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IVZ Oil Discovery, page-42

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Davy Boy

16,501 Posts.

3929

21/11/22

08:45

Post #: 64885321
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Originally posted by petere: ↑

Having an independent expert validate reserves is what is typically done by most companies, and even the oil majors as there are many parties typically involved including the governments and decisions need to be based upon a mutually agreeable valuation. It is a bit like getting a property valuation done by a certified valuer, versus going down to your local real estate office and getting a valuation.

Even then all the parties will generate their own numbers.

Upon successful completion of this well some of the "Prospective Resources" 2U will become "Contingent Resources" 2C, but there will still be a large portion of 2U because of the size of the structure.

STX's problem is that they moved 2U to 2C without sufficient appraisal wells being drilled.

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I went back and had a look. They announced a preliminary 2C of 330mmbbls and ERC then audited the numbers and agreed a few months later.
Given how conservative SM is I expect you are spot on and any 2C will come after independent analysis.
I just found it interesting, and probably was agreed to by COP for this 2C to be booked at 330mmbbls. CNE were the operator at the time.

IVZ Price at posting: 33.5¢ Sentiment: None Disclosure: Held
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