"We have an exploration geologist at our offices and I hear him reference 5 key attributes that any exploration target needs to be successful. I am doing this by memory so I am not sure if this is 100% correct. The list goes like this:
•Charge: Does the rock in this sedimentary basin have oil or gas in it? A sedimentary basin that is charged has a rock deep under ground that is producing hydrocarbon, this is called a source rock. If the basin doesn't have a source rock then wells targeting prospects in the basin will be unsuccessful.
•Migration: Does the rock containing hydrocarbon (source rock) have an outlet for the hydrocarbons it is producing? If so the hydrocarbon should slowly fill up different structures up depth from the source rock.
•Structure: as oil and gas migrates out of the source rock flowing up are there any traps to catch and contain the hydrocarbons? Kind of like an upside down cup.
•Timing: has the structure in the basin formed recently or previous to the production of hydrocarbons from a source rock. The targeted structure may have formed after the production of hydrocarbons has finished.
•Productivity: what is the porosity and permeability of the sand contained in the reservoir? If the well doesn't flow enough to cover well costs then the well is uneconomic.
Essentially every well's success rate is driven by a multitude of factors, such that it is tough to generalize a success rate. Suffice it to say that each data point within a reservoir usually provide data that improve our understanding of the above characteristics which increase our chances for exploration success."
High risk, and in this case, unbelievably high reward, thanks to the fear gap.
People maintain anonymity for a reason and it is rarely noble.
