M;How would one calculate a reserve base for PSA's undrilled GOM...

M;
How would one calculate a reserve base for PSA's undrilled GOM prospects given the drill bit success/failure ratio since 2006 or so? It seems that everything they have touched has appeared to have not turned to gold. This might be a consideration in why they have been unable to generate more funding while, essentially, just producing down old reserves while not adding new reserves.

Their successes, albeit remarkably few, have tended IMHO to come from partners G&G work, not PSA's. I could well be incorrect here. Implying 100's of potential BCFE's of reserves based on siesmic interpretation against an appalling exploration discovery rate seems a bit over the top, so to speak.

Again, as with most of the thread, my comment about PSA as a 3 legged stool with 1 broken leg probably is still a relevant illustration of their problem.