The physical properties of the volcanic rocks in W1 Block's reservoir are relatively poor, making it a low permeability to extra-low permeability reservoir. The reservoir is currently in the stage of development evaluation. A comprehensive study of volcanic reservoir evaluation has been conducted to deepen the understanding of the reservoir and to carry out evaluation, control, and prediction of reserves. This paper focuses on lithology, lithofacies, reservoir physical properties, reservoir space type, pore structure, and reservoir plane distribution, among others, to explain and demonstrate the favorable lithology and lithofacies distribution, the proportion of the main reservoir, the quality of available reserves, and the lateral distribution of the reservoir. Additionally, field data have been fully utilized to demonstrate from a dynamic perspective that the lateral distribution of the reservoir is limited and the effectiveness of dynamic control reserves is small. Combined with economic and technological policies, it has been proven that under well control conditions, the reserves cannot be effectively utilized. Therefore, it is suggested to drill two evaluation wells to assess the size of the single well-controlled reserves and explore more favorable areas for gas accumulation. The research combines knowledge from static, dynamic, economic, and other aspects, which is of great significance for completing the initial evaluation of the gas reservoir in a scientific and efficient manner.