missed pay

Hey you guys did not pay me?
NO! Thats not what I meant.
Some interesting chat about the real missed pay however.

A definition of missed pay is “unrecognised or under-evaluated reservoir rocks that contain producible hydrocarbons”.

Missed Pay is a common, albeit not well documented, occurrence in exploration wells. It is rare for a hydrocarbon accumulation to be recognised as an oil or gas discovery by just one well. Statistics collected over a number of decades show that on average, up to four wells on a structure, not including appraisals, are required to find reserves greater than 100 MMBO. In many cases, the data or interpretation discrepancies in a well were too great to be unravelled and consequently, projects may have been prematurely abandoned, often for entirely non-technical reasons. There are some spectacular examples of the genre including North Field in Qatar, Elmworth in Canada, Cuisiana in Colombia and South Morecambe in the UK. MPX believes there are many remaining opportunities, currently classified as dry holes, which may actually be major hydrocarbon accumulations, merely requiring their recognition.

The Geologic Chance Factor (GCF) is defined as the chance of producing a significant flow of hydrocarbons from any reservoir or prospect. It is generally made up of three risk components: the trap definition and associated migration pathways; the source rock presence, quality and maturity; and the reservoir presence, thickness and quality. Historically, the UK Southern Gas Basin has a 20% success ratio, rising to 35% with 3D seismic, and the Central Graben has success ratios of 30%, rising to over 40% in the areas of mature source rocks.

(http://www.mpx-limited.com/missedpay.asp)

I suppose what this means is that one days reporting on ASX about about no oil is that we dont get payed also? hmm....
Please DYOR . Cheers guys!