Unconventional (continuous) petroleum resources present unique assessment challenges. Unconventional petroleum assets are large single accumulations that cannot be counted and analyzed as discrete entities that are delineated by downdip water contacts. This paper presents an integrated stochastic risk, resource and value assessment framework for decisions related to exploration and exploitation of unconventional petroleum assets. The framework builds on the FORSPAN model (Schmoker, 1999) where the continuous accumulation is viewed as a play consisting of a set of discrete cells that have not been explored (exploited) and that have the potential for economic production. Each cell is the drainage area of a fixed number of wells. Recoverable volumes can vary between cells, with some cells being non-commercial. We extend the FORSPAN framework in several ways. First, the model includes an estimated size (in an uncertain number of cells) of potential "sweet spots". Second, the model also includes a measure of exploration efficiency that represents the probability of finding sweet spots. Exploration results in a discovery sequence of sweet spots where the sequence is partially ordered by an exploration efficiency estimate. Third, we do a full cycle economics assessment for each sweet spot. The overall full cycle economics assessment with expected aggregate production profile and after tax cash flows are used to compute the estimated net present value of the unconventional petroleum asset. The paper concludes with a discussion of model limitations and potential improvements.

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