What Makes a Good Prospect?

Daniel J. Tearpock
Subsurface Consultants & Associates, LLC, Houston, TX

Let's not be too quick to drill that next dry hole!

Prospects are generated to sell an idea. Prospectors must be optimistic in their work or they may be incapable of identifying hydrocarbon potential. When potential is identified, a prospector must be able to convince someone to drill or invest in the prospect.

Prospect interpretations may be optimistic, pessimistic, unrealistic or downright impossible. How does a company or investor distinguish a great prospect from a mediocre one or a reasonable prospect interpretation from an impossible one? This determination is accomplished by applying the same expertise to evaluate prospects that is required to generate them.

We far too often hear these immortal words “the trap was not present, objectives were shaled out, there was no seal, fault timing was too late, or seismic velocity problems were not recognized”. Considering the costs involved in drilling a prospect, we address the following questions. What technical work is required to generate a good prospect? How do I recognize a good prospect? What do I look for in the technical work completed? What questions do I ask? When a significant investment decision needs to be made regarding a prospect, how do I evaluate the technical merits of the prospect?