Well all, I was able to attend the presentation as I had hoped. It was well worth going. Electro-Seis put on a very interesting presentation.
The combined use of the Gravitometer and the 3D Seismic produce a very well defined set of targets to drill. The average economic hit ratio for wildcat drilling in the U.S. for 1994 was 22.7%, Electro-Seis is at 85% overall, using the combined technologies, and is actually 10 of 11 most recently. One other thing was interesting, that being the fact that our presenter, from Electro-Seis, personally holds in excess of 100K shares of Commonwealth. He is putting his money where his mouth is.
The ease of identifying targets is amazing, the cost is significantly lower than drilling and much more accurate. And according to the correlation maps shown at the presentation, which were actual maps of Commonwealth's property, WE HAVE TARGETS. Commonwealth has actually garnered exclusive use of the technology for Wyoming. Not only is this of use in identifying productive targets, but also in identifying the MOST productive targets possible. The suggestion at the meeting is that Commonwealth is currently sitting on an in ground resource, on current leases, in excess of 500M barrels of oil.
According to Commonwealth, they are still expecting to have these most recent flow rates out, on Wed. They did not have them yet, at the show.
Salut,
Leigh McBain |
