tazerka 78 million barrels of oil in place, page-13

"You simply don't abandon a producing well because of low oil price - NO WAY!"

Tony, the oil price in 1998 was $11.00. Is it any wonder it was abandoned!

"The Tazerka Oil Field central block, which was the focus of production from an FPSO during the 1990s, has an original oil in place estimate of 78 million barrels (P50) and produced 21 million barrels until the field was abandoned in 1998 in a low oil price environment. Seismic data indicates that there appears to be several blocks that lie adjacent to the Tazerka central block that may have the potential to also contain hydrocarbons. Further technical studies during 2007 and 2008 will mature the understanding of the exploration prospects and the Tazerka Oil Field. The objective of those studies will be to identify the location for the first well in the block."