US, according to Gustavson Associates, Boulder, Colo., consultants, and therefore these plays were used for parameters
for the shale resource calculation. The shales are organic
rich, and geochemical studies indicate good total organic
carbon and thermal maturity.
The Maikop gross shale thickness is estimated to be up
to 2,000 m, much thicker than that reported for the Bakken
formation, with porosities of 5-14%, commercial recovery
from most likely 50% of the section, and with recovery factors of 5-10% being applied. Most of the shale oil potential is
currently identified on blocks XI-M and XI-N.
The conventional target zones on Block XI-A are Eocene
clastic reservoirs and Cretaceous carbonate reservoirs as
well as unconventional Maikop potential. Several multilevel
prospective leads have been mapped on older seismic lines
as rollovers and thrusted anticlines.
As well as the unconventional Maikop and Upper Eocene
potential in Block XI-M, the conventional targets are primarily the clastic Miocene and Middle Eocene age horizons that
are productive in Norio and Satskhenisi fields to the north
and Samgori field to the southeast. These plays appear to extend onto Block XI-G to the south. Block XI-N has less data
but is mapped as having thick Maikop potential as well as
possible Eocene and Cretaceous plays.
Blocks VIII and XI-G also exhibit Middle Eocene and Cre-
taceous potential as well as potential in the Jurassic. There
are numerous seeps and oil shows in wells on Block VIII,
and encouragement seen from the Akhalakalki and East
Kavtiskhevi wells especially, where reports indicate oil was
tested in the past from Cretaceous carbonates and fractured
volcanic tuffaceous sandstones. These may have the potential for early oil production. Thrusted anticlines have been
identified on seismic data.
Gustavson Associates, using seismic and well data, carried
out an independent resource assessment on three Project
Iberia blocks in accordance with Canadian National Instrument 51-101.
Results total unrisked mean recoverable prospective resources in excess of 3. 2 billion bbl of oil equivalent.
The key results are 34. 8 billion bbl of unrisked mean prospective oil in place; 2.913 billion bbl of unrisked mean prospective recoverable crude oil comprising 380 million bbl of
conventional resources and 2,533 million bbl of unconventional resources; and 1.815 tcf of unrisked mean prospective
No independent resource assessment has yet been carried out on the Project Tamar blocks, but this work is under
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