RRS range resources limited

puntland onshore - back of an envelope calcs

  1. 103 Posts.
    I've worked out some estimates on the potential value to range if and when 2 wells are successfully drilled in Puntland . The criteria I'm using for success is discoveries are made that are close to the Gross Best Estimates published by Africa Oil.

    Here are my conclusions which use the gross best estimate x 20% which is Ranges interest x $5 for a value per barrel x 50% for the recovery rate.

    For the two most promising Puntland offshore blocks the value to Range -
    ****Dharoor value to Range could be $1810m - $452.5m
    ****Kalis East value to Range could be $2087m - $522m

    If you do the same exercise for ALL the blocks you get the following

    *****Nogal and Darin value to Range could be $9102.5m - $2276.5m

    I must have done something wrong there because that could mean a 165 bagger or a SP of 5. Now wouldn't that be sweet.

    **workings**
    Gross Best Estimate In Place Oil for all Puntland Nogal and Darin blocks =
    18,209MMBbl

    Gross Best Estimate (MMBbl) for all Puntland Nogal and Darin blocks =
    2959.8MMBbl

    Range has 20% interest so those figures Net to Range are -
    3641.8MMBbl Net Best Estimate In Place Oil and;
    910.6MMBbl Net Best Estimate

    Going by the reserve estimates only, the two best leads are Dharoor in the Darin block and Kalis East in the Nogal Block.

    Gross Best Estimate In Place Oil for Dharoor in the Darin block =
    3620MMBbl (Net 724MMBbl to Range)
    Gross Best Estimate for Dharoor in the Darin block
    905 MMBbl (Net 181MMBbl to Range)

    Gross Best Estimate In Place Oil for Kalis East in the Nogal Block
    4174MMBbl (Net 834.8 MMBbl to Range)
    Gross Best Estimate for Kalis East in the Nogal Block
    10440MMBbl (Net 208.8MMBbl to Range)

    Data source - http://www.africaoilcorp.com/s/Reserves_Resources.asp
 
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