Book excerpt: The exploration and appraisal of new reserves is the key for long term survival for a petroleum and natural gas companies. If done correctly, it will result in a windfall for the company but if done incorrectly or haphazardly, it will result in financial disaster. However, applying the concepts involved is a difficult and challenging task. Surveys must be analysed, leases and licenses acquired, and surveying done before an appraisal well is drilled and a reservoir model constructed. All this activity can easily run into $100 of millions of dollars before onebarrel of oil reaches the surface. Written by a senior reservoir engineer with over 15 years of experience, evaluating fields in the North Sea, Gulf of Mexico, South America and West Africa, Reservoir Exploration and Appraisal is one of the first books to provide reservoir engineers with an “insider's” approach to the important workflow solutions needed to save time, capital, and human recourses during reservoir exploration and appraisal operations. In this book, the author provides expert workflow solutions for critical subjects such as Lease Sales, Bid Rounds, Farm-in/Farm-out analysis, and Exploration and Appraisal phases of pre -FID (final investment decision) projects in general. Amado provides the readers with guidance, workflow, and practical recommendations to solve this problem. Sharpen the skills needed for the exploration and appraisal of new reservoirs An "Insider's" approach to important workflow solutions Learn how to build internal development plans and production functions Provides the knowledge to run quick and simple evaluations using a minimal set of data