Gaffney, Cline have produced a new update report increasing the Z1 Z2 Dolomite oil volumes from 531 MMBO to 1132 MMBO.
Also the Geological Chance of Success has been improved from 36% to 45%
This has been due to the discovery, in the vintage Amoco Well 27/3-1, of oil and gas shows in the oil stained, cored, missed pay zone of the basal Z1 Dolomite.
27/3-1 Core 3 has live oil staining reported by SLB FIT and an original 27/3-1 weekly geological report describes 720ppm gas while coring.
This news is transformative for the prospect and the company.
Further studies on the Geochemistry of the oil staining and the permeability of the porous Dolomite are underway.
These could result in further enhancements of the prospect with the possibility of 27/3-1 being classed as an oil discovery with contingent resources.