TEMPE, Arizona, August 2, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (USOTC: LEXG ) today released findings from the Louisiana Geological Survey report regarding reserve increases which resulted from the utilization of 3D seismic data on Louisiana Salt Dome oilfields. The study, published by the Louisiana Geological Survey in 2015, reviewed 14 salt dome fields that utilized 3D seismic from 1995 and 2005 and calculated their historical production prior to the 3D seismic and compared it to production in the years after the seismic was utilized to find hidden pockets of oil, undetected using older technologies. The study showed an average increase in overall production of 30% after the use of seismic. Which means that, if a field had produced 10 million barrels prior to the shoot, an additional 3 million barrels could be extracted after seismic analysis and development. The largest increase was the Kent Bayou field, which produced an additional 26 million barrels in the ten years since seismic interpretation.
The White Top field in which Lithium Exploration Group has invested has produced over 32 million barrels since the 1920s and is believed to be the largest field in the onshore gulf coast to have not gone through an updated seismic shoot in the last 20 years. If the same trend continues, the 3D seismic shoot going on today will generate an additional 13.5 million barrels of production over the next decade. Prior to the discovery of the shallow unknown overhang in the Miocene, the internal team at White Top believed that the 3D seismic would unlock 10-12 million barrels of deeper production that is hard to pinpoint using the dated reports from the field. With the knowledge of this overhang in the shallow Miocene, they now feel that a number closer to the 14.5 million is very realistic and it could be substantially higher if the overhang size is greater than what we can see today.
"This study is one of the primary reasons that we were comfortable with this investment, and it corroborates the internal team's optimistic outlook on this field. This is not just a shot-in-the-dark investment; it is one that has been fleshed out by a Louisiana government agency. The seismic shoot is underway, and we hope to have it complete in the next few weeks with a full analysis of the data completed by early October. I will be publishing the full report, as well as the internal report, to our website in the coming days," commented CEO Alex Walsh. "This investment that we have made could truly be the income-generating asset that we need to eliminate our requirement for outside financing to support the development and distribution of the SonCav technology."
About Lithium Exploration Group
Lithium Exploration Group is a US-based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently the company is focused testing the Sonic Cavitation Ltd. technology and the acquisition of oil and gas related assets in the US and Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
Safe Harbor Statement
This news release contains 'forward-looking statements'. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future testing of the ultrasonic technology.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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SOURCE Lithium Exploration Group Inc.