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You are confusing 'Oil in Place' with 'Technically Recoverable'....

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20/08/16

07:35

Post #: 18563763
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Originally posted by rosslr ↑

Meo has been spruiking the 8+Billion barrels figure since the start of this play but I noticed that Proactive investors quoted the US Geo Survey est. as being 4+ for the whole region?! Either Meo has picked a sleeper that had been overlooked, the US Survey is out of date or under done due to no access for a while or it is being spruiked up a tad??

I would be interested in any knowledge or reflections on this discrepancy.

From Meo press Release 7th July....
"The first of three identified oil plays on Block 9 has been assessed by MEO to contain 8.183 billion barrels of Oil-in-Place with ..."

From ProActive Investors Australia 19th August ( reporting the cash raise)
"Critically, the United States Geological Survey estimates that the total undiscovered, technically recoverable oil in the North Cuba basin, where Block 9 is located, is 4.6 billion barrels.

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You are confusing 'Oil in Place' with 'Technically Recoverable'.
Onshore Cuba OOIP is currently recovered at about 7% (i.e. Sherritts heavy oil JVs). So on that basis MEO's recoverable might be 570mmboe. DYOR

MEO Price at posting: 4.1¢ Sentiment: Buy Disclosure: Held
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