I just looked over the presentation again that was at the Good...

I just looked over the presentation again that was at the Good Oil Conference and it looks, from the diagrams, that Tiof has a large areal enclosure. The prosepect was described as:

* Stacked Miocene channel fill in incised canyon (same stratigraphic level as Chinguetti and Banda)

* Large volume

* Amplitude supported

* New fairway test (26km from Chinguetti)

* Water depth 1130m, Target Depth 2700m (sub sea)

P50 reserves = 94mmbo
P10 reserves = 377mmbo
Mean success volume = 153mmbo recoverable

if the sands were hydrocarbon charged they were expected to be stacked. From the announcement yesterday they have gas stacked above oil. I would say that given that some of the stacked sandstones are gas bearing the P10 estimate is too high. However, the P50 and even the mean estimate could still be on. Coupling the "large volume" comment in the preso with yesterday's release is probably the most indicative.

Also, if anyone remembers back to the latest appraisal well on Chinguetti there was the ROC announcement saying that there was at least a 50m gross oil column. the next day HDR released that this was a 100m gross column with 38m net of oil bearing sands.

Of course there are many other factors and this is a long long way from being a commercial find. I'm no expert, but just throwing my 2 pennies worth into the ring and trying to look through the information to hand to build up a picture. I realised I've presented the bullish interpretation. I'd appreciate any comments anyone has.

Cheers
Flash