Indo-Pacific Energy Ltd. (INDX) Message Board

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Gold/Mining/Energy : Indo-Pacific Energy Ltd. (INDX)

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To: stanley new who wrote (654)	3/13/1998 11:35:00 AM
From: Donald Lickman	Read Replies (1) of 866

Stanley, I believe you are right in saying the geology is complex in NZ but the exploration success rate in the Taranaki Basin is high compared to the world average. I think we can also say that the geology is complex in many frontier, underexplored basins around the world. 3D seismic will definitely increase success rates and open new play concepts and FCE is now shooting a mega million $ 3D program in the onshore Taranaki following the 2 TCF Mangahewa discovery. I would not expect to achieve 80% success rates in underexplored areas but the discovery size is far larger than those in a mature area like the USA. Just look at the numbers: the average well in the US is a pathetic 11 bopd and in NZ it's 500 bopd. Also remember typical wells in the USA are heavily burdened by royalties and production can be very economically marginal at todays oil prices. Typical production in NZ still makes good money at todays price. Cheers

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