STU 0.00% 94.0¢ stuart petroleum limited

worrior 1 reserves?, page-3

  1. 666 Posts.
    Thye have indicated reserves on the higher side of their original expectations.... ...DST#3 2880 barrels of oil a day at 208psi at 1/2" choke ...DST#4 ...7.3m cubic feet of gas per day at 11874 psi on a 5/8" choke...
    1600 barrels from DST#1 from 1/2" choke
    DST#2 flowed 2000 barrels ..20% which was oil...
    Their preliminary report said that recoverable oil was between 1.5 and 2 million barrels of oil in place... they really only expexted oil in one and maybe two formations.. no gas was mentioned.
    The other thing is that the discovery of oil greatly enhances the value of the surrounding blocks... oil does not occur in isolation. Their understanding ov the geology has been greatly enhanced and they now can target drilling much better. They now have the money form oil production to fund exploration without farming out and without the need to go to markets for share placem,ent
    I am no oil geologist... but if they expected 2 million barrels of oil on the high side and they have now found 4 pay sites.. until they evaluate the potential... it could even be over 5 million ... let alone the gas...from my expereince with amity oil in their discovery of the Glocerer discovery... anything over 3-4 million cubic feet of gas per day is a commercial discovery. The pipeline to adelaide is only 40kms away and can easily be joined up..

    any thoughts?
 
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