General Thoughts, page-2620

So in answer to your question on how to calculate the potential unrisked 'prospective resource' for a given lead/prospect for the Saturn Prospect,this could be a dangerous primer on rule of thumb for potential prospective resource calculations. So use with great caution and do not base your investment decisions on any calculations made!!

So, a general 'rule of thumb' is:

Area in sq. kms x 247 (convert to acres) x net potential pay 'guesstimate' in metres ( 80 metres has been guessed for Venus, but use 50 metres, although suggest start with 10 metres) x 3.28 (convert metres to feet) x geometric factor for shape of the prospective resource (As relatively flat lying strat traps in the Orange Basin,usually use .67 for the geometric factor) x bbls/ac.ft (for Orange Basin Cretaceous sands with reported apparently good reservoir characteristics according to GALP CEO Mr.Silva, can assume 400 bbls/ac.ft.)

Then you can arrive at an unrisked 'guesstimate' of the potential recoverable prospective oil resource for the lead.

Note that this is a first pass very preliminary process for a lead/prospect unrisked prospective resource 'guesstimate'.

As Iain has pointed out and and as per industry observations, with more definitive seismic resolution as you get with 3D, invariably the lead/prospect size shrinks.

Attached are the 2D based leads generated within the Saturn Prospect complex by PCL.

Also the Potential Prospective resources table based on 2D seismic from the PCL, 11 September 2018 ASX release.

Again, take any potential unrisked recoverable prospective resource numbers you come up, with a very large pinch of salt.

The table of unrisked for discovery, leads prospective resources and associated map for the Saturn Prospect have been extracted from the PCL 11 September 2018 ASX release. The prospective range of resources tables for the indicated leads and the more wishful thinking, imho, for a single major discovery covering the whole Saturn Prospect, are shown below.

Note that there is some confusion among some investors as to what 'best' means in prospective resource estimate/s, due to the difference between the English language and geoscientist 'speak'.

Using the English day to day meaning, 'best' is assumed to meaning highest case, and thus should be related to the P10 number (10% chance of achieving this result).

But when geoscientists talk of 'best', this refers to the P50 number (or 50% chance of achieving this number). I personally prefer the 'mean' estimate.

And never forget that the outcome for the drill on any leads, assuming they mature into drillable prospects is binary - only two outcomes!

Either 1- a commercial success or 0 - a dry hole.

And so endeth the primer and remember risk in everything, especially exploration drilling!!



Saturn 'Superfan' as a single discovery over 2,400 sq kms.