Chance of Success and Dry Hole Analysis
Gain insight into the uncertainty of chance based on the historical number of successful and failed wells for a play. The chance uncertainty is greater with fewer wells and narrows as more wells are included.
Understand and model the Gambler’s Ruin probability (all wells are dry) and the likely number of discoveries given an average chance for your drilling program.
QC of the Prospect Inventory
Extract key rock volume and hydrocarbon yield data for a multitude of prospects to inspect and reality check the estimates used to calculate the volumetrics. Quickly identifying potentially biased estimates ensures consistency and helps removes any biases from the prospect database. Crossplots of any key quantitative and qualitative attributes for multiple prospects can be charted to identify more favorable opportunities and outliers.
Creaming Curves plot discoveries in chronological order to evaluate the maturity of a play or basin.
Use the Ternary Plot to explore three component variables to understand each component’s contribution to the total. For example, easily visualize shales’ quartz, clay and carbonate percentages to compare different shale’s productivity based on fracturing and stimulation viability.