"Three humped bull elephant on stilts"-- LOL, I like that analogy Whisky. Yes, I did notice that the 2 new prospects
are targeting the same Albian Sands reservoirs. Sirius being the furthest from SNE @ approx 15km and Soleil at less
than 10km from SNE, north and south respectively. Sirius being the larger prospect with best estimate P50 recoverable
resources of 204mmboo v Soleil @ 101mmboo recoverable best estimate. With Sirius rated a 52% COS and Soleil at
43%, I like the odds of a combined 1 in 2 chance of hitting the black stuff.
I have little doubt {more so after the discovery at FAN1 and the upbeat assessment of the JV as to the prolific &
extensive nature of the source rocks} that the Turonian/Cenomanian source rocks have belted out oil in the billions
of barrels when it started to "migrate". We are just after the same quality sands as SNE displayed in order to capture
it. In the crap shoot of oil exploration, those odds are exceptional.
Bellatrix {formerly known as the Buried Hills prospect Lufti} is practically right on top of SNE at less than 5km away
and is rated highly as a 49% COS. All the BH prospects are targeting the cenomanian reservoir/source. Can't quite
recall if they specifically mentioned where that 1st exploratory drill was going to be directed--was it BH? or may we
see them go after the bigger Sirius Albian target after the first 2 appraisals at SNE? All will hopefully be revealed on
CMD on 11/5/15.
No surprises that the remaining fan prospects COS were not upgraded, they remain @19%. Maybe they have
been slightly, can't recall whether they were at 11, 17 or 19% prior to the FAN1 discovery. I noticed that the
Alhamdulilah prospect further south has a 37% COS. That seems quite high, not sure if it was the same COS
prior to the FAN1 discovery.
And yes, of course those resources remain prospective until we can get a drill into them. They will not be added
to the current 330mmboo estimated 2C resource for SNE { FAR's guidance as recent as April IP} v CNE's
guidance {some 6 weeks ago now of LESS than 300mmbo OIL}. Of course, SNE's resources were considered
"prospective" until only a few short months ago also
.
GLTAH
(20min delay)