Why I stay in NZ Corp...
======================================================== Bob Moriarty on 321 Energy in pumping another junior Canadian Oil in NZ mention in the article,
(Excerpt:) "...In documents prepared for the JV (slide 17), TAG and Apache were estimating that their ground in the East Coast Basin could contain between 250-500 billion bbls of OOIP. That’s Original Oil in Place, not recoverable. Their internal numbers indicated that at a 1.5% recovery factor, the shale play could contain 4-8 billion barrels of recovered oil.
The Bakken shale formation only contains 577 bbls of OOIP. TAG and Apache were saying the East Coast Basin of New Zealand in total could contain more oil than the Bakken.
Don’t you just love neighbors like that?..."
"... I don’t know what the odds are of finding another Bakken. I know the formation in the East Basin of New Zealand is a lot thicker. I know the oil is a higher grade (50 API) than the Bakken (42 API) I know the porosity, in portions of the sand lenses within the Whangai, is 16-31% compared to 8-12% in the Bakken. I know that if you use TAG Oil’s numbers, it infers a value of $1.6 billion dollars to MES. I can accept odds of maybe between 2 to 1 or 5 to 1 for hitting something that big but the payoff maybe 100-1. I like the payout..."