Empire Energy Corporation International said that a recently updated analysis of seismic and geophysical data gathered last year by Solo Geophysics (gravity), Terrex Seismic and Empire's wholly owned subsidiary, Great South Land Minerals Ltd. (GSLM), indicates that Empire's Tasmania Basin wells may have significantly higher commercial value than previously announced.
According to the ongoing Monte Carlo modeling of the growing volume of data on part of the Tasmanian basin, Empire's Bellevue and Interlaken well sites may have undiscovered prospective petroleum resources (P50) of 665 million barrels, an estimate four to ten times the initial estimates of prospective petroleum resources for these wells announced in a May 6 research report published by Beacon Equity Research.
Monte Carlo modeling of the Bellevue structure alone suggests the well could contain between 283 million barrels (P90) and 1.26 billion barrels (P10) of undiscovered prospective petroleum resources.
Empire's first 14 wells may hold undiscovered prospective petroleum resources of between 535 million barrels (P90) and 2.29 billion barrels (P10) of undiscovered petroleum resources, according to the modeling.
GSLM completed 271 km (168 miles) of 2D seismic in 2007, achieving a total of 1350km (838 miles). Evaluation of this data and all of the license property has identified the fourteen prospects and leads and five potential leads above, all of which are being analyzed. From this evaluation of the property, planning for additional seismic exploration work is underway for the forthcoming summer. The company's 2007 $300,000 gravity survey has helped considerably in the definition of these leads and prospects, including the Bellevue structure, which has been seismically mapped using 108km (67 miles) of this data. In light of the findings, the Bellevue #1 drill site has been identified.
Monte Carlo modeling is a statistical process that simulates multiple variables to get a range of probable results. This process is frequently utilized in the oil and gas industry to estimate the commercial potential of new acreage.
"We are indeed excited by this modeling," said Dr. Clive Burrett, Managing Director, Great South Land Minerals. "This new data confirms what we have believed for some time, that there are enormous prospective petroleum resources within the Tasmania Basin."
Planning is well advanced for the late 2008-early 2009 (southern hemisphere summer) seismic campaign, which will target upgrading leads to prospects, clarifying targets and shooting more lines in the 60% of the tenement that has still to be explored seismically.
Malcolm Bendall, CEO and founder of Empire, praised the professional staff of GSLM. "We sincerely appreciate Dr. Burrett and his staff who are working constantly to use all available data, technology and expertise to update and improve our analysis. These sites identified and described in detail leads and mosaics on our web site are evidence of their effort and of the value we believe they have identified in our license property."
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