Thats a good question. SP_Oiler on LSE has posted an in depth...

Thats a good question.

SP_Oiler on LSE has posted an in depth definition for Contingent:
http://www.spe.org/industry/docs/PRMS_Guidelines_Nov2011.pdf

and googling gives many more, a simple one for the non technical is
https://en.wikipedia.org/wiki/Oil_reserves

How you actually set a value to Contingent is quite difficult. It certainly has to be significantly less than any final values we might come up with.

Looking at the above reference from SP_Oiler there are categories for projects with Contingent Resources which are 1C, 2C, and 3C. So a professional would probably look at where we sit within the category.

Today at 2.5p or 4c we think we are something like 2% or 5% of final value. We seem to have progressed by around a factor of 10 with just one step Icewine #1; we seem to have say two more steps from here. Who can say?

But if we accept that a good flow rate from #2 might prove the underlying principle of Icewine then we should have made another big step forward although possibly not as much as #1 seen in the early part of 2016. So perhaps we are progressively adding less value as we move forward. Dave has suggested he might get out earlier if a reasonable offer came along.

See Question 20.
http://88ewiki.wikidot.com/presentations:09092016-london-transcript

So we can have a rough guess ourselves based on our own assessment of final value. But it is a good question for Dave on the 20th and I will add it to the list.

Tim