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The Company has thus far identified 30 prospects and a further 7 leads within the BNG Contract Area. The prospects range in size from 3 to over 80 million barrels of oil (mmbo), with a total aggregate gross resource potential of over 500 mmbo of “Best Estimate Prospective Resources”. The geological Chance of Success, or Risk, assigned by GCA to the majority of these prospects range from around 20% to over 80% in one or two cases. The less well defined “leads” vary from 6 to over 130 mmbo in size, have an aggregate potential of a further 400 mmbo, and Chance of Success assigned by GCA of less than 15%.
In addition to these prospective resources, a further 13 mmbo estimated for the South Yelemes field are classified by GCA as Contingent Resources (2C, or Best Estimate case). The Yelemes field development is contingent on further testing of the Neocomian dolomite reservoir, extension of the Sub-Surface User Contract (“SSUC”) and subsequent extension of Pilot Production consents. We have exercised our right to extend the SSUC, which we expect to be issued by the authorities shortly. This will allow these Contingent Resources to be up-graded to Reserves.
The total Risked Most Likely Prospective and Contingent Resources on the BNG block are estimated to be 215 mmbo.
The prospects identified include analogues to surrounding fields such as Nsanov, Bekbolat, and Tolkyn. Additionally new exploration plays have been developed on the southern side of the Devonian Guryev Arch, and the South Emba Sub-basin. The Company’s strategy is to first drill the highest value prospects in the portfolio, due to begin in 2012. Based on initial internal technical analysis, the Company believes the Palaeozoic (deeper) prospects will create the most shareholder value.
15 of the prospects and leads occur in the Mesozoic section down to approximately 3,000 metres depth. These are generally subtle four-way dip closures with a large stratigraphic component, or purely stratigraphic prospects based on imaging of individual reservoir facies.
A further 22 of the prospects and leads occur between the depths of 3,900m and 5,000 metres. These are carbonate prospects, with reservoir potential from the Devonian through to the Lower Permian, the deepest of which produce in the neighbouring giant Tengiz field. These reservoirs are potentially high pressure, and therefore have high well costs. The shallower, Permian carbonates are analogous to Bekbolat and Tolkyn field reservoirs which lie within the south of the block. These reservoirs, at around 4,000m are likely to be only mildly over-pressured with no salt overburden, and well costs are expected to be lower.
As a result of the recent cancellation of the deal with Canamens as announced in May 2011, Roxi now own a 58.41% net interest and operational control of the BNG Contract. The Company is actively continuing its evaluation of the exploration potential, by maturing the existing prospects and identifying further potential. De-risking work will continue to prepare drillable locations by second half of 2012. In the interim period, BNG will focus operations on finalising the permitting and project work for Pilot Production from South Yelemes, expected to commence in 4th quarter 2011.
A tabulation of resources by play type is given at the end of this announcement and a description of the BNG evaluation is provided in the latest investor presentation which can be downloaded from Roxi’s website www.roxipetroleum.com .
Commenting on the announcement, David Wilkes, CEO of Roxi Petroleum, said:
“We are very encouraged by the increased prospect inventory arising from the 3D seismic acquisition, and the third party independent verification of these prospect sizes by Gaffney Cline reconfirms our core belief that BNG is an attractive exploration block. The Company now has a clearly focussed strategy to evaluate and explore the exciting potential of this block, a strategy which we are already pursuing with optimism. I look forward to updating the market during this next period of operational activity.”