Proved plus Probable Reserves definition

Proved plus Probable Reserves means the aggregate of Proved Reserves and Probable Reserves.
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Proved plus Probable Reserves means the aggregate of Proved Reserves and Probable Reserves, before deduction of royalties.
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Proved plus Probable Reserves means the estimated quantities of crude oil, natural gas and natural gas liquids classified as proved plus probable reserves (2P) in the Company’s most recent SEC Reserve Report plus the proved plus probable reserves underlying any assets acquired or otherwise transferred and minus the proved plus probable reserves underlying any assets sold or otherwise transferred by the Company since the date of the SEC Reserve Report minus Excluded Reserves.
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Examples of Proved plus Probable Reserves in a sentence

  • It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P).

  • It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable Reserves.

  • Probable ReservesProbable 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.It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P).

  • Recognition and measurementDevelopment and production assets are accumulated on a cash generating unit basis and represent the cost of developing the Proved plus Probable Reserves discovered and bringing them into production, together with the exploration and evaluation (“E&E”) asset expenditures incurred in finding Proved plus Probable Reserves, transferred from intangible E&E assets.

  • Glossary 2P the sum of Proved plus Probable Reserves, where Probable Reserves are those 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.

  • Such revision can be either positive or negative.Future Development CostsThe tables below set out the development costs deducted in the estimation of future net revenue attributable to Proved Reserves and Proved plus Probable Reserves using forecast prices and costs.

  • It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P).Possible Reserves are those additional reserves which analysis of geoscience and engineering data suggest are less likely to be recoverable than probable reserves.

  • Reserves are commercially recoverable petroleum in known accumulations, of which 2P reserves are the best estimate (the sum of Proved plus Probable Reserves).

  • The reserve additions result in a reserve replacement of 80 percent for Total Proved plus Probable Reserves excluding acquisitions, and 112 percent including acquisitions.

  • I would also like to thank shareholders for their continued support in what has been a difficult period for the sector, from which I am pleased to say we are emerging stronger and leaner and with a renewed focus.Yours SincerelyJames Menzies Executive ChairmanReserves and Resources Statement‌The following summarises Tap’s Proved Reserves (1P), Proved plus Probable Reserves (2P) and Contingent Resources (2C) estimates as of the evaluation date of 31 December 2016.


More Definitions of Proved plus Probable Reserves

Proved plus Probable Reserves in accordance with the Society of Petroleum Engineers (provided that if such guidelines are modified after the date of such Agreement and as a result of such modification, the Technical Bank (acting reasonably in consultation with the Company) is of the opinion that such definition of the term “Probable Reserves” will need to be modified to take account of the relevant modification to such guidelines, then such definition shall be modified as required by the Technical Bank (acting reasonably in consultation with the Company and the Lenders).
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Proved plus Probable Reserves means Proved Reserves plus Probable Reserves.
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Proved plus Probable Reserves means, collectively, Proved Reserves and Probable Reserves.
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Related to Proved plus Probable Reserves

  • Probable Reserves under SEC Industry Guide 7 means reserves for which quantity and grade and/or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.