regarding your question, SeamFiend. I also couldn't work out how 195M is calculated. according to WIKIPEDIA P90:Proved reserves are those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, with existing technology. Industry specialists refer to this as P90 (i.e. having a 90% certainty of being produced). Proved reserves are also known in the industry as 1P P50:Probable reserves are attributed to known accumulations, and claim a 50% confidence level of recovery. Industry specialists refer to this as P50 (i.e. having a 50% certainty of being produced). Referred to in the industry as 2P (proved plus probable). P10:Possible reserves are attributed to known accumulations which have a less likely chance of being recovered than probable reserves. This term is often used for reserves which are claimed to have at least a 10% certainty of being produced (P10). Reasons for classifying reserves as possible include varying interpretations of geology, reserves not producible at commercial rates, uncertainty due to reserve infill (seepage from adjacent areas), projected reserves based on future recovery methods. Referred to in the industry as 3P (proved plus probable plus possible).
As for OEX:lore:P90 20x90%=18 P50 102x50=51 P10 515x10%=52 lore total:121Mil lolotoe:P90 14x90%=13 P50 57x50%=28 P10 220x10%=22 lolotoe total:63Mil Am I right?
hyperthetically,if LORE & LOLOTOE finally contribute only 50% of the estimated volumn, it will still be 150Mil barrels of oil which worth around USD1.2billion.
Am I right?
Thanks
OEX Price at posting:
27.0¢ Sentiment: LT Buy Disclosure: Held
