exploration potential, page-10

Hi Hardmano,

Just to confirm my understanding, I did a Google web search with "oil gas p90" and found the web page http://wolf.readinglitho.co.uk/mainpages/jargon.html. The page contained the following text:

"We an never be sure exactly how much oil is actually in the reserves but they can be estimated. Consequently the amount thought to be in the reserves is generally estimated as proved, probable or possible. Alternately, they are quoted as 90% likely (P90 or Proven), 50% likely (P50 or Proven & Probable), or 10% likely (P10). For example, if geologists estimates that there is a 90% chance that a particular field contains 500 million barrels but only a 10% chance that it will yield 2,000 million more barrels, then the lower figure should be cited as the P90 estimate and the higher as the P10.
The best choice of estimate to use is P50. Since a 50% estimate is just as likely to be higher than lower, they would on average even out when added together. Using P90 only would leave too much oil to be found in the future so make estimates of oil depletion difficult. Using P10 would make your estimates over-optimistic, again confusing future trends."

That web page if full of definitions of oil and gas standard terminology as is well worth a read.

Cheers