ERCE INDEPENDENT REVIEW OF WA-519P PROPSECTIVE RESOURCES (Table 1)
ERC Equipoise Ltd (ERCE) Independent Assessment of the Sasanof Prospect reproduced withpermission from ERCE and GLV.
Cautionary Statement – Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons
Summary of Results
Under instruction from Global Oil & Gas, ERCE completed independent technical studies resulting in geological chance of success ("COS") for the Sasanof Prospect shown in Table 1.
Table 1: Risking matrix and geological chance for sucess for the Sasanof Prospect
The gross, unrisked prospective resources for the Sasanof prospect are shown in Table 2.
Table 2: Risking matrix and geological chance for sucess for the Sasanof Prospect
The net working interest to WA-519-P, WA-390-P and WA-70-R are reported in Table 3.
Table 3: Western Gas Entitlement of Recoverable Unrisked Prospective Resources, Sasanof Prospect
Table 4 – Net PRM Prospective Resources
Based on ERCE analysis, Sasanof has a geological chance of success of 32%. This relatively high chance of success is based on the following:
Professional Qualification ERCE
ERCE is an independent consultancy specialising in petroleum reservoir evaluation. The work has been supervised by Mr Stewart Easton, General Manager of ERCE’s Asia Pacific office, a Professional Geologist registered as a Fellow of the Geological Society and a member of the Society of Petroleum Engineers with over 23 years of experience in the oil and gas industry.
Sasanof Licence information and Cautionary Statements follow.
Reporting Notes for Sasanof Prospect