" We are pleased to see the rig being moved, and look forward to the imminent drilling of the Sidi Dhaher prospect. It is rare for shareholders to get the opportunity to participate in the drilling of a large oil and gas prospect with up to six separate and vertically stacked prospective reservoirs, all of which have produced oil nearby", according to Gary Jeffery Managing Director of Xstate Resources Limited.
The key attributes of the Sidi Dhaher prospect are:
- Potential for over 300 Million barrels of recoverable prospective oil resource in just the two primary reservoir zones.
- The well is anticipated to intersect 6 prospective reservoir zones; all of which produce oil and gas from fields within 50 kilometres of Sidi Dhaher.
- The estimated cost to drill the well is approximately $6 million and the well is planned to take around 30 days to drill.
- 1 in 3 chance of Geologic Success.
- The prospectivity of Sidi Dhaher is also supported by the presence of coincident hydrocarbon indicator anomalies, namely:
* Seismic Flat Spots, on all 2D seismic lines crossing the prospect at the shallowest reservoir level; these are interpreted to be potential Direct Hydrocarbon Indicators
('DHI'). Seismic flat spots are often the seismic expression of the interface between hydrocarbons and underlying water zones in good reservoir rocks; and
* Surface Petroleum Geochemical Microseepage Anomalies across the prospect area. Such anomalies are often present above oil and gas fields.
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