johnc old chap,
afraid you have missed the point. it is the case that each well may have in itself a 10% pos, however we are talking here about the a priori chance of success in not one well but in my example a set of 3 wells, each of which is an independent test (which may be anywhere on god's earth) with a pos of 10%. before any well is drilled the chance of success in the campaign is 1 minus (.9 times .9 times .9) equals 27%. but this is an estimate for the drilling campaign, obviously not for a single well. once a well is drilled its pos is known, namely 0% or 100%, and the campaign reduces to 2 wells which considered as a group then has a success chance of 19% i.e 1 minus .9 times .9). when the second well is drilled again its pos becomes known and the campaign reduces to a single well which has the chance of success of 1 minus .9 equals 10%, which is precisely what one expects.
similarly for the coin tossing example of another poster. although the pos for a heads is .5 (50%) for a single toss, if you consider tossing 4 times then you have a chance of 93.75% of getting one or more. of course you may still not get one and that is where the other 6.25% comes in. aint statistics grand.
- Forums
- ASX - By Stock
- probabilities
johnc old chap,afraid you have missed the point. it is the case...
-
- There are more pages in this discussion • 44 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
CC9
Chariot Corporation (ASX:CC9) refines Black Mountain strategy, launching Pilot Mine to seize U.S. lithium opportunity
Add CTP (ASX) to my watchlist
(20min delay)
|
|||||
Last
5.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $38.48M |
Open | High | Low | Value | Volume |
5.4¢ | 5.4¢ | 5.2¢ | $20.01K | 377.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 394141 | 5.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
5.3¢ | 65000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 394141 | 0.052 |
3 | 547516 | 0.051 |
1 | 400000 | 0.050 |
3 | 495000 | 0.049 |
1 | 150000 | 0.042 |
Price($) | Vol. | No. |
---|---|---|
0.053 | 65000 | 1 |
0.054 | 100000 | 1 |
0.055 | 60757 | 1 |
0.056 | 112500 | 2 |
0.058 | 220000 | 2 |
Last trade - 12.47pm 04/10/2024 (20 minute delay) ? |
Featured News
CTP (ASX) Chart |