ACDP - New huge oil and gas play to keep a close eye on:
Sofia Prospect
New Mexico (USA)
Summary
American Community Development has entered into a joint venture agreement (Farmin) to participate in the oil and gas exploration and development of approximately 35,000 acres of land in Union county New Mexico, USA; referred to as the Sofia Prospect. The company will have a 50% working interest in a proposed 6 well exploration program.
Description
Well Log
Based on an independent engineering evaluation, the following has been reported:
Six wells have been drilled and logged on the Sofia structure. Although none have produced, the well logs (see log diagram) coupled with 35-miles of seismic data (see seismic diagram) evidence the presence of oil and gas bearing sands, in a dome structure.
The Bravo Dome field to the south (see map diagram) is very prolific and could be considered an analogue field.
The exploration challenge is to drill at the highest elevation of the dome structure in order to exploit trapped oil and gas reserves. As a result of the log and seismic data, there is evidence of the existence of oil and gas bearing sands at the following intervals:
Well Log
•520 to 538 feet – see log diagram
•2,948 to 2,965 feet – see log diagram
•3,255 to 3,295 feet – see log diagram
•3,700 plus – this deeper target has never been tested and the plan is to test for this zone down to 4,300 feet.
The engineer reports that if these sands are oil saturated the possible total estimated oil in place is estimated could be 407,000 000 barrels. Using a conservative 10% recovery factor, 41,000,000 barrels in place would be recoverable.
In addition to the possible oil reserves, the possibility of significant gas reserves in multiple zones also exists.
website - www.acdp-ir.com
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