D&M Estimates Deep Well's Original Oil in Place at 1.2B Barrels

Deep Well Oil & Gas, Inc. announced that Degolyer and MacNaughton Canada Limited (D&M), an independent engineering company, has summarized the original oil in place for the Sawn Lake Project. D&M have concluded that net to Deep Well there is 1.2 billion barrels of oil in place, based on mapping generated for the appraisal report.

This is a substantial increase from the 819.5 million barrels, which were previously stated in Deep Well's press releases. The previous number (819.5 million) included all interest holders in the Sawn Lake project. The updated number of 1.2 billion barrels of oil excludes Deep Well's other partners and is the number of barrels that are Deep Wells.