Trans-Orient Reviews Unconventional Fractured Oil Shale Prospects in in Waipawa and Whangai, New Zealand
Thursday, October 23, 2008
Trans-Orient Petroleum Ltd. announces that AJM Petroleum Consultants has completed a Resource Assessment on the fractured oil-shale potential associated with the Company’s 2.2 million acres (Trans-Orient 100%) located in the East Coast Basin of New Zealand. The report dated September 1, 2008, was completed in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
Trans-Orient CEO Garth Johnson noted, “This report confirms our interpretation that the onshore East Coast Basin of New Zealand is highly prospective for a fractured oil shale play similar to the Bakken Formation within the Williston Basin in Southern Saskatchewan and North Dakota. We were originally attracted to the East Coast Basin of New Zealand by the hundreds of active oil and gas seeps naturally occurring on our lands. We’ve tested a number of these seeps and geochemically confirmed the sweet, light (500API) crude oil is being generated from these two world class source rocks.”
Prospective resources have been assigned to Trans-Orient’s land based on well log data, core pyrolysis, and the Company’s field measurement of outcrop and oil and gas seep locations. The report concludes the best estimate (P50) hydrocarbon in place volume of 12.6 billion barrels is the total available volume (S1 plus S2) for both the Waipawa and Whangai shales.
Mr. Johnson further commented: “There have been a number of modern wells drilled in the East Coast Basin targeting conventional exploration prospects, but Trans-Orient will be a first mover in the Basin to leverage North American knowledge and technology to test the unconventional potential of these fractured oil shales in New Zealand. We control a 100% interest within the 2.2 million-acre Permit holdings; the P50 resource potential stated in the AJM report (Original Oil In Place = 12.6 billion barrels) is based on less than 10% of those lands. We feel there is tremendous upside potential to both the conventional prospects and the unconventional fractured oil shales within our Permits.”
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