Also from Joe Shea
2) Joint Development Zone (JDZ) Block 2. 8.75% WI. Operator Sinopec
The JDZ is the boundary between Sao Tome and Principe and Nigeria, divided into Blocks. An EEL/ONGC JV was awarded 15% of Block 2 (EEL effective interest 6%). EEL subseuqently increased their stake to 9% but 0.25% was aside for a "partner". Total cost to EEL was US$9.05M and is fully paid. 3D seismic is already available for the block. Gross prospective recoverable resources are stated in the NSAI report (Click here) to be 1,349 mmbbls oil and 1.9 Tcf gas from 4 prospects (unrisked). Unrisked resources net to EEL are 121 mmbbls oil and 168 bcf gas (based on 9% share). A rig has been contracted to drill a well in 2009, with US$3M set aside as their share of costs (max rig cost is US$410K/day, or $37K/day net). The Obo-1 well recently drilled in JDZ Block 1 encountered hydrocarbons.
What is ERHE's cut of Block two?
Am I missing something or is it around 294 million barrels.
That is 134 mmbls/9% implies 294mmbls/22%
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