This two-day course provides participants with an overview of the concepts of prospect assessment, and prepares them to assess both simple and complex prospects using the GeoX software. The class combines lectures, exercises using manual calculations, and exercises using GeoX to illustrate assessment concepts and their application. 

A real-world multiple segment prospect is taken from a simple deterministic analysis of a single zone to a complex probabilistic evaluation that considers segment relationships such as risk dependencies.  Participants will evaluate the prospect using realistic descriptions of risk and uncertainty.

Topics:

• Philosophy of prospect assessment
• Prospect segmentation
• Basic volumetric calculation
• Uncertainty concepts
• Monte Carlo Simulation
• Defining volumetric uncertainty
• Parameter correlations
• Risking individual zones
• Multiple-zone concepts
• Risk dependency between zones
• Volume Correlation between zones
• Interpretation of results

Pre-requisites:

A background in exploration geology or engineering and, the evaluation of exploration prospects; participants should be familiar with basic evaluation tools such as maps, cross-sections and well logs.