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Gold/Mining/Energy : American International Petroleum Corp
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To: BamaReb who wrote (7426)2/18/1998 12:31:00 PM
From: Sycamore  Read Replies (1) of 11888
 
Bamareb,

Thanks, the effort is appreciated. Just have one observation. From reading the links it appears that other company uses 20% as the benchmark for estimating potential recoverable reserve in that area of the world. If 20% is conservative, then perhaps you'll agree with me that the 1.1 billion potential recoverable estimated barrels that AIPC had reported earlier based on the 15% recovery factor is even more. I wonder if 20% is the standard that majority of the big companies who do business in Kazakstan use as well.

Please see extracted portion from the links you have provided below:

"<<Douglas Biles, the Company's Chief Executive Officer, commenting on the acquisition stated, "The Kamenistoye field has oil in place of approximately 160,000,000 barrels based on a recovery factor of 20%, which may prove to be conservative.">>"

regards,
sycamore
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