estimated proved reserves and pilot plants, page-4

I believe we are going to get it under P2 what interests me is these fields are far from unknown they are some of the oldest fields in the US . Where I think we all truthfully lack knowledge is the P1-2 status on Co2 injection, its certainly a proven method with 12% of all US oil being recovered this way, there is no lack of knowledge about the field and I think e the testing requirement previous post relates to unproven fields, so the question is with massive knowledge they have on Grieves is their an opportunity for it to be bought in under P1?

Like I said I dont think anyone here can actually answer that question in relation to Co2 extraction.

Here are the official guidelines

Proved reserves are estimated quantities of crude oil which geological and engineering data demonstrate with reasonable certainty (80% to 90% confidence) to be recoverable in future years by specified techniques. To meet this definition, the development scenario must have been defined and use known technology, and the scenario must be commercial under current economic conditions (prices and costs prevailing at the time of the evaluation)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.

Proved reserves are further subdivided into Proved Developed (PD) and Proved Undeveloped(PUD). PD reserves are reserves that can be produced with existing wells and perforations, or from additional reservoirs where minimal additional investment (operating expense) is required. PUD reserves require additional capital investment (drilling new wells, installing gas compression, etc.) to bring the oil and gas to the surface.

Proved reserves are the only type the U.S. Securities and Exchange Commission allows oil companies to report to investors. Companies listed on U.S. stock exchanges must substantiate their claims, but many governments and national oil companies do not disclose verifying data to support their claims.


Unproved reserves
Probable reserves are based on median estimates of the accumulation that are more likely to be recovered than not (50% confidence). This can result from either better reservoir behaviour than expected under the proved category or additional investments to be decided over the medium to long term (three to ten years) using conventional techniques.[7] Industry specialists refer to this as P50 (i.e. having a 50% certainty of being produced). Proved plus probable reserves are known in the industry as 2P.

Possible reserves have a chance of being developed under favourable circumstances. [7] Industry specialists refer to this as P10 (i.e. having a 10% certainty of being produced). Proved plus probable plus possible reserves are known in the industry as 3P.[8]

Unproved reserves are used internally by oil companies and government agencies for future planning purposes.