The Paradox Basin is richly productive. Currently home to 171 oil and gas fields containing estimated recoverable reserves of one billion barrels of oil (BMbo), or six trillion cubic feet of gas (Tcf) equivalent. The potential for more hydrocarbon reserves is thus enormous. Over its history, the Paradox Basin has produced 500 million barrels of oil and 3.5 trillion cubic feet of gas. Even at current prices that equates to approximately US$57 billion that the area has already produced, with a similar amount again estimated still to be recoverable.
Most encouragingly, the Golden Eagle Prospect has been described as a geological ‘look-alike’ to the largest producing fields in the Paradox Basin. It is the only documented geological structure in the Paradox Basin that is similar in terms of structural style and size. These fields run along the same northern/southern producing trend plain, notably, the Lisbon Field (which is 64 km to the projects south and has produced 50 million barrels of oil and 780 billion cubic feet of gas), the Greater Aneth Field (150 km south with production of 385 million barrels of oil. (Read More)
GDN Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
