STOIIPStock Tank Oil Initially in Place
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* In 2012, five new oil discoveries made by PDO amounted to approximately 300 million barrels of stock tank oil initially in place (STOIIP).
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 4.36 MMbbls) and, should future work demonstrate better recovery factors, expect this to have a significant impact on the value of all OBL issued securities.
PDO also booked five discovered with a cumulative stock tank oil initially in place (STOIIP) of just over 348 million barrels.
The amount of oil in place (STOIIP) could be in excess of 1 billion barrels making this a significant discovery and PDO's 14th largest oil field ever discovered.
He added that in addition, there were five new oil discoveries in 2012, amounting to approximately (300) million barrels of Stock Tank Oil Initially In Place (STOIIP) from Shuaiba and Gharif reservoirs.
If successful, new fields would be opened for development and STOIIP increased.