Think Bakken, Eagle Ford, Wolfcamp, Cline rather than Green River. They are going to be drilling and producing oil, at least for now.
The company aims to drill up to six horizontal wells to further confirm its figures, but Mr Bond is confident the region will be home to oil production.
But the oil in place number will have little comparison to the much, much smaller technically, economically recoverable amount.
Yes. Extract what is easily extracted with today's technology at today's price constraints.
By the time you are done doing that, there will be improved technology and a higher price point to justify it.
When you've exhausted those means, there will be an even better technology, and a still higher price point.
Or the Aussies could follow the American model, and not do anything because we wouldn't see the oil for 10 years, and therefore continue to fund terrorism with every tankful of ME gas...
That is correct but it is worth noting that initial estimates of ‘oil in place’ are usually much lower than what’s really there (ie Bakken continues to ‘grow’ with each new estimate).
That was 6 months ago.
OTOH There will always be some variation in specific gravity and/or viscosity and "lighter" fractions, but somebody has to come up with big bucks to develop the entire project.
OTOH the western private sector oil companies and service companies are flush and being shut out by the national oil companies...................
OTOH there have always been highly skilled promoters in energy, especially when they are holding the leases.