possible reserves definition

possible reserves means those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves;

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possible reserves means those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will be equal or exceed the sum of the estimated proved plus probable plus possible reserves;

possible reserves as those reserves are denominated and determined in accordance with the methods commonly accepted by the Society of Petroleum Engineers for evaluating Oil and Gas reserves.

Examples of possible reserves in a sentence

• Our report letter dated as of December 31, 2009 to the Company presented our estimates of Proved Reserves, Probable Reserves, Possible Reserves and Future Net Revenues (including discounted values thereof) attributable to interests of the Company as of December 31, 2009 (the “2009 Report”).

• Possible Reserves are those additional reserves which analysis of geoscience and engineering data suggest are less likely to be recoverable than Probable Reserves.

• Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves.

• Borrower shall also deliver a similar report (prepared by the Borrower) on the Probable Reserves and Possible Reserves which Borrower intends to drill over the next twelve (12) month period (the "Probable and Possible Report") and the Financial Forecast.

• Calculation of Reservoirs (scenarios for Tested, Probable and Possible Reserves) .

More Definitions of possible reserves

possible reserves means unproved Reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable Reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved, plus probable, plus possible Reserves. In general, possible Reserves may include (1) Reserves which, based on geological interpretations, could possibly exist beyond areas classified as probable, (2) Reserves in formations that appear to be petroleum bearing, based on log and core analysis but may not be productive at commercial rates, (3) incremental Reserves attributed to infill drilling that are subject to technical uncertainty, (4) Reserves attributed to improved recovery methods when (a) a project or pilot is planned, but not in operation and (b) rock, fluid, and reservoir characteristics are such that a reasonable doubt exists that the project will be commercial, and (5) Reserves in an area of the formation that appears to be separated from the proved area by faulting and geological interpretation indicates the subject area is structurally lower than the proved area. Often referred to as P3.

possible reserves means those Hydrocarbon reserves that are not Proved Reserves and are speculative reserves estimated beyond Proved and Probable Reserves where geological and engineering data suggest the presence of additional reserves, but where the risk is relatively high.

possible reserves means reserves that are less certain to be recovered than probable reserves.

possible reserves means Possible Reserves as defined in the Reserve Definitions.

possible reserves means those unproved reserves that analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a ten percent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves plus possible reserves.

possible reserves means those additional reserves which analysis of geoscience and engineering data suggest are less likely to be recoverable than probable reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of proved plus probable plus possible reserves (“3P”), which is equivalent to the high estimate scenario. In this context, when probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate;

possible reserves means the volume of hydrocarbons that might come from formations identified as apt for the accumulation of hydrocarbons but that have not yet been drilled.