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Melbourne, April 1, 2011 (ABN Newswire) - Oil Basins Limited (
ASX:OBL) as 100% owner of Carnarvon basin permit R3 containing the Cyrano Oil Field has had independent reservoir evaluation and economic analysis engineers RPS Energy examine all relevant data available to reassess the field.
Their initial independent resource evaluation report shows that STOIIP (Stock Tank Oil Initially In Place) as at 1 March 2011 for just the Mardie Greensand and Airlie Sandstone is in total:
- P90: 5.42 MMbbl
- P50: 10.13 MMbbl
- P10: 18.19 MMbbl
The Directors of OBL believe this to be a major upgrading of the Cyrano Oil Field (note the previous booked best estimate STOIIP for the Cyrano Oil Field was a modest 4.36 MMbbls) and, should future work demonstrate better recovery factors, expect this to have a significant impact on the value of all OBL issued securities.
Further, RPS Energy state that these figures do not include any estimate of a possible extension of the nearby Nasutus Oil Field into R3, which the Directors of OBL believe is likely and which could further raise the STOIIP numbers contained within R3. Also, these numbers do not include any analysis for the Fennel prospect within R3 which has already had one penetration with Fennel-1.
As previously stated, work is presently focused upon the Renewal of Retention Lease R3 Application with future work being focused primarily upon defining the evident Nasutus Oil Field extension into R3, the assessment of low cost development options (surface and sub-surface) and the potential for improving the overall field recovery factors and economics with the deployment of modern pumping technologies.
For the complete Oil Basins announcement including figures and the independent report, please view the following link:
http://www.abnnewswire.net/media/en/docs/66793-ASX-OBL-352761.pdf
ASX:OBL) as 100% owner of Carnarvon basin permit R3 containing the Cyrano Oil Field has had independent reservoir evaluation and economic analysis engineers RPS Energy examine all relevant data available to reassess the field.Their initial independent resource evaluation report shows that STOIIP (Stock Tank Oil Initially In Place) as at 1 March 2011 for just the Mardie Greensand and Airlie Sandstone is in total:
- P90: 5.42 MMbbl
- P50: 10.13 MMbbl
- P10: 18.19 MMbbl
The Directors of OBL believe this to be a major upgrading of the Cyrano Oil Field (note the previous booked best estimate STOIIP for the Cyrano Oil Field was a modest 4.36 MMbbls) and, should future work demonstrate better recovery factors, expect this to have a significant impact on the value of all OBL issued securities.
Further, RPS Energy state that these figures do not include any estimate of a possible extension of the nearby Nasutus Oil Field into R3, which the Directors of OBL believe is likely and which could further raise the STOIIP numbers contained within R3. Also, these numbers do not include any analysis for the Fennel prospect within R3 which has already had one penetration with Fennel-1.
As previously stated, work is presently focused upon the Renewal of Retention Lease R3 Application with future work being focused primarily upon defining the evident Nasutus Oil Field extension into R3, the assessment of low cost development options (surface and sub-surface) and the potential for improving the overall field recovery factors and economics with the deployment of modern pumping technologies.
For the complete Oil Basins announcement including figures and the independent report, please view the following link:
http://www.abnnewswire.net/media/en/docs/66793-ASX-OBL-352761.pdf
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About Oil Basins Limited
Oil Basins Limited (ASX:OBL) is engaged in the investment in selected exploration production and development opportunities in the upstream oil and gas sector. Oil Basins Limited was listed on the ASX on 23 August 2006 and is involved in exploration for oil and gas initially in the offshore Gippsland Basin waters of south-eastern Australia and the onshore Canning Basin of Western Australia. Since listing the Company has increased its leverage across all of its assets and has increased its exposure to attractive and prospective areas with the Canning Basin.
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