re: Ann: Potential reserves upgrade and corpo...
Licencing system seems to be similar to Australia and most parts of the world.
Take out an exploration licenses - set work program and relinquish part of the block at set times. If you find nothing the license might be renewed.
When you prove production - apply for production license with development plan - the part of the exploration license capable of production gets put in a long term license until the field is depleted.
Onshore oil fields take 10s of years to deplete since low operating costs allow operators to drain the last drop.
JPR Price at posting:
7.1¢ Sentiment: None Disclosure: Held
