Alan Stein smug says UK poster

This is an account of a presentation earlier this week by FOG CEO Alan Stein in London. Thanks to poster wiseoldman at www.iii.co.uk.


Alan's talk was at 3:30pm and not in the morning - seems he couldn't be in two places at once ("so he doesn't walk on water, after all" I hear you all cry!).

Anyway, tha talk was entitled 'Deepwater Prospectivity of NorthWest Africa'. The only two things of specific interest to readers/contributors to this BB were:
1) The Banda well is close to TD, and the regular release next Tuesday should have some news (no indication as to what that news might be)
2) The next well (Chinguetti appraisal) will attempt to find the elusive oil/water contact, and thus close in the error bar on in-place Chinguetti reserves.

Alan Stein was a confident (dare I say smug) man today.

Other speakers at the syposium were openly speculating that Chinguetti may come in at 150 mm bbls recoverable. Others, who apparently had done their sums, were saying privately that the economic reserve threshold for a Chinguetti-only development (FPSO) was approx 80 mm bbls (this is of course dependent upon their economic assumptions, as well as productivity, number of wells etc etc).
This threshold tumbles if Banda comes in and a joint development can be pursued.

Deep water prospectivity in this part of Africa is a very hot topic in the industry at the moment. Some very encouraging papers were presented today. I still believe the patient, and the wise, will be rewarded.