INDEPENDENT PRELIMINARY ESTIMATES ON THE GREATER CHIKUDUK PROSPECT EXCEEDS 1.5 BILLION POTENTIAL RECOVERABLE BARREL OIL EQUIVALENT
NEW YORK, NEW YORK, APRIL 1, 1998....AMERICAN INTERNATIONAL PETROLEUM CORPORATION (NASDAQ:AIPN), today announced that preliminary evaluation by Huddleston & Co., the Company's independent petroleum engineering consulting firm, indicates that potential recoverable hydrocarbons from two side by side structures on the Greater Chikuduk prospect, which covers 266,000 acres, could be as much as 1.526 billion barrels of oil equivalent (BOE) from the Upper Jurassic age sandstones.
The evaluation was based on a preliminary interpretation of new seismic data acquired and processed by Geotex and interpreted and mapped by Wavetech. In addition, the petrophysical log analysis of Chikuduk No. 1 well recently completed by Restech was significant in the engineering evaluation of the Greater Chikuduk prospect.
Two additional intervals may be prospective for hydrocarbons in the Greater Chikuduk prospect but no estimates have been made at this time pending further evaluation. One interval is the shallow, high porosity Eocene sandstones, which flowed gas from four test wells previously drilled by the government. The other interval is the deep, thick Carboniferous aged carbonates which is oil productive in other nearby areas.
Yep?? The first thing that smacks of an oxymoron: potential recoverable???
It is usually stated as potential or recoverable, but this is a first. Seems we skip a few steps. Recoverable is usually stated only after the wells are drilled and extensive downhole analyst.
On to the other parts. Only one zone of three were evaluated. This appears to have been done in conjuction with the wells drilled by the Russians. Two other zones aren't included. However it's now BOE, hmmmm... Hey Huddleston is back!!!
Well that's interesting. Wonder what the spin miesters in AOL land are telling the faithful tonight. |
