© Hurricane Energy
Reported today in HPR UK:
‘Australian company Spark Exploration could be sitting on oil reserves north of 1 billion barrels in the Rona Ridge area in West of Shetland waters. The biggest of its prospects, Bader, is right next door to Hurricane Energy’s huge, perhaps ultimately multi-billion barrels Lancaster-Halifax oilfield complex where long-term early production from the Lancaster part is scheduled to start within three or four months. Spark directors James Jordan and Dr Mark Pay told delegates at the recent annual PESGB (Petroleum Exploration Society of Great Britain) Prospect Fair in London that “mean prospective resources” range 676 million to 1.28 billion barrels of oil depending on whether the prospect is geologically separated from Halifax or not.’
Taking the lower prediction of $1.2 billion at $80 per barrel, we get a staggering $960 billion from just the Spark Exploration area. The whole Rona ridge is predicted to hold at least 2.6 billion barrels or more than $2 trillion!
With production costs now lower than $15 per barrel, there are serious profits and tax revenue to be made over the next 30 years.