oil/gas the crisis looming beyond 2020, page-38

I like the bigger end no doubt.

I do not like Santos at all.

Leaves very few.

As to reserves, yes sure is a black art.

Some of the biggest scandals and scams come from this. Enron was a joke. More recently shell admitting they had been doing it for years.

Same with any miner whatever the field. How many spiked or salted gold mines have their been.

There is a fine balance between companies being overly optomistic and complete fantasy.

The goal in any miner,coaler,oiler is to predict and correctly come out with a number of say 85-90% of what they surely expect to produce from any deposit.
It is not too hard especially when they drill more and more holes and therefore are able to predict with more certainty what lies under the ground.

We all want a company to err slightly on the side of caution rather than anything else. Short term it might help a bit with the price being too bullish, however the long term implications of dissapointing the market cannot be overstated. Once a company has to seriously downgrade its call on deposits, thats it.

An interesting field, but as I said I like ones with huge reserves. Coalers the same ... can't get excited about some of the smaller ones flying up this year when the reserves are measured in less than 15 years.

Oh well ... another day ... another hangover ...
that makes it three in a row.

Do I get a prize besides the headache ?