Replies to post #25000 on Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

From Wikipedia:

Oil in place is the total hydrocarbon content of an oil reservoir and is often abbreviated STOOIP, which stands for Stock Tank Original Oil In Place, or STOIIP for Stock Tank Oil Initially In Place, referring to the oil in place before the commencement of production. In this case, stock tank refers to the storage vessel (often purely notional) containing the oil after production.

Oil in place must not be confused with oil reserves, that are the technically and economically recoverable portion of oil volume in the reservoir. Current recovery factors for oil fields around the world typically range between 10 and 60 percent; some are over 80 percent. The wide variance is due largely to the diversity of fluid and reservoir characteristics for different deposits.

[oilsleuth]

DS

As a side note, an application for a licence renewal must be made before it expires but would be determined AFTER the expiry date when all information pertaining to the licence is to hand. GSLM's annual reports on work completed during the tenure of EL 14/2009 would not take long to read.

When some contemplate an extension of the licence they seem to have in mind that MRT might determine and announce a continuation of the licence PRIOR to the expiration date (preferably tomorrow, of course). There is no provision in the Mineral Resources Development Act for that to happen.

[Drunken Sailor]

There are a number of aspects of the report that are not desperately well researched. Need to read the small print as well

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