Geological characteristics and petroleum resource assessment of the Macasty Formation, Anticosti Island, Quebec, Canada

This study presents the first independent evaluation of the in place hydrocarbon resources for the Macasty Formation on Anticosti Island. The evaluation uses the dual porosity model of the GSC. The data consists of all public domain information as well as confidential data provided by the operators on the island. Our evaluation indicates significant volume of both oil with a best estimate or P50 of 32.3 billion barrels of oil (BBO) with maximum (P5) of 55.4 and minimum (P95) of 17.1 BBO and for natural gas with a best estimate or P50 of 52.4 trillion cubic feet (TCF) with maximum (P5) of 85.2 and minimum (P95) of 29.0 TCF. However, the comparison of the maximum (55.4 BBO / 85.2 TCF) and minimum (17.1 BBO / 29.0 TCF) resources in place illustrates a significant uncertainty on the evaluation most likely related to the relative low density and quality of the data (spatial coverage, diverse acquisition methods). Previous industry estimates suggest an in-place P50 resource of 42.9 billion barrels of oil equivalent, a value that lump together oil and gas based on a thermal equivalence of 1 barrel of oil equivalent for 6000 cubic feet of gas. Our P50 result is 42.1 billion of barrels of oil-equivalent. From these results, a ratio of 78% oil to 22% gas is proposed as in-place resource on the island. Because of the lack of production data, no attempt was made to evaluate the recovery portion of the in-place resource.