As an essential part of the scientific method employed, the Company’s hypothesis that the Jurassic rock section of the Horse Hill licence area contained significant petroleum resource potential was tested by two independent, globally respected service companies.
The Company commissioned Schlumberger and Nutech, both world leading specialists in the evaluation of tight oil accumulations, to evaluate the electric log response and petrophysical data collected from the Jurassic rock section of Horse Hill-1 and surrounding wells. The Schlumberger and Nutech conclusions can be found in more detail in the RNS section of this website (click here, for Nutech June 2015 RNS and Schlumberger August 2015 RNS).
What is Oil in Place?
OIP represents the total volume of all hydrocarbons in the ground before any extraction or production by wells. As previously stated by the Company, it is emphasised that, prior to any flow testing, estimated OIP volumes should not be construed as recoverable resources, contingent resources, or reserves and also should not be construed in any way to reflect potential producibility of hydrocarbons from the formations evaluated. Therefore, OIP is not to be confused with recoverable resources or reserves.
Horse Hill OIP results
The diagram below illustrates the overall geological and OIP findings of the Horse Hill-1 well. The Horse Hill-1 published executive reports can be found on the reports section of this website (click here, two links to Nutech April 2015 report and Schlumberger June 2015 report).