And in an attempt at further education, have had a wee look through this...consultants summary guidelines for proper ASX reporting ..may be of interest (*not sure if this is the current state of ASX reporting parameters but let's assume it's a good baseline).
https://www.asx.com.au/documents/asx-compliance/asx-oil-and-gas-risc-presentation-july-2013_2.pdf
Page 11
PRMS Definitions
Prospective Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from undiscovered accumulations by
application of future projects.
Contingent Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from known accumulations but the applied
project(s) are not yet considered mature enough for commercial development
due to one or more contingencies.
Reserves are those quantities of petroleum anticipated to be commercially
recoverable by application of development projects to known accumulations
from a given date forward under defined conditions.
And in an attempt at further education, have had a wee look...
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