SP3:Your comment "People need to seriously look at the...

SP3:
Your comment "People need to seriously look at the fundamentals here before they sell themselves short and decide to bail out.
Based on North Matanda project only, and assume we look at 1P reserves of 24M barrels, that inself is valued in excess of $600M.
Do people understand what 1P means? For those that dont, it basically means that there is a 90% chance that there are 24M barrels of recoverable oil in the ground.
On a fully diluted basis, CVI is currently valued about $90M.

This basically means, in theory, CVI should increase by another 500%." is enlightening in that I am not an oil person and appreciate the explanation.
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Trade4Profit mentioned that "North Matanda has been granted royal approval, meaning all we await now is the result of due diligence and we are suddenly the proud owners of a net 24mmbls 1P oil reserves...48mmbls of 2P, or 120mmbls of 3P reserves."

Would you be so kind as to enlighten me as to what 2P and 3P means specifically and what one can assume concerning the monetary potential of such findings?