was potentially good enough to flow a conventional well. This porosity is likely to extend down to the rock in the target area. ( in my opinion )
All we need is a commercial quantity of oil in the underlying zones. With the good shows that have already been reported, then it could certainly be a goer. However, nothing is certain and another miss is possible.