Petrel Resources PLC

March 25, 2008

Fugro-Jason UK Reservoir Engineering Services recently carried out an acoustic impedance inversion and volumetric study of a Middle East oil reservoir on our behalf. The objectives of the inversion study were the characterization of the reservoir, leading to estimations of porosity and the hydrocarbon in place volumes. The contractor had to contend with an old seismic dataset comprising several vintages of data.

Fugro-Jason carried out much background work, such as amplitude studies, analysis and mis-ties, wavelet extraction, calculation of synthetics, tying in the shot point data and adding in low frequency data. Using the well control, the relationship between P-impedance and effective porosity was established for the reservoir interval.

The 2D seismic lines were each inverted to P-Impedance. Effective Porosity was calculated at each trace location using the Rock Physics relationships established in the wells.

After depth conversion, average effective porosity values were calculated for the reservoir interval for each seismic line, generating 2D porosity data that were then input to the 3D static model, in the form of 3D cell properties. Volumetric calculations and estimates of oil-in-place were then made.

The project was carried out efficiently and within time and we had excellent rapport with, and assistance from, the contractor at all stages.

Within the limits imposed by the dataset, we had full confidence in the technical outcome of the project.

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