STOIIPStock Tank Oil Initially in Place
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The Directors of OBL believe this to be a major upgrading of the Cyrano Oil Field (note the previous booked best estimate STOIIP for the Cyrano Oil Field was a modest 4.
Further, RPS Energy state that these figures do not include any estimate of a possible extension of the nearby Nasutus Oil Field into R3, which the Directors of OBL believe is likely and which could further raise the STOIIP numbers contained within R3.
The licence hosts 5-6 billion boe gross STOIIP unrisked prospective resources in several large prospects with associated channel complexes and turbidite fans.
Management estimates of Stock Tank Oil Initially in Place ( STOIIP ) at the Galeota asset, excluding Trintes and TGAL, are almost 270 MMbbls.
In the 2015 reserves report prepared for the Company by Senergy (GB) Limited ("LR Senergy") they estimated that the gross P50 STOIIP within the Goudron Sandstone reservoir totals 343 mmbbls of the overall gross P50 STOIIP within the Goudron Field of 805 mmbbls.
In the Baragatan prospect, Nido owns a 50% interest, which is a large well defined fault block with a prospective resource range of between 679 to 977 MMbbl STOIIP.
Oil quality at Okoro East is 38A to 40A API, and Pmean STOIIP 157 mmbbls with upside to 329 mmbbls.