New technical work pushes EEG over 2 billion barrels
Published 10-AUG-2016 14:14 P.M.
|
1 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Empire Energy (ASX:EEG) has boosted its prospective resources up to more than 2 billion barrels of oil equivalent.
The upgrade comes after the NT shale explorer conducted a review of the Talwallah Group source rock at its Macarthur Basin play.
The Talwallah are a group of source rocks which underlie the highly prospective Barney Creek Shale – a formation which has long been lauded for its similarities to key US shale play the Utica in Pennsylvania.
Recent studies, including analysis of core samples taken during previous mineral drilling – has found that the Wollogorang and McDermott formations could add both oil and gas potential to the plate.
Total organic carbon measurements on the cores ranged up to 7%.
Work done by EEG to date has allowed it to confirm that the Wollogorang alone could add up to 1.4 million acres to potential targets.
Table showing comparisons to US shale plays
EEG has elected to discount the potential area by 90% given the number of unknowns with the formation – but has come up with a figure of 240MMboe on a P50 basis.
This refers to an estimated quantity of petroleum which may be potentially be recovered by the application of a future petroleum project – with P50 a halfway bet.
There is no guarantee that 240MMboe will be found, and investors should always consult a professional financial advisor before investing.
EEG said work programs were being planned to firm up the potential of the new formations.
Updated resource table
General Information Only
This material has been prepared by StocksDigital. StocksDigital is an authorised representative (CAR 000433913) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573).
This material is general advice only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with personal financial or tax advice and does not take into account your personal objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, StocksDigital, any of their related body corporates or any other person. To the maximum extent possible, 62C, StocksDigital, their related body corporates or any other person do not accept any liability for any statement in this material.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
