Wednesday, January 15, 2014 11:10:58 PM
TEAM of 7 Geologists Confirmation of 119,896,810 Barrels of Proven and Probable Reserves:
The 119,896,810 barrels of proven and probable reserves was derived from the original confirmation of the TEAM of 7 Geologists from the Ukraine Government that confirmed the 16,357 thousand tons of reserves. Let’s do the conversion.
According to the Society of Petroleum Engineers (SPE), 1 ton of oil equals 7.33 barrels of oil:
http://www.spe.org/industry/docs/UnitConversion.pdf
>>> 16,357 thousand tons of reserves = 16,357,000 tons of reserves
16,357,000 tons of reserves x 7.33 barrels of oil = 119,896,810 barrels of oil
Keep in mind, this indicated 119,896,810 barrels of oil is considered Proven & Probable reserves per the source document from the Petroleum Reserves Definitions from the Society of Petroleum Engineers:
So, from reading above, we can presume that there is an at least 90% amount of reserves that are ”Proven” and that there is an at least 50% amount of reserves that are ”Probable” from the total amount of 119,896,810 barrels of oil reserves. The 90% and 50% are amounts that indicate the probability that the quantities actually recovered will equal or exceed the estimate. Or in other words, the probability for the amount of the confirmed 119,896,810 barrels of oil that should be considered money in the bank to be there in the ground.
So for our sake here, let’s remain as conservative as we logical can remain and presume only an at least 50% of the reserves will be actually recovered to be money in the bank for QEDN and NRGT both. This means below for the amount of barrels of oil that should be at a minimum, considered to be actually recovered:
119,896,810 barrels of oil x .50 Actually Recovered = $59,948,405 Barrels of Oil Actually Recovered
As indicated from the link below, the retail price for a barrel of oil in the Ukraine is currently $94.00+ per barrel which warrants a Minimum Retail Valuation below:
http://oilprice.com/Energy/Energy-General/Ukraines-Two-New-Energy-Deals.html
$59,948,405 Barrels of Oil Actually Recovered x $90.00 per barrel = $5,635,150,070 Retail Valuation
NRGT filed an 8-K with the SEC on Jan 2, 2014 to confirm the 100% acquisition of AFON 2010 Ltd. from V.V. Yurchak:
http://www.sec.gov/Archives/edgar/data/1499618/000121390014000017/f8k072513_energytoday.htm
QEDN confirms below in a PR and a Quarterly Report that they own 22% of NRGT:
http://ih.advfn.com/p.php?pid=nmona&article=60533470
http://www.otcmarkets.com/financialReportViewer?symbol=QEDN&id=115306
This means that out of the $5,635,150,070 Retail Valuation…
NRGT owns 78% which = $4,395,417,055 Retail Valuation
QEDN owns 22% which = $1,239,733,015 Retail Valuation
The Special Permit to drill was approved by Deputy Minister Yevdoshchuk M.I. Signature
Seal of the Ministry of Nature Ministry of Environmental Protection of Ukraine ID code 00013735
B?003491:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-Permit-at-South-Teresnyanska-structure.pdf
The TEAM of 7 Government Geologists from the Western Ukrainian Geophysical Reconnaissance Expedition (WUGRE) that confirmed the work and gave the Conclusion to Prepare for Drilling:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-quality-of-structure-preparation-for-Boryslavska-Pokutska-zone-1.pdf
Confirmation of Special Permit Approval Granted from Website:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-Permit-at-South-Teresnyanska-structure.pdf
5 Wells – Drilling Data from Types and Volumes of Work Performed:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-Teresnyanska-work-performed-5-wells.pdf
Key Documents from Company’s Website in order Relating to AFON 2010 Ltd. Acquisition:
http://www.qedconnect.com/about-us/natural-resources/
AFON Permit at South Teresnyans’ka structure:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-Permit-at-South-Teresnyanska-structure.pdf
Characteristics of subsoil area South Teresnyans’ka area:
http://www.qedconnect.com/wp-content/uploads/2014/01/Characteristics-of-subsoil-area-South-Teresnyanska-area.pdf
AFON Teresnyanska work performed - 5 Wells:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-Teresnyanska-work-performed-5-wells.pdf
AFON quality of structure preparation for Boryslavs’ka-Pokuts’ka zone:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-quality-of-structure-preparation-for-Boryslavska-Pokutska-zone-1.pdf
AFON Seismic-geological profile I region:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-Seismic-geological-profile-I-region.pdf
AFON Seismic-geological profile II region:
http://www.qedconnect.com/wp-content/uploads/2014/01/AFON-Seismic-geological-profile-II-region-1.pdf
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