One last thing
330 formations are also described as "Vuggy" (please see page 27 of the Mercury report)which in itself is very exciting.
Below is a graph of the porosity expected in vug oil reserves
and here is some examples of carbonate pore classes
A vuggy reserve has a porosity of between 28 to 65%. Also with a vuggy formation allows for much better secondary recovery with water injection having a far greater effect which keeps the costs to a minimum due to the fact that you need to use less chemical injection.
The 3P reserve estimate has OIP of 189m barrels with a recovery factor of 33m barrels or a recovery rate of 17.5% this would be a primary recovery rate. With EOR (Enhanced Oil Recovery)we should see a recovery closer to 30%.
For more info on this please see
http://www.cipr.uib.no/projects.aspx?projecttype=1&project=21
Cheers
