Bugsy can find out if Frontera have booked anyone who specialises in going "ta-daaaaaaaaaaaaaa". Then we will know they are planning a surprise? What ya think? Oh and bugsy I know it's you operating that camera. I am waving. See?
Hi LordLash, sorry about the delay in replying, my scrolling must have been faster than my scan reading.
Firstly, it’s not as simple as a producing well automatically adds to reserves.
'Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects from known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: they must be discovered, recoverable, commercial and remaining (as of the valuation date) based on the development project(s) applied.'
The amount of estimated reserves on the CPR will be up to how the experts on the NSA assessment team relate recoverable and commercial to the development project(s) applied.
'Contingent resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from known accumulations, but for which the applied project(s) are not yet considered mature enough for commercial development because of one or more contingencies. Contingent resources may include, for example, projects for which there are no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.'
There may well be a significant amount classed as contingent resources, the contingency being processing facilities.
Yes, FRR will have records of flow rates of all their wells and could demonstrate by flowing gas from these wells, but it is the processing that makes the gas commercial.
I can’t/won’t make predictions except that when the CPR's are released, I believe anyone who have been posting values based on 20tcf OGIP (all recoverable) will hit the ground with a thump..................preferably feet first.
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