Extended flow testing and at least one to two additional wells are required to determine whether or not an oil field is commercial.
The 118mmstbo estimate compares to a 193mmstbo pre-drill estimate with the difference primarily being lower average porosity in the core samples. Also this estimate is not a Reserve Estimate as additional data is still required to satisfy SPE reserve criteria.
There is no change to the pre-drill estimate for the Cretaceous Sandstones as this primary target has not yet been penetrated in the Moose ST-1 well.
Andy Carroll, general manager, said "We are delighted to have such a good result on our first well. The work completed to date has allowed us to progress the resource estimate from Prospective (undiscovered) to Contingent, and we are working on obtaining the additional data required to demonstrate the commercial value of this resource.
"Results so far suggest the resource at Moose is significant and the geological model is robust, providing several follow up prospects."