The Ideal Prospect
The Ideal Prospect can be one of several types:
Bypassed Pay - Focuses upon an existing well that has already identified a reservoir that, based upon all known criteria, contains hydrocarbons that have not been drained by that wellbore or nearby wellbores. Enough is known about the aerial extent of the reservoir to indicate that is has the sufficient volume to yield commercial quantities of oil and gas. A prospect that focuses on a bypassed pay target involves either production through the existing, identified wellbore, or the drilling of a new well or sidetrack to capture the reserves. Inherently, this is a lower-risk type of prospect.
3D - Supported Prospect With Associated Hydrocarbon "Shows" - Combines the identification of a prospective structural or stratigraphic target reservoir with the inferred presence of hydrocarbons as indicated by oil and/or gas shows that have been documented in a wellbore that encountered the reservoir in an unfavorable position - i.e., in a downdip ("wet") position, too close to a reservoir "pinchout", etc. This optimal seismic prospect represents the best overall balance of risk vs. reward.
Frontier Play - A prospect that develops as the result of a new or unique approach to an area which is typically on the perimeter of a producing basin, and which previously had either been ignored, poorly understood, or unknown to the industry in general. Many such frontier areas contain huge untested structural or stratigraphic traps; as a rule, these areas were in the past leased and drilled by major oil companies, looking for elephants off of the beaten path. And many elephants were found. But, with the majors having abandoned the United States for other (ironically - frontier) projects overseas, the domestic frontier play has gone wanting. Until now. Such frontier plays typically have inexpensive lease terms with low royalty burdens. And, while these types of plays are inherently higher risk, they harbor enormous potential and excitement
Bypassed Pay - Focuses upon an existing well that has already identified a reservoir that, based upon all known criteria, contains hydrocarbons that have not been drained by that wellbore or nearby wellbores. Enough is known about the aerial extent of the reservoir to indicate that is has the sufficient volume to yield commercial quantities of oil and gas. A prospect that focuses on a bypassed pay target involves either production through the existing, identified wellbore, or the drilling of a new well or sidetrack to capture the reserves. Inherently, this is a lower-risk type of prospect.
3D - Supported Prospect With Associated Hydrocarbon "Shows" - Combines the identification of a prospective structural or stratigraphic target reservoir with the inferred presence of hydrocarbons as indicated by oil and/or gas shows that have been documented in a wellbore that encountered the reservoir in an unfavorable position - i.e., in a downdip ("wet") position, too close to a reservoir "pinchout", etc. This optimal seismic prospect represents the best overall balance of risk vs. reward.
Frontier Play - A prospect that develops as the result of a new or unique approach to an area which is typically on the perimeter of a producing basin, and which previously had either been ignored, poorly understood, or unknown to the industry in general. Many such frontier areas contain huge untested structural or stratigraphic traps; as a rule, these areas were in the past leased and drilled by major oil companies, looking for elephants off of the beaten path. And many elephants were found. But, with the majors having abandoned the United States for other (ironically - frontier) projects overseas, the domestic frontier play has gone wanting. Until now. Such frontier plays typically have inexpensive lease terms with low royalty burdens. And, while these types of plays are inherently higher risk, they harbor enormous potential and excitement
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