Reading this in the quarterly sounds like they did a rush job on the Bezzecca downgrade.... I reckon there is more there at Bezzecca, but they have gone uber safe on the projections to get it costed and drilled.
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1C contingent resources have been reduced from 15bcf to 0.7bcf and 2C contingent resources from 44 bcf to 3.1bcf.
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Consequently the Company commissioned a parallel review from a second certified reservoir engineering consultancy, working with the internal team, which was initiated in March 2010. The new consultant was charged with completing the required work expeditiously. The completed study defined a higher confidence geological model that accounted for the new well data, defined the optimum development plan for the Bez-zecca field and produced a new estimate of the contingent resources to be recovered by this development plan. Simulation and financial modeling were completed in the first two weeks of April and the new re-sources estimate and a leading development plan option were adopted by the board and announced on 16 April 2010.
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