In the same issue of Oil & Gas Journal, Pierce, who was not working for Zion at the time, wrote an article outlining the potential of the Maanit site. He discussed three reefs that occupy 14,000 acres where Zion is now exploring.
Pierce's conclusion: "Zion has a strong probability of making a significant discovery of some 484 million barrels of oil."
The most promising indicator, according to Pierce, is the presence of a Triassic-era reef deep below the surface. Like ocean reefs, geologic reefs resemble giant sponges. Their cavities and pockets can be full of oil. This one was formed more than 200 million years ago.
With oil prices near $70 a barrel, Maanit could bring in more than $33.88 billion if it panned out.
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