Empire Energy Corporation Intl. (fka EEGC)

[Howardhaftel]

Part 2:

As you all know EEGC hired RPS Energy
to evaluate Thunderbolt and Bellevue prospects in SEL-13/98.
The following is taken word for word from the report:

2.3.2 Thunderbolt Assumptions

The Thunderbolt Prospect contains a Mean Case Prospective Resource volume of 88 MMstb in the Gordon Limestone. Assuming the Thunderbolt Prospect contains a medium gravity crude of approximately 30 deg API with a moderate water drive, an average drainage area per well is expected eo be 40 acres. Therefore, using the mean area of the reservoir of 12 Sq Km, 74 vertical wells are required to drain the reservoir, equivalent to 1.2 MMstb per well.

Initial production rate per well is expected to be 875 stb/day declining at 24% per annum with a 10% downtime. This will recover the Prospective Resource volume in less than 30 years. An average gas-oil ratio of 200 scf/stb is assumed over the life of the project. This gas will be utilised as fuel gas to power facilities and artificial lift and remain cash neutral over the life of the project.