A critical factor in Reserves where gas is involved is there must be a realistic prospect of the gas being sold. Certainly in the offshore, you need a GSA or at least a LOI before you book as Reserves.
This was a major factor in Shell adjusting it's over stated Reserves some years back as it was booking Gorgon as Reserves when there was no GSA, LOI or similar in place.
Not sure if this is why BPT is booking PEL 218 as 2C Resource only at this point. But likely to be a relevant factor.
A critical factor in Reserves where gas is involved is there...
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