oil/gas the crisis looming beyond 2020, page-39

Kahunda,

That "90% approach" is exactly the way that it works in the US, with SEC 'proved reserves' requirements.

I dont like it, because reserves deplete, and you need exploration country.

A classic example is Santos, who for many years, skated along on the work Reg Sprigg and Delhi did in the Cooper, and maximised their Proved reserves by very cautious stepouts.

Then they had to give up the exploration country, and if you add up all the discoveries made by the Cooper Juniors, it comes to a material amount for Santos (about 5 mmbo of oil, and probably 80 bcf of gas).
So, what I'd like to see is P10, P50 and P90 numbers for each material field, and some detail about what has to go right for the lower numbers to come in.

It doesnt matter if this is full of if's but's and maybe's, as long as they show what their thinking is for how to disprove the story.

One of the nice things about Woodside is they haven't just skated along on the NW Shelf - they are actively involved in Africa, trying to prove up a couple of new oil provinces.

Ian Whitchurch