KAR 0.00% $2.16 karoon energy ltd

It's for the entire Kangaroo field/area (forget bilby sands...

  1. Ya
    6,809 Posts.
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    It's for the entire Kangaroo field/area (forget bilby sands there r thin & low in permeability).

    Their net share of reserves is 1C-7mmbbls, 2C-88. The capex is what they were showing in their preso's 2 yrs back for SAntos basin.

    What young Timmy hasn't mentioned there, is the number of wells that will b reqd to deplete the field over its life.

    K1, 2 &/or K3 will  serve the purpose of banking in the reserves (from 2C to 2P etc). Have a read of the D&M report from Sept 2010, skip to the very last page (67) for the magic number. They don't need to buy a FPSO, do what PBR did at Tiro lease it (9yrs firm + 6x1yrs contracts: US$370mil).

    FWIW's the D&M report dwells on the risked resource of 181 mmbbls on a 100% basis (ie 383 mmbbls mean rec res x 47.5% CoS for Jaragua aka Kangaroo) attributed just frm the 2 Cretaceous reservoir sands.

    Those 2 sands were water wet at K#1 due to the steep dip of the beds & the Eocene 5 litre oil sample recovered frm the MDT tool came in as a surprise to save the day for the JV. This additnl sand isn't even mentioned by D&M in that report released to the ASX in Sep'10.

    At K2 the JV needs to flow a decent amount of oil (4k+ bopd minimum) & define a low gasil ratio, this IMO should derisk the prospect.

    For now forget the no. of wells to go to production (producer/injectors etc) its all abt locking in a firm reserve base frm the appraisal drilling.
 
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