You are right LP, 40 TCF of gas is a "unbelievably significant find". But, we all know that it's too early to quantify the amount of resource in the Karoo. Only after a very extensive and I might add, a very expensive exploration by the likes of Falcon-Chevron, Shell and others would result in a much more accurate resource estimate.
However, I would give much more credence to the US Energy Information Administration’s (EIA) resource estimate of 390 TCF than to the Petroleum Agency South Africa (Pasa) considering that SA has nearly no gas industry to speak of. Yes, the 390 TCF is humingous but so is the size of the Karoo Basin, 600,000 sq km.
Then again, we only have to look at Falcon's Beetaloo Basin to see how extensive work in the field can result in improved resource estimates. After the work done by Hess and the completion of the Shenandoah-1 well by Falcon, a new study resulted in the following:
"Previous work carried out by Ryder Scott on the Beetaloo Basin in July 2009 and May 2010 indicated Prospective Resource recoverable volumes of 64 TCF of gas and 18 billion barrels of oil. The work completed by RPS Energy, which considers the potential of the whole of the on-block basin indicates a considerable increase in the Play level Prospective Resource recoverable volumes of 162 TCF of gas and 21 billion barrels of oil. Falcon is pleased to see that its on-going efforts in the basin-scale re-evaluation of the Beetaloo basin and the new information obtained in the Shenandoah-1 well are fully reflected in the latest resource volumes."
