Offshore Blocks
paret offshore

Offshore Blocks

A calculation was performed to estimate the amount of oil reserves on the 7 permit areas held by Paret Petroleum. This calculation was based on the total area containing oil within all of the permit areas identified via the High Level NMR survey.

Calculation: Area x Formation Thickness x Percent Porosity X Percent Recovery= Total Barrels Potential Oil. The equation was applied to each permit area, conversions were made from Cubic Feet of Oil to US Standard Barrels (42 gallons/bbl).

Assumptions: Constant Thickness of oil formation zones. 12% porosity in oil formation. 20% Primary Recovery Percentage. No consideration has been made in regards to Permeability, or Well Spacing

Based on the above calculation method and assumptions, there is potential for the current assets of Paret Petroleum to contain 3.7 Billion Barrels of Recoverable Oil.

With 500 million Recoverable Barrels onshore and 3.2 Billion Recoverable Barrels offshore.