jordy
The JV is saying 1 billion barrels RISKED ... so essentially in the bag!! And there's nothing in there for FAN as yet. FAR said 3.5 billion unrisked potential prospective resouce pre-drill. Of the 1 billion 330mbbls is SNE so the remaining 700mbbls being risked at an average of 30% = 2,300mbbls unrisked. Add this to SNE's 330mbbls (which could be higher) and FAN's P50 of 300m barrels recoverable and you get around 3.0 billion. And they still haven't drilled 3-4 of the other plays (that were nicely demonstrated in CNE's presentation). Then we have the other 2 blocks.
For the JV to be willing to claim 1 billion barrels in the bag after 2 holes is outstanding IMHO.
H
I sold today, page-28
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